What are the Different Types of Accounting?
Being an accounting firm in the industry with a lot of competitors, it’s important to know what types of accounting services your clients need, and provide them well according to your expertise.
If you want to be a melting pot of F&A functions, make sure your team knows how to handle these accounting services:
What are the types of accounting services?
Also known as assurance services, public accounting is the broadest type of accounting as it covers bookkeeping, financial analysis, and account management services.
Public accountants take care of the preparation, review, and audit of financial statements; tax work including income tax returns, estate, and tax planning; and do consulting activities for their clients.
Management accounting focuses on identifying, measuring, analysing, interpreting, and communicating important financial information to the higher ups. It looks at both past and present data to have a forecast of the business.
This accounting service is aimed at analysing the company’s financial statements, which the managers use in making crucial decisions.
If public accounting is for businesses and individuals, governmental accounting is for government entities to make sure their revenues and expenditures are accounted for according to the law.
Internal auditing is the process of reviewing your financial and accounting practices, identifying mismanagements, exposing fraud in your processes, and testing your compliance with laws and industry regulations.
There are also specializations in this area, such as information technology auditing, compliance auditing, and environmental auditing to know where you can still improve.
The industry’s increasing demands also meant that complexities around the practice arise. One option you can consider is to find a reliable accounting outsourcing service provider that can help your organisation.
Due to the different requirements of each company, it’s imperative to have an idea of the different types of accounting services so you can help them to the full extent, and create more value for their growth.
If your F&A functions get a little overwhelming,we can lend a hand. D&V Philippines has a roster of 500 experts who can address a wide-range of accounting needs. You may get our latest whitepaper D&V Philippines Solutions for Modern Accounting Firms to know how we can build your accounting firm with strong back-office support