Please respond to the following question in a paragraph (maximum of six lines)

Question:

Your company is moving to Xero as its new accounting system. You're responsible for accurately transferring account balances and setting up the initial balance sheet.

Discuss:

Why is accuracy in this process essential for data integrity, compliance, business continuity, and financial analysis?

What challenges might arise during the transfer?

How can these be effectively managed?

Use examples where appropriate.