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
Accounting (small businesses)
Accounting processes for small businesses may be different.
Here at Podwerx, accounting plans are tailored to the size of your business — you only pay for the services you need!
Bookeeping Services
Bookkeeping refers to a daily process of recording financial details and transactions.
Look forward to neat financial records as experienced accountants organise your documents in accordance with ACRA standards.
GST Submission
GST stands for goods and services tax and it’s currently set at 7%.
Find out if your business needs to register for GST and how to go about GST submission!
Payroll Processing
Payroll processing can be complex when you need to compute various salaries, taxes and ensure timely payment.
Learn how we can help you with your payroll processing matters!
Taxation Matters
Taxation services often cover corporate, personal, and international tax matters.
Receive assistance on your corporate tax planning as well as the preparation and filing of your tax returns.
Auditing
Auditing is the process of validating your financial records and ensuring they’re accurate and in accordance with the regulations.
Learn how audits can improve your business efficiency!
Benefits of Engaging Accounting Services
Save time
Accounting work is often very time consuming and it could mean losing focus on money-making opportunities while you try to manage the accounting process.
When you outsource your accounting, you’re able to focus more on other profitable business tasks.
Boost efficiency
Accounting services typically offer timely payroll processing, ensuring efficient and fast payment of wages to your employees.
This could increase your employee satisfaction levels and hence, lead to higher workplace productivity. With highly motivated employees, you may also see higher profits earned in the long run.
Receive professional advice
Accounting service providers are experienced and can provide great tips on any issues regarding your accounting processes.
As your business expands, your processes will also become more complicated. They would be able to offer you the right guidance and ensure compliance at all times.
Save time
Accounting work is often very time consuming and it could mean losing focus on money-making opportunities while you try to manage the accounting process.
When you outsource your accounting, you’re able to focus more on other profitable business tasks.
Boost efficiency
Accounting services typically offer timely payroll processing, ensuring efficient and fast payment of wages to your employees.
This could increase your employee satisfaction levels and hence, lead to higher workplace productivity. With highly motivated employees, you may also see higher profits earned in the long run.
Receive professional advice
Accounting service providers are experienced and can provide great tips on any issues regarding your accounting processes.
As your business expands, your processes will also become more complicated. They would be able to offer you the right guidance and ensure compliance at all times.
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.