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What Is Internal And External Accounting?

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Internal accounting is the day to day business outs such as, purchase ledger, sales ledger, sales invoices and purchase invoices, these then go on to make the profit and loss reports and trial balance, all of which are usually done in house, then there is external accounts which is usually the auditors which come in to independantly check that the work done by the accounts team is correct. So to sum up, internal is where the company highers a team of accountants directly and external is where they pay a separate company to come in and sort out the accounts.

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