ACCOUNTING AND BOOKKEEEPING SERVICES BUSINESSES NEED
Over the years, there has been a great increase in the growth of the accounting profession.
This is so because accounting and bookkeeping services are vital to the existence and grown of any industry. Every time a new business, big or small is created, the demands for accounting and bookkeeping increases. No business organization can survive without accounting and bookkeeping because their survival depends on the analysis made by accountants and bookkeepers. Most wise businessmen gather accounting knowledge before putting up their own business while others simply rely on the advice of professional accountants. Many people have difficulty in finding out the distinction between the two. While accounting and bookkeeping have a common goal, they differ in stages of a particular financial cycle.
Bookkeeping is the act of recording all the figures, daily transactions and placing them in ledgers and accounting books. Ledgers are essential in bookkeeping because this is where all the transactions are recorded. On the other hand, accounting is the process that interprets and analyzes all the numbers and transactions that are previously recorded in the ledgers. Every businesses from small to big industries need to monitor and record all the figures that are going in and out of their system. Thus, a symbiotic relationship between bookkeeping and accounting contribute greatly to the financial success of any business organization.
While it has been established that accounting is vital to the success of a business. It must also be emphasized that accounting is essential in the existence and proper functioning of the financial affairs of the state. Taxes are the lifeblood of the state and for it to survive, taxes must be properly recorded and analyzed. This is where the process of accounting comes in. Like in any business venture, accounting and tax go hand in hand when the financial affairs of the state is concerned.
Nowadays, accounting can be seen anywhere. In a developing country with a lot of investors, accounting services are widely increasing in demand. A good example of this demand can be seen in Singapore. Today, it is no secret that Singapore is one of the leading business hubs in the world. Thus, Singapore accounting services are likely to increase in view of the numerous companies that placed their businesses there. Singapore accounting services are rising in demand not only because of the investors but also because of the state’s right to collect taxes.