Accounting services refer to the activities performed by accountants and accounting firms to help organizations manage their financial operations. These services can include bookkeeping, preparation of financial statements, tax planning and preparation, and financial consulting. Accounting services can help organizations to maintain accurate and up-to-date financial records, comply with tax laws and regulations, and make informed decisions about their financial performance and future plans. Some accounting firms also offer specialized services, such as auditing, forensic accounting, and mergers and acquisitions support.
Types of Accounting services
There are several different types of accounting services that can be provided by accounting firms and other organizations. Some common types of accounting services include:
- Bookkeeping: Bookkeeping involves maintaining an organization’s financial records, including recording transactions, preparing financial statements, and reconciling accounts.
- Tax planning and preparation: Tax planning and preparation services involve helping organizations minimize their tax liabilities and prepare and file their tax returns.
- Financial consulting: Financial consulting services involve providing advice and guidance to organizations on a wide range of financial matters, such as budgeting, cash flow management, and financial forecasting.
- Auditing: Auditing involves conducting an independent examination of an organization’s financial statements and practices to assess their accuracy and compliance with applicable accounting standards and regulations.
- Forensic accounting: Forensic accounting involves using accounting skills and techniques to investigate potential financial fraud and other illegal activity.
- Mergers and acquisitions support: Mergers and acquisitions support services involve providing assistance to organizations involved in mergers and acquisitions, such as due diligence and transaction advisory services.
- Management consulting: Management consulting services involve providing advice and support to organizations on a wide range of business and management issues, such as strategy, operations, and organizational effectiveness.
BHMJ Associates provide the following accounting services:
(i) Design accounting systems and set up accounting procedures.
(ii) Identification and recommendations of suitable accounting software.
(iii) Regular reviews and recommendations.
(iv) Designing follow-up and review of internal control procedures and systems.
(v) Preparation of periodic management accounts and reports.
(vi) Regular verification of inventory.