List of Accounting and Bookkeeping Services

Last Updated on Wednesday, 11 March 2015 17:15 Written by Bookkeeping Monday, 19 August 2013 15:38

Accounting is considered the bloodline of any organization. If the accounts department of a company fails to perform its duty properly, the whole business faces the extreme financial crisis. For the same reason, it is ensured by the startups as well as the well established conglomerates to streamline their accounting department so that the company as a whole may capture respectable market share. Talking about the accounting activities and the functions carried out by the accounts department involve a variety of functions. It is not only about the performance of these functions but the efficient working is what is required and expected of an accountant.

Here is a brief explanation of some of the most important accounting and book keeping services which may be performed wither by the hired accountants of a business or the outsourced accounting vendor:

Accounting Services:
It seems to be a simple term but it basically involves a wide range of crucial activities. The inflow and outflow of cash in to and out of the business through various transactions needs to be maintained properly in the accounts. Similarly, the allocation of funds and resources whether in the shape of tangible or intangible form also comes under the ambit of the accounting services. Since the modern corporate world is characterized by innovation and market dynamics, it is important to foresee the coming events and adjust the company financial policy accordingly, so, the financial forecasting is also carried out by the accountants as a part of their accounting services. The review of the previous policies and the recommendations for future in order to manage finances is meant to be performed by the accountants. Planning is one of the most important aspects for any business. In the absence of a clear financial plan, a business is not likely to make success in the market. It is ensured that the financial planning comprises the basic part of the accounting services.

Book Keeping Services:
The transactions of a business are not always initiated in cash. It is a common practice in the corporate world that the sales are done on deferred payments. Similarly, when your business is dealing with the suppliers, there also comes the element of accruals which have to be duly recorded in the books of accounts. For that matter, the book keeping services include maintaining proper and periodical record of the accounts receivable and the accounts payables which later on become an essential part of the financial statements depicting the financial status of the company. In addition, the maintenance of ledgers and journals is also the responsibility of the book keeping department of the company.

Besides theses, the auditing activities are also performed to monitor the performance and working of the accounts department. Similarly, the check and balance about the compliance with the accounting standards is also done by the audit. The frauds and malpractices are usually traced by the audit teams and hence it plays an important role in keeping the operations of a business in a straight line.

.