Typical cases where accounting service is provided to are the smaller business which cannot employ full time staff economically: Advice is given on the type and nature of records and controls best suited to the business; books of account is written up and financial accounts are prepared. The accounting service may also be limited to specific functions such as maintenance of payroll, managing procurement, completing tax returns etc.
Treasury management whereby a company plans and controls funds with a view to make best use of its cash resources, minimise funds tied up in debtors and stock and minimising borrowing costs, foreign exchange exposure and maximising income from investments etc.
- Credit control – formulate or review credit control procedures which enhances optimal use of sales.
- Payment policy – develop policies and procedures that will enable the company take full advantage of suppliers’ discount.
- Inventory control – formulate or review stock control procedures with a view to ensure steady flow of production and minimising losses through wastage, age,
fraud, idle use, excess funds tied in stock, whilst at the same time minimising the loss of goodwill arising from position of stock shortfall.
- Cash investment – design procedures which makes best use of excess funds which takes advantage of special investment opportunities.
- Financial control – design and implement the use of budgeting procedures, forecasting mechanisms, costing procedures, accounting systems and controls,
and business planning.
- Internal audit – diagnosing problem with internal audit department and providing the necessary assistance to make the department more purposeful and
efficient, ensuring that there exists good balance between internal control and business efficiency, and/or providing internal audit services.