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The process of bringing a business's financial records up to date when bookkeeping has been neglected or incomplete for a while. It involves reviewing past financial transactions, organizing documents, reconciling bank accounts, categorizing income and expenses, and ensuring that all records are accurate and up to date.
This is often needed before tax season, audits, or financial reviews when a business has fallen behind in maintaining its financial records. Depending on the situation, it can involve a few months or years of backlogged financial data and may require time to complete the tasks.
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