The recording of financial transactions about the business is known as accounting. The procedure of accounting includes the summarising, the analysing, and reporting of these transactions to the oversight agencies, regulators, and the tax collection entities. The primary purpose of accounting is to provide an accurate picture of a business's financial position and performance so that strategic decisions can be made. Over the years, accounting standards have been established to make the process more uniform and to ensure data can be translated across different formats and systems. Also, there are four types of accounting such as:



● Corporate accounting
● Public accounting
● Government accounting
● Forensic accounting

Role of accounting firm

The accounting profession is one of the most important in any business. Without good accounting, it’s nearly impossible for a business to operate at a level that will allow it to grow and stay competitive. So, When it comes to your finances, accounting is crucial—it’s the process of ensuring your money is being spent wisely and that your financial information is transparent to other people. Therefore search for the best Accounting Firms In Singapore that can take care of your financial transactions related to your business.

One of the most important services that an accounting firm provides to its clients is the processing of accounts payable and accounts receivable. This is the process of making sure that the money owed by a business to its vendors has been paid, and the money that has been owned by a business to its customers has been paid.

This is also the process of making sure that the paperwork and records required by government agencies and the like have been recorded and kept in order. This is also the process of making sure that the payroll for the employees of a business has been processed, which involves the processing of the correct amount of taxes owed by the employees and the recording of those taxes and other required information into the accounting system of the business.

Types of accounting firms

Accounting firms are in the business of helping others run their businesses by providing expert accounting advice and advisory services to their clients. Most of them work for large-scale accounting firms; however, several smaller firms specialise in providing accounting services. So to deal with certain types of accounting, new divisions were created by firms and public companies such as:

● The full-service accounting firms
● The tax firms
● The audit firms
● The risk firms
● The outsourced accounting firms
● The bookkeeping firms

Role of accountant in an accounting firm

Accountants must be able to detect minor mistakes as a first step, then take corrective action, and then adjust their system accordingly. As an accountant, one must be able to diagnose and correct subtle errors or discrepancies in a company’s accounts. Accountants are in charge of maintaining the books for a company, keeping its financial records in an organized manner, and preparing financial statements for its investors. They are also responsible for creating and maintaining its general ledger, which records all the transactions in a company’s books, and the payroll for its employees.

An Accountant helps businesses make critical financial decisions by collecting, tracking, and correcting the company's finances. They are responsible for financial audits, reconciling bank statements, and ensuring financial records are accurate throughout the year.

I think everyone should do what they can do best and that's the reason all our bills and accounts are in a reliable hands of a good accounting firm. In my company all the bills and accounts are managed by accounting services in Estonia which know their job very well. We didn't have any troubles or miscalculations during many years of work together.