It refers to the way in which the financial information of a business activity is disclosed to outside stakeholders, such as the board and shareholders of the company.
Many are on their toes when managing accounts and cash flow transactions in and out.
Often, mistakes are made due to mismanagement and lack of order.
Usually accounting services are created by accredited bodies to help businesses obtain annual financial statements before auditing.
Financial reports are required to be submitted to the Companies Commission of Malaysia (SSM) and the Inland Revenue Board (IRB).
Accounting Service Differences
Basically, the appointed accountant is responsible for bookkeeping, recording and analyzing each transaction and identifying the financial potential for the business activities and the company.
Understand each type of financial accounting before you get an accounting service.
- Public Accounting – In addition to bookkeeping and financial analysis, they are also responsible for preparing and advising on taxation and establishing a corporate accounting system.
- Management Accounting – Accountants play a role in recording and analyzing financial information that will be used to manage costs and assets.
In addition to being involved in the company’s release of new products, providing financial information for investors and tax management, the accountant also plans the future of business and corporate activities.
- Government Accounting – Involved in government agencies to ensure spending and income are in line with legal requirements.
- Internal Auditing – Review the financial management of the company and review the misbehavior of the business, as well as evaluate its budget, management systems and legal operational efficiency.
- Bookkeeping – Usually for small and medium-sized businesses and involves basic tasks such as updating the company’s financial system and monitoring payable and receivable accounts.
- Certified Accounting – Comprising members of a professional and skilled body in the areas of management and auditing and specialization.
- Tax Accounting – Tax accounting is a person who specializes in tax filing and helps businesses avoid paying unnecessary taxes.
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