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Accounting and bookkeeping practices vary in every country. But as a whole, the accounting services generally includes auditing, accounting, bookkeeping and related services. There is Public Accounting which consists of the audit and review function that acts as the check and balance of a company’s financial status. Then there is Management Accounting. This is another aspect in accounting services which gives business directions and provides strategic, tactical and operational decisions based on financial data.
Bookkeeping, income tax preparation, business valuations, forensic accounting, tax compliance, investment advice, accounting system organization and design and management advisory services are the other accounting services that any Accountant in the field is bound to do. Now, where does online accounting system belong? It actually covers and encompasses most of the accounting practices.
Only an accountant knows the language of accounting. How about its functions and common practices? Well, of course there is such a thing as an accountant’s lingo but in this case, these practices are mostly used and required by law under some so-called standards.
In the Philippines, small and big businesses alike are mandated to comply with the Philippine Financial Reporting Standards (PFRS). The Philippine Financial Reporting Standards is a set of Generally Accepted Accounting Principles better known as GAAP that has been issued by the ASC or the Accounting Standards Council, a governing body that aids in governing and monitoring the preparation of financial statements.
For any growing business, it is important to follow the standards set by the PFRS. Hence, it is helpful for any company to have an accounting manual with the specific guidelines that pertain to the following:
All these accounting and bookkeeping practices are easy to do with EasyFS. It is an automated online account software as well as inventory management system that is well integrated, user-friendly and works perfectly in any kind of business start-up with the following features and benefits:
The standards set by the PFRS are easy to comply with the help of an online accounting system, EasyFS. It can do wonders for your taxations needs. For queries, check out: Human Incubator at +63-32-256-2904 or +639088601619 or check our site: https://human-incubator.com/