Accounting services in Malaysia
Rising Global Consultants
Accounting services
Financial accounting includes information provided to the public, while management accounting covers non-public information such as payroll costs, production costs, target profits, and material control
Bookkeeping services
Involves recording, storing, and retrieving a company's financial transactions. Bookkeepers are responsible for preparing financial statements for accountants to handle legal and tax management. Experienced bookkeepers can create good financial records about how a business operates and provide accurate information to help the business fully understand its operations
Consolidated accounts
Consolidated accounts refer to the process of combining the financial records of several subsidiaries into the financial results of the parent company. This is necessary when the parent company holds a majority of voting shares or has contractual control over the subsidiaries. The parent company prepares consolidated financial records by adjusting items and eliminating intercompany transactions
Preparing unaudited financial statements
According to the guidelines of the Companies Commission of Malaysia (SSM), some private limited companies in Malaysia may not be required to undergo a financial audit. However, properly reviewed financial statements are very important for businesses. Generally, financial statements that have not gone through an independent verification and review process are considered unaudited
Freelance bookkeeper or accountant
The rise of the gig economy and freelancing has changed the current economic landscape, with more employers tending to outsource business functions not directly related to revenue generation. Outsourcing allows companies and external service providers to establish long-term relationships, thereby reducing company costs and creating a win-win situation for both the company and the service provider. By outsourcing accounting, employers can adjust service levels flexibly to meet their business needs while minimizing costs
Accounting system installation
A small business accounting system helps improve efficiency and accuracy, automates financial processes, generates accurate financial reports, simplifies tax compliance, and enhances cash flow management
Common questions about accounting services
What are accounting services and are they mandatory?
Accounting services include a range of functions aimed at efficiently and transparently recording and reporting a company's finances, ensuring accurate information is provided to regulatory bodies and stakeholders. These services include:
Bookkeeping：Recording daily financial transactions
Statutory compliance：Ensuring financial activities comply with laws and regulations
Audit：Conducting internal and external audits to verify the accuracy of financial records
Tax filing：Preparing and submitting tax returns
Financial monitoring：Tracking assets, cash flow, expenses, and income
Payroll processing：Assisting with employee salary payments
Financial recordkeeping and forecasting：Maintaining financial records, preparing budgets, and forecasting
Consulting services：Providing financial management and strategic advice
Although these services are not mandatory, most business owners choose to hire third-party professionals to handle accounting tasks, allowing them to focus on business development. Good accounting practices not only help business owners make informed, data-driven decisions but also minimize financial leaks and waste
Are auditors and accountants the same thing?
Accountants:
Responsibilities：Accountants are responsible for recording, classifying and summarizing the company's financial transactions, preparing financial statements, handling accounts, tax planning and more. They ensure that the company's financial records are accurate and comply with accounting standards and laws and regulations.
Auditors：
Responsibilities：Auditors are responsible for conducting an independent review and verification of a company's financial statements and records. Their main task is to check the accuracy and fairness of the financial statements and ensure that they comply with accounting standards and legal requirements.
What is the difference between accounting and bookkeeping?
The main difference between bookkeeping and accounting is:
Bookkeeping：Focusing on daily recording and organizing of financial transactions, including data entry and updating ledgers.
Accounting：Includes bookkeeping tasks but also involves broader functions such as preparing financial statements, financial analysis, budgeting, and tax planning
In short, bookkeeping handles transaction recording, while accounting analyzes and reports this data to support decision-making
Do all companies need an audit?
In Malaysia, all public and private limited companies are required to undergo mandatory audits annually. Sole proprietorships and partnerships are not subject to mandatory audits, but if significant funds are involved, they are encouraged to undergo annual audits to maintain credibility
When do I need to submit my company's annual tax return?
You must submit your company's annual tax return within eight (8) months after the end of the company's financial year. For example, if the financial year ends on December 31, 2022, the filing period will extend to August 31, 2023
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