<p>Bookkeeping is recording your business’ daily transactions in an organized manner. A common myth among small businesses, preventing them from paying attention to this essential practice, is the belief that their small setup does not require bookkeeping and that bookkeeping is reserved for large, complex businesses. However, any company that files for taxes, undergoes audits and needs investors, yearns to save time and money, needs to value bookkeeping.</p>
<p>Let’s discuss eight out of the many reasons why bookkeeping is essential and how to keep books in <a href="https://fixthephoto.com/best-accounting-software-for-medium-sized-business.html">accounting software for medium-sized businesses</a>.</p>
<h2>1. Assists You During Tax and Audit Season</h2>
<p>Bookkeeping enables you to record your everyday transactions and the financial statements you might generate from the process. These details come incredibly handy during tax filing and audit season when you are expected to submit a wide variety of information that needs to be 100% accurate. It is also vital that you bookkeep through software instead of the conventional methods of preparing records on pieces of paper with a pen or pencil.</p>
<p>Opting for the latter might save you an initial investment on software, but the long-term effect can be devastating. This is because manual bookkeeping often entails errors and aggravates the chances of losing track of key documents. Suppose you misplace any important file and cannot submit it for your tax returns or audits. In that case, you will eventually land your business into hot waters, and the resulting penalties and heavy fines will incur a severe dent in your budget. </p>
<p>Hence, with due attention to bookkeeping, you can ensure timely and accurate tax returns and audits that will eventually speak positively of your business practices, assisting in image-building.</p>
<hr />
<p><strong>Best Bookkeeping Software</strong></p>
<p><a href="https://sonary.com/b/intuit/quickbooks+bookkeeping/">QuickBooks</a> &#8211; 7 million customers worldwide</p>
<p><a href="https://sonary.com/b/zoho/zoho-books+bookkeeping/">Zoho Books</a> &#8211; Affordable and flexible pricing packages</p>
<p><a href="https://sonary.com/b/square/square+bookkeeping/">Square</a> &#8211; Send professional invoices effortlessly</p>
<p><a href="https://sonary.com/b/freshbooks/freshbooks+bookkeeping/">FreshBooks</a> &#8211; User-friendly platform with seamless integrations</p>
<p><a href="https://sonary.com/b/intuit/quickbooks-enterprise+bookkeeping/">QuickBooks Enterprise</a> &#8211; Cloud-based to access from anywhere</p>
<hr />
<h2>2. Reduces Burden from the Budget</h2>
<p>Be it the management of accounts, keeping the record of transactions, paying the employees and/or trying to expand the business, it is difficult for businesses to accommodate them all within limited financial resources and budget. They often fall short and are forced into cutting down on certain essential activities.</p>
<p>Moreover, a tight budget can lead businesses into serious turmoil in case an unexpected crisis such as a pandemic takes over. If not all, several activities can be consolidated under one roof under bookkeeping. This way, you can maintain a proper record of transactions, avoid penalties, and prepare financial statements without spending much money. In case you are wondering how to bookkeep for a small business without incurring unbearable costs, you can quickly gain access to one-window software solutions, such as <a href="/b/freshbooks/freshbooks+bookkeeping/">FreshBooks</a>, and with their automated processes, enjoy a stress-free process. </p>
<p>Also, with bookkeeping, the resources you previously spent on unnecessary activities are saved and can be directed towards campaigns that might prove beneficial for expanding your business. You may, for instance, utilize that money to incorporate the costly but fundamental sustainable practices in your industry. </p>
<h2>3. Prevents Frauds and Discrepancies</h2>
<p>The truth is, if you rely on manual methods to keep your books, you risk inviting data theft, financial discrepancies, and fraud that you may not even be able to detect until it&#8217;s too late and you&#8217;re wondering where all the money went. This is because it becomes easier for employees to change the data, misrepresent it, or even engage in embezzlement.</p>
