Business / Advise

Type of Accounting Services

Accounting services offered by accountants are many in terms of types. The following are some of the most common ones:

Book keeping

This type of service involves the general responsibilities that are carried out in small and medium businesses. The main role of book keeping is to make sure that all accounts are accurate and up to date. This role of updating the financial accounts (both receivable and payable accounts) is performed by book keepers through various software, then keep the information in hardcopy.

Tax accounting

This type of service is only offered in the tax section as the name suggests too! Tax accounting can rendered when filing an individual’s income tax or the tax requirements of a business. It is the tax accountants who perform this kind of service and they also will offer advice on how best to minimize your taxes, how to avoid problems when filing taxes and even how to solve them if you are faced with them.

Revenue controller services

When we talk of financial controller services, we mean the administering various business services like, allocating work, handling new customers, and ensuring the staff is well positioned. In other words, financial controller services are performed by the head of accounting department. Apart from these roles, they are able to do both external and internal auditing for a smooth running of the business.

Forensic accounting

This service deals with tracing of funds that seem to be missing, together with discrepancies which may surface on the financial reports during the accounting exercise. The purpose of this type of service is to reveal the truth of any tax fraud claim which can include tax evasion. Mostly, it is the government agents who carry out forensic accounting.

Accounting auditing

The purpose of this type of accounting service is to verify all accounting reports so as to verify the validity and accuracy of the financial statements. This helps in bringing out the real financial picture of the business’ state.