How to implement accounting services in Singapore

Accounting as we know is the system of keeping the financial report of any entity in the form of text and numbers that are called financial statements.

It gives us the opportunity to track assets, liabilities, profitability, debts and flow of cash. Accounting is self-regulated for the users of financial information who are called as stakeholders, lenders, business owners, customers, employees, and managers.

These stakeholders use it for making decisions on investment and business planning.

Accounting can be done in two ways

1. Private accounting

2. Public accounting

Where Private or internal accounting refers to accountants who work for a single organisation or entity. The task they perform is preparing the records I;e bookkeeping and bank reconciliations. These tasks can be performed easily with audit firms in Singapore.

Generally, accounting professionals are divided into three fields.

Tax, Audit services and Advisory. Federal state and local tax filings are generally focused on Tax. Audit roles for Internal controls. For general financial consulting advisory is performed.

Whereas Public accounting is for several and numerous different clients.

Types of Accounts:-

Accounts are of several types. Basically they of five types:-

Asset

Liability

Equity

Revenue

Expense

Asset accounts:

Cash and cash equivalents, accounts receivable, contra account, prepaid account, investment account, property account, plant, and equipment account, accumulated depreciation, intangible (vague) assets, accumulated amortization and many others.

Liability accounts:

Accounts payable (current liability), notes payable (termed as a long-term liability), accrued expenses, Deferred revenue, long-term bonds payable and others obligatory.

Equity accounts:

Common stock, paid-in capital, retained profits, treasury stock and many more.

Revenue accounts:

Sales revenue

Service revenue

Interest revenue

Interest income

Expense accounts:

Reimbursement of money spent on Selling, general and administrative, interest, repairs, non-cash and others.

We will later discuss on the topics of financial statements, Debits and credits, Accounting Standards, Business Types and Entities and Managerial Accounting and Analysis.

Now you can go to our website to learn more about our accounting services.