<p>The risks are unimaginably brought down if bookkeeping is religiously practiced and can be ultimately brought to an end if an automated software like <a href="/b/intuit/quickbooks+bookkeeping/">QuickBooks</a> is opted for. This is because bookkeeping involves keeping a strict check and balance on everyday transactions. The modern software solutions ensure the track is marked with the reminders they constantly provide.</p>
<blockquote>
<p>Bookkeeping and the resultant products are crucial to winning investors over.</p>
</blockquote>
<p>Through sync options, they may also compare one piece of data with the other related pieces to identify any misrepresentation or error, helping you monitor any fraud or discrepancy that may surface. Besides, any employee, tech-savvy or not, can easily indulge in manual bookkeeping, but software can only be managed by someone well-versed with its technicalities. If fraud still occurs, it will become easier for you to identify the culprit as you would not have directed every employee towards the management of your bookkeeping software. Many solutions also offer audit trails and logs to identify the perpetrator.</p>
<h2>4. Aids in Convincing the Investors</h2>
<p>From an investor’s perspective, it is easier to trust an established enterprise with all their money than a startup yet to make its mark in the market. They are hesitant to support a small business unless they see a strong potential that you can only reflect through your business practices and activities. They need solid evidence of every claim you make; if you manage to do that, you have won big. </p>
<p>Bookkeeping and the resultant products are crucial to winning investors over. They require you to provide them with all the relevant records of the company’s health, which you can only do if you regularly keep the books. With the financial statements and reports, and the day-to-day entry of records generated, it becomes a piece of cake for investors to get to the bottom of a company’s current standing and prospects.</p>
<p>Moreover, apart from presenting your company’s financial position, in a nutshell, bookkeeping speaks volumes about your ideologies and sense of responsibility. It will be a point in your favor during negotiations with the investors, as you can let them know how concerned you are with keeping track of every detail and how hungry you are to evolve your business. It is also vital that you consistently practice the same determination even after convincing the investors. It would take a second for them to pull their money out in case you deviate from the path of responsible bookkeeping.</p>
<h2>5. Prepares You for the Future</h2>
<p>Many small businesses conveniently neglect bookkeeping as they find it unnecessary for the small scale they operate on. Indeed, these would have been the businesses worst hit by the financial crisis, such as the one recently caused by the COVID-19 pandemic. With no previous records, they would have miserably failed in their preparation for such an unprecedented time and would have never seen that coming.</p>
<p>Although a pandemic is never predicted, as a responsible business, you must keep all the possibilities in mind and be prepared for the worst so you can equip your company and protect it from collapsing in case a crisis takes over. This is partly possible through bookkeeping and brings us to our fifth reason why small business bookkeeping is an obligation, not a choice. You can produce error-free financial statements when you strictly maintain a proper record of your day-to-day transactions.</p>
<p>With error-free financial statements at service, you can analyze your business activities over several periods and quickly identify any issues that you think have hampered your business growth. You can also highlight patterns that proved fruitful for your setup. Activities such as what-if analysis, breakeven analysis, and margin of safety evaluation can provide insights into the risks faced by a business. These crucial details help in being proactive and not letting you face extreme heat. You can easily decide what you want to avoid in the future or what activities might sail you through a tough time.</p>
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<hr />
<h2>6. Access to Valuable Business Advice</h2>
<p>What if you have no one within your company to assist you with managing the <a href="/bookkeeping/free/">bookkeeping software</a>? If you can afford it, you can also opt for outsourcing and hiring a bookkeeper. Where software only automates multiple processes for you and prepares essential documents, a bookkeeper also provides you with valuable business advice, simultaneously performing all the other functions with incredible proficiency.</p>
<blockquote>
<p>Time is a valuable resource, especially if you run a small business</p>
