When we do business, we need an organised system to keep track of all exchanges, transactions, and expenditures in our business. Accounting and bookkeeping have been around for just about as long as humans have started our activities in trade and commerce.
Financial accounting is comprised of information that companies make available to the general public while managerial accounting is dealing with information(such as salary costs, the cost of goods produced, profit targets, and material control information) that is not made public.
Similar to traditional accounting software, cloud accounting software is used to manage accounting matters in a business; just that cloud accounting software is hosted on remote servers. All application functions are performed off-site, not in the office or on the user’s desktop. Simply put, the rise of cloud accounting services has changed the way both accountants and the clients they serve to manage business finances.
Cloud accounting services enables business owners to manage financials and accounting operations like bookkeeping and invoicing smoothly and cost-effectively. Since it’s based in cloud, it empowers businesses to access and view their financial data entries from anywhere and make crucial business decisions in real time.
also known as online accounting or cloud bookkeeping allows users to perform accounting operations online without any limitations to geography or time. this online accounting service is provided in the form of software that runs on remote servers which enable you to access it via web browsers and perform all accounting processes off-site and on the go
installing and maintain software on desktop computers onsite. Besides this, employees in other departments, offices and branches can easily access data and interact with each other with utmost ease.
Using online accounting services, you can easily:
The software is updated frequently and automatically so you don’t have to worry about downloading updated versions every now and then on your system.
Sharing data is possible and less worrisome. It does not require flash drives to import and export data which has the risk of data getting lost or stolen. In fact, with online accounting services, the data is kept on the cloud, which can only be accessed if the individual has access rights.
By availing cloud accounting services, you don’t have to worry creating data backups. The cloud provider offers complete backups. So, in case of any natural or man-made disaster, you can easily restore your data in the cloud and resume your business operations without experiencing long hours of business discontinuity.
Once you shift to the cloud, you can enjoy massive savings. You will only have to pay a small monthly access fee which costs less than buying desktop software programs and upgrading it every now and then.
Bookkeeping is all about the process of recording, analyzing and interpreting the financial transactions of a business. To be precise, it involves the recording, storing and retrieving of financial transactions for a company. As such, the bookkeeper is responsible for setting up financial statements for the accountant to perform legal and tax management. An experienced bookkeeper is able to produce good financial records regarding how a business works and then providing accurate information that allows the business to know exactly how well it is doing.
Consolidation accounting involves the process of grouping the financial records of several subsidiary companies into the combined financial results of the parent company. This method is used especially when a parent company owns the majority of voting shares of a subsidiary company or otherwise has contractual control of the subsidiary. The parent company prepares consolidated financial records by adjusting entries and eliminating intercompany transactions. In short, consolidation accounting is a process of combining assets, equity, liabilities and operating accounts of a parent firm and its subsidiaries into one financial statement.
Financial auditing might not be compulsory for some private limited companies in Malaysia according to the guideline by SSM (Suruhanjaya Syarikat Malaysia). However, a properly reviewed financial statement is crucial for a business. Generally, a financial statement remained unaudited without an independent verification and review process. In other words, your financial statements are considered as unaudited until they are inspected and approved by a certified external auditor. In Eurogain, we provide the service of compiling unaudited financial statements, drafting of unaudited financial reports and etc. through our associated audit firms.
The rise of gig economy and outsourcing has changed the face of the current economy. The trend for many employers to outsource any function of the business that is not directly related to the generation of income is booming. In other words, outsourcing has created the long-term collaboration and relationship between a company’s business and an outside service provider, which in turn, reduces the cost and create a win-win situation for company and service provider. With accounting outsourcing, an employer will get flexibility in adjusting the level of service to meet the needs of his or her business while minimising the cost. When you engage Eurogain’s Bookkeeping Services in Malaysia, we will assign an accountant or consultant to work with you personally on your business accounting needs. Rest assured, you do not have to stretch your budget to get professional service.