Why is documentation is necessary in business transactions?
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With most transactions a supporting document will be created to confirm the transaction has taken place, when the transaction took place and the associated value of the transaction. This documentation is vital to the financial accountant, who uses the information on the documents as a data source to initiate the measurement and recording of the transactions.
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Documentation instils confidence within your business, among potential investors and your clients. ... Contracts serve as a gateway through which your venture can enter new markets and expand its reach; other paperwork validates your current position and provides assurance to your investors and customers.
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