</blockquote>
<p>For instance, the bookkeeper keeps an eye on the cash flows, manages the bank feeds, ensures that your business complies with the laws, prepares invoices, and processes employee payrolls. After you seek bookkeeping services for your small business from a bookkeeper, you can sit back and relax even during audit and tax seasons. Your bookkeeper would take all the headaches and assemble the required documents.</p>
<h2>7. Helps Save Time</h2>
<p>Time is a valuable resource, especially if you run a small business because there is so much going around that you constantly need to check to ensure that you are not left behind in the competition and can sustain in the market. With such important responsibilities on your shoulder, if you would not value bookkeeping, you will eventually cause all the damages you fear can bring your business down. </p>
<p>However, you can save a lot of time and energy through bookkeeping. With records of every transaction, you will not have to run around to find important documents during tax or audit seasons. Moreover, by the end of the month, you would not have to sit and worry about how the money at hand does not correlate with the activities performed throughout. Yet, it is not the manual bookkeeping that guarantees you this but the automated one. For a task that might take you hours to complete through manual bookkeeping, automated methods would complete it within a few minutes or even seconds. The time that you manage to save through this can be invested in discussions, meetings and activities that can further lend some push to your business growth.</p>
<h2>8. Billing Features Serve a Cherry on Top</h2>
<p>Lastly, several bookkeeping software, such as QuickBooks or <a href="/b/zoho/zoho-books+bookkeeping/">Zoho</a>, also contain invoicing and billing features. These features genuinely serve as a cherry on top for a small-scale setup that does not involve heaps of data. Apart from bookkeeping, you can also easily manage your bills and invoices without the need to put your already tightened budget through another trial.</p>
<p>You might need to use separate billing software to handle other vital services like international billing, recurring billing, multi-currency billing and discounts. Consider a scenario where a company opts for billing software despite already having a bookkeeping system. In that case, this probably means that it expects the billing software to have automated invoicing, a user-friendly product catalog, recurring billing automation, finance and account management, metering, important and timely notifications, etc.</p>
<p>Platforms like Invoice2go, bill.com and Vcita are software specially designed to support invoicing for small businesses meaning they cost less and are budget-friendly. Besides, they ensure payments with one click and customizable invoice templates and images to provide you with creative freedom.</p>
<p>To conclude, bookkeeping is the act of recording every transaction concerning your business regularly. As much as this practice is essential for complex setups of large-scale companies, they are necessary for small-scale ones if they really intend to excel. Besides keeping things organized, bookkeeping releases pressure from the company’s budget comes in handy during tax and audit seasons, protects your business from frauds, helps in convincing investors, and much more.</p>

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<p>Invoicing isn’t just paperwork—it’s how your small business gets paid. If you&#8217;re still using spreadsheets or paper invoices, you might be wasting valuable time and risking late or missed payments. With invoicing software, you can streamline billing, send professional invoices, and track every dollar without hassle.</p>
<p>In this guide, you’ll learn everything you need to know about invoicing for small businesses—from how it works, what tools to use, and what mistakes to avoid.</p>
<h2>What Is Invoicing Software and Why It Matters for Small Business</h2>
<p>Invoicing software automates and simplifies the billing process. It helps you create invoices, send them to clients, accept payments, and track every transaction—all in one place. Whether you&#8217;re a freelancer or managing a small team, these tools are designed to save you time and reduce human error.</p>
<p>Most invoicing platforms offer online access, mobile apps, invoice templates, recurring billing, and accounting or <a href="https://sonary.com/crm/small-business/">CRM tools</a> integrations.</p>
<p>&nbsp;</p>
