Accounting Services for All Business Types

The present business scenario demands accounting as a crucial requirement. Keeping updated accounts book of the financial transaction is mandatory as per government rules. Accounting is tracking and recording cash inflow and cash outflow. Any type of business whether it is small, mid level or large scale have their individual accounting needs. Accounting and bookkeeping is the progress report of a running business. It throws light on how a business is performing. A well-maintained accounts book helps in monitoring the business effortlessly.

Keeping an up-to-date accounts book is not a choice but a compulsion for any and every segment. Irrespective of the sector, be it manufacturing, retail, hospitality, education, pharmaceutical, banking, or insurance. It improves the efficiency of work and helps in the betterment of performance.

In order to concentrate on the core business activities and planning the strategies of business growth, companies are turning towards accounting services providers. The accounting firms provide unprecedented accounting services to small and mid enterprises to multinational companies. These firms not only track the money transaction effectively and accurately but also ensure to keep a check over the rules and regulations laid by the governing authorities such as IRAS and ACRA. The companies also provide their services in packaged deals for instance along with accounting services you get bookkeeping, auditing, taxation, and payroll services as well.

There are various services offered by these firm which include      

• Setting up charts of accounts, records of supplier and customer information, opening balance and item code for inventory set up and currency set up.
•  Keeping  record of full set of account transactions, such as profit and loss statements, balance sheets, bank reconciliations, trade debtors/creditor list, general ledger, and journal listing.
•  Preparing cash flow statements
• Group consolidation
• Bank and other account reconciliation and many more services

   When an accounting services firm is engaged for services, the firm appoints an accounts manager who dedicatedly works with the client to sort out his business accounting needs. The accounts manager personally reviews and organizes the information to create and maintain accounts ledger. The client only needs to provide the financial documents such as sales and purchase orders and bank statements. The accounts manager also helps in drafting financial statement for statutory submissions.

It is a good practice to follow a systematic pattern by maintaining a properly tracked accounts and bookkeeping record in order to organize business and to soar greater heights.