Why accounting services needed?
a) Recording of financial transactions:
Accounting maintains recording of financial transactions accurately like income, expenses, assets and liabilities. Recording of all financial transactions in necessary to measure performances of the business and comply the rules and regulations of accounting standards, taxation and corporate laws.
b) Reporting of financial statements:
Accounting services helps to prepare financial statements periodically like profit and loss statement, Balance Sheet, Cash flow statement and daily reporting of sales, purchases, expenses and gross margin/profit, financial statementing indicates business performance and financial health of the company. Decision-making has been taken by the management or decision makers on the basis of financial statements of the —
c) Tax Accounting :
Accounting services provides Tax computation and tax return filing and helps tax planning strategies.
d) Financial Analysis and financial management:
Accounting services helps to analyze the financial data identifying trends of the business, pricing strategies, cost control and cost optimization, resources allocations and various aspects of business operations. It also helps to develop budgeting , forecasting, planning to achieve the business objectives.
e) Compliance:
Accounting services helps to mitigate the risk in respect of conflict, penalties and risk of non-complience, corporate governance.
f) Valuation:
Accounting services helps to provide necessary financial information for businesses valuation, merger and acquisition, corporate restructuring.
