Top ‘5’ Main Types - What Services Does the Accountant Provide?

Nowadays, accounting services are a popular service that is used by both small companies and large corporations. This trend is due to the fact that it is quite convenient, you do not need to look for additional premises for the staff of accountants, to buy office and computer equipment for them, etc.

Accounting services or outsourcings the transfer by a legal entity or individual entrepreneur of the right to maintain a tax and accounting report to a third party, that is, a third-party organization. There are many companies involved in accounting services. Depending on the breadth of their profile, some offer a full range of services, others deal only with basic issues. However, the range of accounting services is very wide and diverse. Let's have a look at the most ones:

Accounting Support 

Accounting support is the services of an outsourcing company or a private accountant in maintaining customer records. Leadership among accounting services belongs to the accounting support of the activity of the customer company. Benefits from accounting support:

• Savings on wages; 
• Formal contract; 
• The cost of the services of the executing company refers to expenses recognized in the taxation of profits; 
• Guarantee compensation for damage incurred through the fault of the contractor; 
• Professional approach; 
• High quality; 

Accounting support can be full or partial.


Restoration of Accounting and Tax Accounting 

Representatives of small and medium-sized businesses are very fond of saving. They save both where necessary, and where saving is undesirable, and sometimes strictly prohibited. Restoration of accounting is the bringing of the accounting of a company into full compliance with the norms of current legislation. The main reasons for the restoration of accounting:

• The departure of the chief accountant; 
• Accounting was not conducted; 
• Breaks in conduct; 
• Inaccurate data was found in accounting. 

The recovery process includes a number of procedures. It includes assessment of the accounting status of the customer company; collecting, organizing, bringing into full compliance with the standards of primary documents; reconciliations with counterparties, tax and funds; adjustment of reporting data; submission of updated reporting to regulatory authorities; and development of recommendations for further accounting for the customer.

Advisory Services

The next no less common type of accounting is consulting services. Consulting services in the field of accounting and tax accounting are the services of specialists of accounting firms giving professional advice on maintaining such accounting. Consultations may be required not only to an inexperienced specialist; an experienced accountant sometimes also has difficult situations. 
Consultations can be obtained both one-time and on an ongoing basis. Accounting consultants can give advice verbally or in writing, by phone, through the feedback form on the website of the consultant company, when visiting the office in person.

Setting up Accounting 

In the activities of organizations, there are times when accounting is required. Accounting is a set of procedures that allow you to create an effective system of accounting and tax accounting for the company. Such a service may be required by the company when creating an accounting from scratch; the company has a new type of activity; the company became a member of the investment project. When setting up accounting, specialists develop accounting procedures and forms of necessary documents.

Preparation and Submission of Reports 

Reporting and preparation services are also popular. There are several reasons for this. The main reasons for the demand for reporting and preparation services:

• Lack of professionalism of the person responsible for reporting; 
• Not enough time to independently prepare and send reports; 
• An electronic digital signature has not been issued for sending reports via electronic communication channels. 
• However, here are the following customer benefits from this service: 
• Time-saving; 
• Reduction of technical and accounting errors; 
• Only current reporting forms; 
• Guarantee of correct reporting; 
• Timely delivery; 
• Protection of transmitted information from third parties. 

Summing Up!

We hope that our information will be useful to you. Success and prosperity to your business. When you find applicants for accounting services, you need to choose one organization that will become an excellent assistant for you. The accounting services in Singapore will guide you with their appropriate information and help you to choose the right accountant for your organization. The choice of an organization that will deal with accounting is very important for the successful development of a customer’s business.