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Why should a business have proof of payments for all transactions?

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A payment proof is important for every transaction to show that the transaction was actually done. For every business that does financial transactions, it is expected that they should have a payment proof.

What is the need for a payment proof for a business to have for all transactions?
 
A business must have and store all proof of payment, especially to avoid typos, record and compile financial reports, ensure that transaction evidence is original and not duplicated, and make it easier for accountants to audit financial reports.
 
It is important to have proof of payments in case discrepancies arise from any end of the transaction.
Yes you can always easily sort out financial difference with the right payments documents. So it is good to always get and store them
 
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