The Different Types of Accounting Services You Should Know About

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Just like any other careers out there, accountants have a special set of skills and expertise that mainly revolve around the business sector.

Accountants are equipped with the knowledge to handle the organization’s financial information. Not only that but they are also able to provide bookkeeping services, consultation services to help business owners grow their ventures, among many others.

You’re probably wondering what kind of accounting services you need because you will create a business of your own. I suggest that you look into accounting and business services in Malaysia as a start.

To help you, I will talk about the different types of accounting services that you should know about.

Tax Accounting

The truth is that we are all obligated to pay taxes and calculating for them would be a chore indeed. This is especially true when you are handling a large company because there are so many things to account for.

Fortunately, tax accountants know exactly what to do in this regard. They are able to help business owners know exactly how much tax they have to pay, they can also help individuals file for their personal taxes, and so on.

Bookkeeping

This is one of the most common services that are offered by accounting firms. This is where an accountant would look at the books of the company and they will create financial statements based on the data that they have collected.

They are able to install software that will help streamline the entire process and these people have a keen attention to detail so that nothing will be amiss.

Forensic Accounting

If a business owner senses that there is a fraud that is happening within the organization, they can look for forensic accounting services. Such accountants will help track missing or misused funds and other discrepancies that are written in financial reports.

If your company is accused of tax fraud, embezzlement, tax evasion, and other issues, forensic accountants will act as lawyers and may work side by side with law enforcement agencies to help solve the problem.

Chartered Accounting

Chartered Accountants mainly work for professional accounting bodies. They are summoned whenever there is an audit or management requirement in an organization. They have a particular set of skills that can be handy when it comes to the aforementioned areas of accounting.

Accounting Audit

Whenever a company wants an external audit, you can get that with an accounting firm. Also known as external auditors, these people will check the company’s financial reports and pertinent data so that they can determine if the information that is stipulated therein are true and accurate.

Although organizations can conduct internal audits using their in-house accountants, this may result in a biased outcome and the information that the report that will be produced may not be deemed as trustworthy, especially to potential investors.

Financial Controller Services

Financial controllers are second in command- just next to the Chief Finance Officer of every organization. These people specialize in the management of various business functions- especially those that pertain to the financials of the company.