At some point, business owners would have to get an accounting consultant to help them with their business processes, especially those that pertain to the financial aspect.
The services that are offered by accounting firms may differ depending on a number of factors such as the size of the company, the size of the firm itself, experience in the industry, among many other things.
In this article, I will go over some of the most common consultancy services offered by accounting firms. Reading this article will help you find the best accounting consultancy services in Malaysia, so do stick around.
Whether you work in the manufacturing industry or the technology industry, at some point, you are obligated to pay taxes.
There are accounting firms that specialize in taxation procedures and have accountants that are well-versed in this field.
They can take a look at your company’s financial records and they will calculate how much tax you need to pay (and they are very accurate at that).
If you are still looking to create your own business, then some accounting firms can also provide ample startup services as well. They will help educate you with the right documents that you need to secure and file before you can run your business.
There are also some firms that have industry-leading experts that will help set up the accounting software in your company so that the entire process becomes streamlined.
They will also devise a perfect plan for your company that you can follow to improve your business operations right off the bat.
Mergers and Acquisitions
Whenever your company merges with another one or perhaps you acquire another business entity, that would mean that there are going to be some huge changes when talking about it in a financial sense.
Accounting firms can help create a consolidated financial statement for all subsidiaries. They can also help prepare new accounting requirements for all personnel to follow if you require them to.
Audit and Assurance
Most small businesses don’t have to undergo an external audit every year as public companies do. However, the story changes if your company would require additional funding for business expansion. If you are trying to woo potential investors, you will need to have an external audit done.
Accounting firms can also provide auditing services as well. For those of you who do not know, an external audit is where an external company checks the company financial reports and to provide feedback on what they can find.
This is usually done as a means to ensure that all of the financial data remains true and accurate. Aside from that, it can also help determine if corporate fraud is present or if there is an issue of tax evasion, and other possible negative news concerning the business.
Such firms may also provide assurance as well- which is just done after an auditing report. It helps validate the audit to ensure that all of the information stipulated therein is based on objective information.