<h2>Benefits of Using Invoicing Software for Small Business Owners</h2>
<ul>
	<li><strong>Faster Payments:</strong> Send invoices instantly, include payment options, and automate reminders.</li>
	<li><strong>Fewer Errors:</strong> Automated calculations and templates reduce costly mistakes.</li>
	<li><strong>Better Organization:</strong> Track who owes you what in one dashboard.</li>
	<li><strong>Less Admin Work:</strong> Automate recurring invoices and reduce time spent on manual tasks.</li>
	<li><strong>Work Remotely:</strong> Manage billing from anywhere using cloud software.</li>
</ul>
<p>The e-invoicing market is projected to surpass $24.7 billion by 2027, highlighting its growing importance, especially for small businesses.</p>
<h2>Top Features to Look for in Invoicing Tools</h2>
<p>When choosing invoicing software for your small business, make sure it includes:</p>
<ol>
	<li>Professional invoice templates</li>
	<li>Online payment integrations (credit card, ACH)</li>
	<li>Recurring billing options</li>
	<li>Payment reminders and follow-ups</li>
	<li>Reporting and analytics</li>
	<li>Mobile access and cloud backups</li>
</ol>
<hr />
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<hr />
<h2>How to Choose the Best Invoicing Software for Your Small Business</h2>
<p>Here’s a comparison of popular options for small business billing:</p>
<table style="border-collapse: collapse; width: 100%;">
<tbody>
<tr>
<td style="width: 25%;">Feature</td>
<td style="width: 25%;">QuickBooks</td>
<td style="width: 25%;">Zoho Invoice</td>
<td style="width: 25%;">Square Invoices</td>
</tr>
<tr>
<td style="width: 25%;">Price</td>
<td style="width: 25%;">From $12.50/mo</td>
<td style="width: 25%;">Free Plan</td>
<td style="width: 25%;">Per Transaction</td>
</tr>
<tr>
<td style="width: 25%;">Best For</td>
<td style="width: 25%;">Accounting + Invoicing</td>
<td style="width: 25%;">Freelancers</td>
<td style="width: 25%;">Retail, Service Biz</td>
</tr>
<tr>
<td style="width: 25%;">Mobile App</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
</tr>
<tr>
<td style="width: 25%;">Recurring Invoices</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
</tr>
<tr>
<td style="width: 25%;">Online Payments</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
<td style="width: 25%;">✅</td>
</tr>
</tbody>
</table>
<blockquote>
<p>Tip: Start with a free trial or free version to see what works best for your needs.</p>
</blockquote>
<h2>How to Invoice a Client as a Small Business</h2>
<ul>
	<li>Choose your invoicing software (e.g. Zoho, Square, FreshBooks).</li>
	<li>Add your business details and logo.</li>
	<li>Enter the client’s contact info.</li>
	<li>List products or services provided.</li>
	<li>Include payment terms (e.g. Net 15, Net 30).</li>
	<li>Set up automatic reminders.</li>
	<li>Send the invoice.</li>
</ul>
<p>Repeat clients? Save time by enabling recurring invoices.</p>
<h2>Common Mistakes to Avoid in Small Business Invoicing</h2>
<ul>
	<li>Sending invoices late</li>
	<li>Not including due dates or clear payment terms</li>
	<li>Forgetting to follow up on unpaid invoices</li>
	<li>Using inconsistent formats or missing key info</li>
</ul>
<p>Stay consistent and professional—it builds trust with clients.</p>
<h2>Conclusion</h2>
<p>Get Paid Faster With the Right Invoicing Tool. Invoicing software for small businesses is more than just a digital receipt—it’s a powerful tool that improves your cash flow, reduces admin headaches, and ensures you never miss a payment.</p>
<p>Choosing the right solution depends on your budget, business size, and the features that matter most. Whether you bill hourly, monthly, or by project, the right tool can automate the process and help you grow confidently.</p>
<p>Try a few options, compare reviews, and if you’re just beginning, remember to start with a free plan.</p>
<p>💡 Ready to level up your billing? Explore the<a href="https://sonary.com/online-invoicing/free/"> best invoicing software for small businesses</a> today.</p>
<h2>FAQ</h2>
<p><strong>What is the easiest way to invoice clients?</strong><br />
Using cloud-based invoicing software like Square or Zoho makes it easy to send invoices from your phone or computer.</p>
<p><strong>What’s the best free invoicing software for small businesses?</strong><br />
Zoho Invoice offers one of the most feature-rich free plans for solo entrepreneurs and small businesses.</p>
<p><strong>Can I use Excel or Word to create invoices?</strong><br />
Yes, but it&#8217;s time-consuming and prone to error. Invoicing software is faster, more professional, and helps track payments.</p>

