Accounting services encompass the comprehensive range of tasks involved in recording, classifying, summarizing, and interpreting financial transactions. These services are vital for decision-making, regulatory compliance, and investor confidence.

I. Categories of Accounting Services

Accounting services are broadly categorized based on their purpose and the audience they serve:

1. Bookkeeping Services

This is the foundational level of accounting, focused on the accurate, day-to-day recording of financial transactions.

Financial Accounting Services

Financial accounting uses the bookkeeping data to create standardized financial statements for external parties (investors, creditors, regulators).

• Financial Statement Preparation: Generating the three core statements:

  • Balance Sheet: Shows the company's assets, liabilities, and equity at a specific point in time.

  • Income Statement (P&L): Shows the company's revenues and expenses over a period.

  • Cash Flow Statement: Shows how changes in balance sheet and income accounts affect cash and cash equivalents.