Every business needs a system to record and maintain financial transactions and report results. Further, these results can be measured, verified, analyzed, compared, and communicated. It is important to have these processes because businesses must comply with the existing financial regulations mandated by the government. This entire process comes under the umbrella of accounting. There are several different levels of competence and seniority in this field. Accountants, staff accountants, management, tax, cost and financial accountant, controllers, and chief financial officers are some designations given to professionals in the sector.

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