Accounting Services

Accounting services are important for both small and large businesses. These services can help your business stay on track with the various financial transactions and hence, provide insights on how to improve your business operations.

Accounting Services

Accounting services are important for both small and large businesses. These services can help your business stay on track with the various financial transactions and hence, provide insights on how to improve your business operations.

Types of Accounting

 Cost accounting
Managerial accounting
Financial accounting
What it is

Process of assigning costs to any cost objects that typically include your products, services and any business activities

Process of identifying, analysing, interpreting and communicating financial information to managers

Process of recording, summarising and reporting your business transactions through financial statements

Main objective

Report, analyse and improve on your internal cost controls and efficiency

Provide useful information about your operations and hence, allow managers to make well-informed business decisions

Measure your business income and provide information to external users such as your suppliers and investors

Types of Accounting Services

Benefits of Engaging Accounting Services

FAQs

Do I need an accountant if I use Quickbooks?

Quickbooks makes it easy to store and analyze your data but you’ll still need an accountant to give you the right financial advice and keep up with the latest changes in any accounting regulations.

Here at Podwerx, we proudly offer QuickBooks integration with our software, ensuring convenience for you. All you have to do is submit your documents to Quickbooks and we’ll do the compiling and analyzing on your behalf.

What are the accounting methods used?

There are typically 2 accounting methods used: 

  • Cash accounting: records revenues and expenses when they are received and paid.
  • Accrual accounting: records revenues and expenses when they occur. The generally accepted accounting principles (GAAP) require accrual accounting. 

Cash Accounting mainly shows a clearer picture of your cashflow whereas Accrual Accounting shows an accurate profit within that period.