An inevitable part of any business is identifying customers who are likely to continue and those who won't. Retaining customers who have a plethora of options can be a challenge. However, keeping existing customers happy is a better strategy than endlessly focusing on growing your base by acquiring new customers. Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.
Accounting is extremely critical to any business. It is a comprehensive and systematic recording of all financial data provided by the company. This data can also be used to provide summary reports to oversight agencies, tax collection agencies, and government authorities.
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