Accounting
What are the 3 Main Categories of Accounting and How Do They Prefer?
Accounting & Bookkeeping
are essential for the businesses to maintain organized records of their transactions and expenses. There are two main categories of accounting: Financial accounting & Managerial accounting
Financial Accounting
involves providing information that is made available to the general public.
Managerial Accounting
focuses on internal information such as salary costs, production costs, profit targets and material control which is not disclosed to the public.
Controlled Finances, More Stable Business
We provide flexible, accurate and user-friendly accounting solutions, suitable for active, new or dormant companies.
Bookkeeping Services
As the name goes, 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.
Bookkeeping involves recording, analyzing, and interpreting financial transactions within a business.
It includes accurately recording, storing, and retrieving financial data.
A bookkeeper’s main responsibility is to prepare financial statements for accountants to carry out legal and tax management.
Skilled bookkeepers play a crucial role in generating reliable financial records, providing insights into the business’s functioning and enabling accurate performance assessments.
Consolidation Accounts
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.
Consolidation accounting combines the financial records of multiple subsidiary companies into the parent company’s consolidated financial results.
It is used when the parent company holds a majority of the voting shares in the subsidies or has contractual control over it.
To prepare consolidated financial records, adjustments and eliminations of intercompany transactions are made.
Consolidation accounting involves merging the assets, equity, liabilities and operating accounts of the parent company and its subsidiaries into a single financial statement.
Compilation of Unaudited Financial Statements
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 KKHO Accounting, we provide the service of compiling unaudited financial statements, drafting of unaudited financial reports and etc. through our associated audit firms.
In Malaysia, financial auditing may not be mandatory for certain private limited companies, as per SSM guidelines.
However, it’s essential to conduct a thorough review of financial statements for businesses.
Unaudited financial statements lack independent verification and review.
To ensure accuracy and reliability, it is recommended to have financial statements inspected and approved by a certified external auditor.
At KKHO, services related to unaudited financial statements are offered, including compiling financial statements and drafting unaudited financial reports in collaboration with an associated audit firm.
Freelance Bookkeeper or Accountant in Malaysia
The rise of gig economy and freelancing 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 KKHO Accounting’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.
The gig economy and freelancing have transformed the modern economy, leading to increased outsourcing by employers.
Outsourcing non-core business functions allows employers to focus on income generation.
Long-term collaborations between companies and service providers result in cost reduction and win-win situations.
Accounting outsourcing provides flexibility in adjusting services according to business needs and minimizing costs.
Our Bookkeeping Services in Malaysia offers a dedicated accountatn or consultant to address specific accounting requirements.
Professional services can be obtained without straining the budget.
Malaysia Qualified Chartered Accountant, SST Tax Agent
In Malaysia, every business owner is mandatory to file his or her tax return and it’s the year-round responsibility for business owners. A tax professional is someone who has the experience and credentials to help taxpayers with all aspects of tax, including business taxes. Often, a tax professional is more than just a tax advisor but experts in tax law, tax planning and compliance.
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