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<p>When you’re running a business- big or small &#8211; you’ve got to keep your numbers straight. That’s where bookkeeping and accounting come in.</p>
<p>The two terms often get used interchangeably, but they’re not the same thing. They work together to keep your finances in check, but they serve different roles. Think of bookkeeping as the foundation, and accounting as the strategy that sits on top of it.</p>
<p>In this article, we’ll break down the key differences between bookkeeping and accounting, why both matter, how to decide which one you need, and what tools and tips can help.</p>
<h2>What Is Bookkeeping?</h2>
<p><a href="https://sonary.com/bookkeeping/">Bookkeeping</a> is the day-to-day process of recording your financial transactions. It’s about staying organized, keeping your records clean, and maintaining the financial details that make the rest of your business possible.</p>
<h3>Everyday tasks bookkeepers handle:</h3>
<ul>
	<li>Recording income and expenses</li>
	<li>Managing receipts, bills, and invoices</li>
	<li>Reconciling bank statements</li>
	<li>Tracking accounts payable (money you owe) and accounts receivable (money you’re owed)</li>
	<li>Maintaining ledgers and journals</li>
</ul>
<p><strong>Why it matters:</strong> Good bookkeeping gives you a clear, up-to-date picture of your cash flow so you always know where your business stands.</p>
<h2>What is Accounting?</h2>
<p><a href="https://sonary.com/accounting-software/">Accounting</a> takes the raw financial data from bookkeeping and turns it into insights. It’s focused on analysis, interpretation, reporting, and strategic planning.</p>
<h3>Everyday tasks accountants handle:</h3>
<p>Creating financial statements (like income statements and balance sheets)</p>
<ul>
	<li>Preparing and filing taxes</li>
	<li>Offering financial advice and forecasting</li>
	<li>Helping with budgeting and planning</li>
	<li>Ensuring compliance with laws and financial regulations</li>
	<li>Accounting is more strategic. It’s not just about tracking what happened—it’s about understanding why it happened and what to do about it.</li>
</ul>
<p><strong>Why it matters:</strong> Accounting helps you understand your financial position and plan for the future. It supports big decisions like securing loans, scaling your business, or managing tax obligations.</p>
<h2>Bookkeeping vs. Accounting: Key Differences</h2>
<table style="border-collapse: collapse; width: 100%;">
<tbody>
<tr>
<td style="width: 33.3333%; text-align: center;"><strong><span style="color: #ffffff;">Feature</span></strong></td>
<td style="width: 33.3333%; text-align: center;"><strong><span style="color: #ffffff;">Bookkeeping</span></strong></td>
<td style="width: 33.3333%; text-align: center;"><strong><span style="color: #ffffff;">Accounting</span></strong></td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Focus</strong></td>
<td style="width: 33.3333%;">Recording financial transactions</td>
<td style="width: 33.3333%;">Interpreting and analyzing finances</td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Main goal</strong></td>
<td style="width: 33.3333%;">Maintain accurate records</td>
<td style="width: 33.3333%;">Make sense of the records</td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Timeframe</strong></td>
<td style="width: 33.3333%;">Day-to-day</td>
<td style="width: 33.3333%;">Monthly, quarterly, annually</td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Skills required</strong></td>
<td style="width: 33.3333%;">Attention to detail, consistency</td>
<td style="width: 33.3333%;">Analytical thinking, planning</td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Tools used</strong></td>
<td style="width: 33.3333%;">Spreadsheets, bookkeeping software</td>
<td style="width: 33.3333%;">Accounting software, tax tools</td>
</tr>
<tr>
<td style="width: 33.3333%;"><strong>Strategic decision-making</strong></td>
<td style="width: 33.3333%;">❌ Not involved</td>
<td style="width: 33.3333%;">✅ Key part of the job</td>
</tr>
</tbody>
</table>
<h2>Why Both Matter for Your Business</h2>
<p>Bookkeeping and accounting are two sides of the same coin:</p>
<ul>
	<li>Bookkeeping keeps your numbers clean and organized.</li>
	<li>Accounting turns those numbers into insights you can actually use.</li>
</ul>
<p>If you skip bookkeeping, your accountant doesn’t have solid data to work with. And without accounting, your bookkeeping just becomes a record of what already happened—with no plan for what’s next.</p>
<p><strong>Together, they help you:</strong></p>
<ul>
	<li>Stay on top of cash flow</li>
