Every business needs accounting services. But why does business need accounting? Asking such question is like asking a farmer why we need rain.
The reason is simple: we need accounting helps a business to keep track of its expenses and income, as well as forecast how much money a business will need in the future. In other words, accounting is the backbone of the business financial world.
Basically, there are two types of accounting services
Keeps track of a company’s financial transactions, deals with information that is made public to stockholders, customers, creditors, and regulatory bodies.
Deals with internal information [that is not shared with the public] such as salaries, profits and so on. For most small business owners, “accounting” is the managerial accounting.
When you start your own business, every penny counts. You may be juggling a lot of different roles and multitasking. However, hiring an accountant could be one of the investments that can help your company to growth. We all know that the expertise and professionalism of an accountant are invaluable, whether you are writing a business plan, enduring a tax audit or dealing with tax compliance, a good accountant or accounting service will help your business to grow. Here’s a quick list of reasons why you need accounting service.
There are many things to consider during the startup phase of a business, which includes business structure, business plan, bank accounts, government regulations, location and financing. Some people might think it’s way too early to hire an accountant( or to engage accounting services), but an accountant can help you identify the business structure, analyze your business plan for financial compatibility, and help you with business’s decision making throughout the startup process, which will help you to avoid devastating mistakes later.
Your business has employees, which means payroll is one of the concerns that you cannot avoid. A qualified accountant, be it in-house accountant or outsourced accounting service, will help to oversee payroll and payment processes, and most importantly, ensure everyone has their paycheck.
In Malaysia, annual audit is mandatory for every private limited company doing business in Malaysia, where company must appoint an approved company auditor for auditing its accounts and reporting to the members of the company annually, according to the Companies Act of Malaysia that. Though not every business requires audits, hiring an accountant can ensure your business stays compliant.
If you Google search for accounting service, how would you know if the accountant is qualified with the knowledge and experience you need?
There are numerous databases of accountants.
You need to look for a certified public accountant (CPA). In Malaysia, the accounting profession is regulated by the Accountants Act 1967. The Act requires persons holding themselves out as, or practicing as accountant to be registered as a member of the Malaysian Institute of Accountants (MIA).
Knowing your company’s financial stand [in terms of income and expenses] will help you better understand what do you have and how to plan ahead. Proper planning and management in a business will help to maintain the level of customer satisfaction and grow your business. No matter what stage your business in, we are always ready to assist you in the accounting matter. Please contact us to find out more!
