This is an efficiency feature that allows massive time gain in setup.
Labeling your ad accounts allows you to create a group of ad accounts, which greatly facilitates the creation of client-specific guidelines and the creation of teams later on.
- You can label by team, by client, by brand, by market, etc.
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Each ad account can have multiple labels
Within the ad accounts overview, select the ad accounts that you'd like to label and click on "Add label(s)":

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