	<li>Make smarter spending and investment decisions</li>
	<li>File accurate taxes and avoid penalties</li>
	<li>Plan for growth with real financial clarity</li>
</ul>
<h2>How to Make the Right Choice</h2>
<p>Here’s how to know what your business really needs:</p>
<h3>Start with bookkeeping if:</h3>
<ul>
	<li>You’re a freelancer or solo operator</li>
	<li>Your income and expenses are relatively simple</li>
	<li>You just need to stay organized for tax time</li>
</ul>
<h3>Bring in an accountant if:</h3>
<ul>
	<li>You’re earning more and need to track profitability</li>
	<li>You’re confused about taxes, deductions, or legal structure</li>
	<li>You need help creating a budget or financial plan</li>
</ul>
<h3>Hire both if:</h3>
<ul>
	<li>You have employees or contractors</li>
	<li>You deal with <a href="https://sonary.com/inventory-management/">inventory</a>, assets, or multiple income streams</li>
	<li>You want to make data-informed decisions and plan for growth</li>
</ul>
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<h2>Tools That Can Help</h2>
<p>You don’t have to do everything manually. These recommended tools from Sonary.com make bookkeeping and accounting easier, more efficient, and more accurate—especially for small businesses and freelancers.</p>
<h3>For Bookkeeping:</h3>
<ul>
	<li><a href="https://sonary.com/b/zoho/zoho-books+bookkeeping/">Zoho Books</a> – Ideal for small businesses, offering a full suite of bookkeeping and automation features</li>
	<li><a href="https://sonary.com/b/square/square+bookkeeping/">Square</a> – Great for businesses that need integrated payment and sales tracking with basic bookkeeping</li>
	<li><a href="https://sonary.com/b/freshbooks/freshbooks+bookkeeping/">FreshBooks</a> – Easy-to-use platform combining invoicing, expense tracking, and light bookkeeping tools</li>
</ul>
<h3>For Accounting:</h3>
<ul>
	<li><a href="https://sonary.com/b/intuit/quickbooks+accounting-software/">QuickBooks</a> Online – Industry standard for accounting, offering advanced reporting, payroll, and tax features</li>
	<li><a href="https://sonary.com/b/sage-group/sage+accounting-software/">Sage</a> – Robust accounting software with deep functionality for growing businesses</li>
	<li><a href="https://sonary.com/b/striven/striven+accounting-software/">Striven</a> – All-in-one business management platform with accounting, CRM, and operations tools</li>
</ul>
<p>These tools are highly rated on Sonary.com for usability, feature sets, and value. Most also offer integrations, making it easier to keep your records in sync and transition between bookkeeping and accounting functions without added stress.</p>
<h2>Conclusion</h2>
<p>Bookkeeping is a basic activity of keeping track of the financial transactions of a business, whereas accounting is an advanced version of the process encompassing multiple steps. Bookkeeping is helpful for small businesses to track their expenses or file taxes. It is also a reliable way of curbing financial irregularities in a company and detecting fraud. On the other hand, accounting aims at providing accurate financial information for both internal and external stakeholders. For small-scale businesses, bookkeeping can be sufficient as they don’t have a lot on their plate. Still, for medium and large-scale enterprises, it is important to attain the services of professional accountants as they need to sort a wide variety of processes.</p>
<h2>FAQ</h2>
<p><strong>“Can I do my own bookkeeping?”</strong></p>
<p>Yes, especially with beginner-friendly software. If your finances are simple, DIY bookkeeping is totally manageable.</p>
<p><strong>“Do I need both a bookkeeper and an accountant?”</strong></p>
<p>If you&#8217;re growing, yes. Bookkeepers keep things running daily, while accountants help with tax strategy and planning.</p>
<p><strong>“Is bookkeeping harder than accounting?”</strong></p>
<p>Bookkeeping is more about consistency and attention to detail. Accounting requires more analysis, rules, and professional judgment.</p>
<p><strong>“Is accounting only needed for tax season?”</strong></p>
<p>Nope. While taxes are a big part, accounting also helps with long-term planning, compliance, and financial health year-round.</p>

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Murad Jaffery is a chartered accountant specializing in the field of accounting and finance. He has been writing on these areas for nearly a decade, and is also an accounting tutor. He holds master’s degrees in accountancy and English literature. Murad enjoys traveling and reading.

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