Accounting Services Description
Internal auditing and tax accounting services is the way that an accountant explains his/her services to the prospective client. It is also a great way for accounting firms to differentiate themselves from others. There are many things that people can do with accountancy, some of which are listed below.
Accounting Service is Bookkeeping
The basic accounting service is bookkeeping. This includes recording financial transactions such as sales and purchases, inventory and production, and withdrawals. To do this, a company needs to have a system in place. A bookkeeper is responsible for making all entries in the journals relating to the day-to-day activities of the company.
Kinds of Accountancy
There are two kinds of accountancy. One is general accountancy and the other is specific accounting. General accountancy deals with the financial records of a company as a whole. Specific accounting deals with the records of individuals within a company such as its directors, employees, suppliers, shareholders, and so on.
General Business Accounting
As already mentioned the accounting services description has two kinds, there is the general kind and then there is the specialist kind. The general accountancy kind deals with all kinds of accounting matters. These could be general business accounting, income accounting, customer accounting, internal auditing, government accounting and so on.
There is also a new term called Tax accounting. It is concerned with tax accounting and taxation of any kind. There is a lot of work that goes into tax accounting and therefore it is best left to experts. A tax accountant is someone who is specifically concerned with tax accounting.
Tax Accounting Services
There are many kinds of accountancy. They include public accounting, limited accounting, public accounting, internal auditing and tax accounting services among others. The scope of accounting services is wide and there is every kind that you can imagine. There are specialized accounting services such as compliance accounting, forensic accounting, insurance accounting, management accounting, supply chain management, human resources accounting and much more.
Accepted Accounting Principles
Every accounting services description has some standard specifications that have to be followed. Some certain rules and regulations need to be followed. For instance, the financial accounting services description states that a company’s accounts must be prepared by the” GAAP”, which stands for generally accepted accounting principles. The most common principles are Generally Accepted Accounting Principles (GAAP).
Accountancy Services Description
Other specifications in the accounting services description may state that all information provided should be audited periodically by an independent auditor. It may also state that the preparation of accounting reports will be based on the principles of accounting principles. There are some areas that the accountancy services description does not refer to. They do not include or address such areas as fraud prevention or internal control. However, it is always important to ensure that these matters are properly taken care of.
There are three main types of accountancy services description. These are management accounting, government accounting and internal auditing. These are general descriptions of the services provided. Other descriptions that one can find in an accounting services description are financial reporting, assurance management and tax accounting.
Management accounting is the accounting term used for supervision and guidance by employees or departmental personnel. Government accounting includes the examination of financial records and the preparation of reports for government purposes. Internal auditing is part of the accountancy services for internal control and safety of a particular organization.
An accounting services description can be found in several places. There are several booklets published that give a detailed accounting services description of every organization. There are accounting service manuals published as well. Most organizations resort to the use of the internet for obtaining their accounting services description. This is the easiest method as one can just enter the name of the organization and obtain what is needed.
Most of these accounting services description also provide accounting updates. Accounting updates are provided every year and for an entire year at a stretch. There are even accounting services descriptions that provide for forecasting for a span of one year. The way an accounting services description portrays the nature of a particular service is very important.