What Are the Usual Services Offered by Accounting Firms?

You’re probably reading this article because you are curious about what accounting services companies in Malaysia are offering, right? Well, you are in luck because I am going to provide you with the information that you need so that you can finally decide for yourself if you are going to get their services or not.

Before we start, I just want to state something. Typical accounting firms will usually specialize in a particular sector in the accounting industry, but it is safe to say that the services that I am going to highlight in this article are provided for by different firms around the world.

With that out of the way, let’s get started.

Operational Bookkeeping and Payroll

Successful businesses are manned by company owners and competitive employees. They are pretty good at what they do and that is to sell products and services to their clients and they do it in a way that is a cut above the rest.

That being said, despite the fact that the company may experience huge successes when it comes to selling their main products, not a lot of business owners know the financial and technical aspects of their business.

This is where accounting firms come in. The company owner can send their company’s bank accounts to accounting firms so that they can assist them in creating books that will be used at a later time. In other words, they can provide bookkeeping services.

They can also create profit and loss documents that will provide a complete breakdown of key areas of the revenue and cost streams.

Such firms can also assist with the company’s accounts receivable and also help in managing outgoing money that might include payroll processing and vendor payments, among others.

They ensure that all of the required information based on the standards set by the federal government are stipulated in the documents that they are going to create.

Tax Planning and Preparation

Accounting firms can also handle the company’s tax returns as well. They usually prepare year-end documents that are required by the government such as the Employee’s W-2 form, Owner K-1, etc.

Company owners may also allow the accounting firms to represent their business, especially regarding audits, information requests, and notices from the IRS.

Accounting firms can also help identify estate planning needs that are unique to every company owner out there. They look at the big picture and they are able to create the right ideas of business creation.

Business Developments and Valuation

Accounting firms provide valuation reports as part of an external auditing scheme. The information can be used to acquire financing from major institutions such as banks and big-time lenders, among many others.

They will be given access to the company’s ledgers to help them find key information so that they can provide some much-needed insight and so that they can give audits that are useful for potential buyers and investors.

If the company wishes to expand, they can also help them create pro forma financial statements that are a document that is required for such a thing to commence.

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Dean Johnston