Accounting services is important for every business that wanted to grow the company. It will be useful to track financial performance, make decisions based on financial data, statutory compliance, and many more other purposes.
Businesses can choose either to hire internal accounting staff or outsource their accounting. This will be the service that an accounting firm or service provider provides to the company in preparing or managing their company’s account. There are few types of related services listed below:
This involves basic account preparation where a Full Set account will be prepared according to accounting standards but there will be no further analysis or highlights involved. The account will be prepared on either a quarterly or yearly basis where business owners able to get the Financial Report for statutory compliance purposes and to review past year Financial data to know their company’s financial performance.
Report: Profit & Loss, Balance Sheet, Account Receivable & Account Payable
This involves a full set of account preparation including highlighting and analyzing the company financial report. The account will only be prepared monthly or weekly to ensure the business owner obtains the financial data faster in order to make a better decision. The value-added for accounting services will be key-value highlighting of company’s performance and notes to aware of as a summary for business owner review.
Report: Profit & Loss, Balance Sheet, Account Receivable, Account Payable, Analysis and Highlights of company performance
Consolidation accounting is the process of combining the financial results of several subsidiary companies into the combined financial results of the parent company. This method is used especially when a parent company owns the majority of voting shares of a subsidiary company or otherwise has contractual control of the subsidiary.
Setup of Accounting System
The process of changing the accounting system is crucial as the majority of companies will be using the new system for few years and thus affecting the reliability, speed, and quality of accounting data received by the business owners.
This process involves analyzing the current and future requirements before selecting the right accounting system. Once decided, a proper migration process and timeline will be determined before the new system GO LIVE.
Example: Xero Migration
Benefits of Bookkeeping and Accounting Services
- Cost saving compared to hiring full time accounting staff
- Avoiding the hassle of handling accounting staff turnover
- Time save on accounting staff training and guidance
- Minimized risks by allowing the experts to handle the accounts
- Reduce Fraud, as we are an independent/neutral party
- Improved decision making with updated company’s account