Accounting Services

ADDVANTAGE CONSULTANCY SERVICES SDN. BHD.

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What are the 3 main categories of accounting and how do they differ?

  • Accounting and bookkeeping are essential for businesses to maintain organized records of their transactions and expenses. There are two main categories of accounting: financial accounting and managerial accounting.
  • Financial accounting involves providing information that is made available to the general public.
  • Managerial accounting focuses on internal information such as salary costs, production costs, profit targets, and material control, which is not disclosed to the public.

Bookkeeping Services

  • Bookkeeping involves recording, analyzing, and interpreting financial transactions within a business.
  • It includes accurately recording, storing, and retrieving financial data.
  • A bookkeeper’s main responsibility is to prepare financial statements for accountants to carry out legal and tax management.
  • Skilled bookkeepers play a crucial role in generating reliable financial records, providing insights into the business’s functioning and enabling accurate performance assessments.

Consolidation Accounts

  • Consolidation accounting combines the financial records of multiple subsidiary companies into the parent company’s consolidated financial results.
  • It is used when the parent company holds a majority of voting shares in the subsidiary or has contractual control over it.
  • To prepare consolidated financial records, adjustments and eliminations of intercompany transactions are made.
  • Consolidation accounting involves merging the assets, equity, liabilities, and operating accounts of the parent company and its subsidiaries into a single financial statement.

Compilation of Unaudited Financial Statements

  • In Malaysia, financial auditing may not be mandatory for certain private limited companies, as per SSM guidelines.
  • However, it’s essential to conduct a thorough review of financial statements for businesses.
  • Unaudited financial statements lack independent verification and review.
  • To ensure accuracy and reliability, it is recommended to have financial statements inspected and approved by a certified external auditor.
  • At KKHO, services related to unaudited financial statements are offered, including compiling financial statements and drafting unaudited financial reports in collaboration with an associated audit firm.

Freelance Bookkeeper or Accountant

  • The gig economy and freelancing have transformed the modern economy, leading to increased outsourcing by employers.
  • Outsourcing non-core business functions allows employers to focus on income generation.
  • Long-term collaborations between companies and service providers result in cost reduction and win-win situations.
  • Accounting outsourcing provides flexibility in adjusting services according to business needs and minimizing costs.
  • Our Bookkeeping Services in Malaysia offers a dedicated accountant or consultant to address specific accounting requirements.
  • Professional services can be obtained without straining the budget.

Malaysia Qualified Chartered Accountant, SST Tax Agent

In Malaysia, business owners are required to file their tax returns, making it a year-round responsibility. Tax professionals play a crucial role in assisting taxpayers with various tax matters, including business taxes. They are not only tax advisors but also experts in tax law, planning, and compliance. These professionals provide valuable insights for financial and managerial decisions, incorporating accounting, tax, and business sustainability perspectives, enabling business growth and expansion.

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