Accounting Firms in Ghana

Accounting firms help clients with a wide array of services, such as accounts payable/receivable, bookkeeping and payroll processing. They make sure that financial transactions are both accurate and legal, and they help individuals and businesses use financial statements to understand the health of their finances.

If they work for a business, the accountant will provide information to investors that show how a company is performing during a period of time, for example; during the first quarter of the fiscal year.)

Usually, accounting is perceived as a mere recording of business transactions. However, accounting goes beyond financial recording or bookkeeping and it includes various branches. Take a look at the various branches of accounting, where you need help.

1. Forensic Accounting:
Forensic accounting handles court and litigation cases, fraud investigations, claims and dispute resolution, and other legal matters.

2. Auditing:
External auditing is the examination of financial records by an independent party. Internal auditing refers to the examination of issues regarding business practices and risks.

3. Financial Accounting:
Financial accounting includes footage and classification of business transactions, and preparation and presentation of financial statements to be used by internal and external clients.

4. Cost Accounting:
Cost Accounting refers to the footage, presentation, and analysis of manufacturing costs. Cost accountants examine definite and standard costs to help directors conclude future courses of action concerning the business’ operations.

5. Fiduciary Accounting:
Fiduciary Accounting means the handling of accounts administered by a person empowered with the supervision and management of the property of or for the benefit of another person. Trust accounting, receivership, and estate accounting are some examples.

6. Accounting Information Systems:
Accounting information systems or AIS occupy the expansion, fitting, execution, and supervision of accounting procedures and systems used in the accounting process.

7. Tax Accounting
Tax accounting involves the planning of tax and preparation of tax returns, ascertainment of income tax and other taxes, tax advisory services such as ways to reduce taxes lawfully, assessment of the consequences of tax decisions, and other tax-related issues.

8. Management Accounting
Management Accounting focuses on the needs of the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and other similar areas.

Bookkeeping is the methodical recording of financial facets of business transactions in opposite books of account. Bookkeeping services help to uphold precise financial records of a business by keeping a proper record of the purchases, sales, and receipts.

Efficient daily bookkeeping will enable you to identify any problems early and solve them before they become worse. You can identify any deceitful activity and correct it before it causes irreparable damage to your business.

The following are some services offered by professional Bookkeepers;
1. Settle bank accounts.
2. Account economic dealings.
3. Administer bank feeds.
4. Organize financial accounts.
5. Control accounts receivable payable.
6. Undertake some payroll and human resource functions.
7. Work with the tax preparer and help out with tax compliance.
8. Preparation of Chart of Accounts
9. Billing for services or goods sold
10. Keeping the records of receipts from customers
11. Allocate the account entries
12. Value-added bookkeeping and month-end or year-end closing