To start a business, an entrepreneur needs to understand and complete various kinds of business affairs. One of the essential business affairs when starting a business is accounting as it often provides entrepreneurs with a clear image of their business’ success. At Vital Fact, we can effectively manage and balance your books in the most accurate and timely manner, with full sets of accounts prepared and reviewed accordingly. Part of our Chartered Accountant Penang based services is to update the volume of financial transactions in the accounting system on daily basis to ensure our clients have up-to-date financial records.
Management Reports such as financial statements, accounts receivables, and payables are provided monthly. We also provide the service of consolidating accounts and preparing payments to suppliers. Accounts would be finalized with related documents seamlessly prepared to ensure smooth and timely completion for audit by the end of the year.
We could even provide the service of setting up or review of your company’s accounting policies, procedures, and controls depending on the volume of transactions, with each custom-tailored to our customer’s unique business needs.
Vital Fact could be your one-stop solution in financial accounting and assurance that takes care of all your needs. Our capacity allows you to focus on your business without having to worry about compliance or taxes, hence retaining your business’ competitive advantage in a dynamic environment.
Accounting plays a vital role in running a business as it helps a company to track its incomes and expenditures, ensure statutory compliance, and provide investors, company management, and the local authority with quantitative financial information which can be utilized to make critical business decisions.
Monthly accounting services offer far greater value than an annual service. If and when an accountant sees the figures only once a year, it might already be too late to regulate the nature of accounts toward a pattern which could have helped make the year a more successful one. Besides, it could also be way behind the optimal stage to make any significant tax planning.
There are several categories which should be included, such as revenue, cost of goods sold, cost of labour and operating expenses.