- Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement.
- A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) should be utilized for larger or more advanced accounting tasks.
- Two important types of accounting for businesses are managerial accounting and cost accounting. Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.
- Professional accountants follow a set of standards known as the Generally Accepted Accounting Principles (GAAP) when preparing financial statements.
Accounting (F)
AUDIT & ASSURANCE
Type of auditing service we are providing
- Statutory Audit of Companies
- Tax Audit for companies, Trust, Society , Firm and Individual
- Information System Audit
- Internal Audit
- Due Diligence
- Financial Analysis services
- Stock Audit
- Physical Verification Services
Related Services
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis.
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.
Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.
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Accounting
Financial Accounting
Financial accounting refers to the processes used to generate interim and annual financial statements. The results of all financial transactions that occur during an accounting period are summarized into the balance sheet, income statement and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. For some, such as publicly traded companies, audits are a legal requirement.6 However, lenders also typically require the results of an external audit annually as part of their debt covenants. Therefore, most companies will have annual audits for one reason or another.
Managerial Accounting
Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. Namely, in managerial accounting, an accountant generates monthly or quarterly reports that a business’s management team can use to make decisions about how the business operates. Managerial accounting also encompasses many other facets of accounting, including budgeting, forecasting and various financial analysis tools. Essentially, any information that may be useful to management falls underneath this umbrella.
Cost Accounting
Just as managerial accounting helps businesses make decisions about management, cost accounting helps businesses make decisions about costing. Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners and accountants use this information to determine what their products should cost. In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company’s economic performance.
We help you focus
Accounting is as old as financial transactions themselves. As soon as credit was invented, humans began to use accounting to simplify their lives. Accounting has always remained the spoken language of financial transactions. The human brain cannot store endless information. And so accounting takes the charge of keeping the records of all the transactions made within a firm.
Method of keeping & maintaining Financial Records has continuously evolved as per the new methods as well as laws of Accounting & Bookkeeping. As every business person is not only interested in knowing the Profit and Losses of his business but he also wants to know how much he owes to his creditors and how much he has to pay to his debtors. This purpose can be easily solved with the maintenance of accounting records.