[guided]The symbolic product is not commutative, so we do not try to prove that one recursive correction simultaneously cancels the right and left errors. Instead we build two formal inverses, one for each side, and later prove that they differ only by a smoothing symbol after localization.
For the right inverse, define $q^{R}_{-m}:=q_{-m}$. The principal part has already arranged
\begin{align*}
q^{R}_{-m}(x,\xi)p_m(x,\xi)=1
\end{align*}
near $\overline{W}$ for $|\xi|\geq 2$. Suppose now that $q^{R}_{-m},\dots,q^{R}_{-m-j+1}$ have been chosen. The symbolic composition formula says that the homogeneous order $-j$ component of
\begin{align*}
\left(\sum_{k=0}^{j-1}q^{R}_{-m-k}\right) \# p
\end{align*}
is determined by the already chosen terms and the full symbol $p$. Call the order $-j$ error $e^{R}_{-j}$. Since $p_m(x,\xi)\neq 0$ for $x\in V$ and $\xi\neq 0$, multiplication by $p_m(x,\xi)^{-1}$ is legitimate on the cutoff region. Choose $\theta_j \in C_c^\infty(V)$ equal to $1$ near $\overline{W}$ and set
\begin{align*}
q^{R}_{-m-j}(x,\xi) := -\theta_j(x)e^{R}_{-j}(x,\xi)p_m(x,\xi)^{-1}.
\end{align*}
The only contribution of this new term to the order $-j$ part of $q^{R}\#p$ is $q^{R}_{-m-j}p_m$, because all differentiated contributions have lower order. On the region where $\theta_j=1$, this contribution equals $-e^{R}_{-j}$, so the order $-j$ right error is cancelled.
The left inverse is constructed separately because the order $-j$ error in $p\#q$ need not equal the order $-j$ error in $q\#p$. Define $q^{L}_{-m}:=q_{-m}$. If $e^{L}_{-j}$ is the order $-j$ error in $p\#q^{L}$ after the previous corrections, define
\begin{align*}
q^{L}_{-m-j}(x,\xi) := -\theta_j(x)p_m(x,\xi)^{-1}e^{L}_{-j}(x,\xi)
\end{align*}
near $\overline{W}$. The new term contributes $p_mq^{L}_{-m-j}$ to the order $-j$ part of $p\#q^{L}$, and this equals $-e^{L}_{-j}$ where $\theta_j=1$. Thus the left error is cancelled independently.
Repeating these two recursions for every $j\geq 1$ gives formal classical symbols
\begin{align*}
q^{R}_{\mathrm{formal}} \sim \sum_{j=0}^{\infty} q^{R}_{-m-j}
\end{align*}
and
\begin{align*}
q^{L}_{\mathrm{formal}} \sim \sum_{j=0}^{\infty} q^{L}_{-m-j}
\end{align*}
with
\begin{align*}
q^{R}_{\mathrm{formal}} \# p \sim 1
\end{align*}
and
\begin{align*}
p \# q^{L}_{\mathrm{formal}} \sim 1
\end{align*}
on an open neighbourhood of $\overline{W}$, modulo rapidly decreasing symbols.[/guided]