Accounting Tax and Financial Services are services that assist in maintaining a business’s financial health. They produce financial statements, reconcile bank records, track cash flow, and provide a clearer picture of a company’s finances.

They also help with business entity formation, federal and state regulatory compliance, and guidance on tax-efficient business decisions. They may also help with bookkeeping, payroll, and other tasks related to business operations.

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Bookkeeping

Bookkeeping is the process of recording and analyzing financial transactions for a business. It helps businesses stay organized, track cash flow and manage finances more effectively.

There are many types of bookkeeping systems. Some are simple and require minimal training, while others can be complex and require a strong knowledge of accounting standards.

A bookkeeper records all of a company’s financial transactions on a daily basis. This includes recording sales, purchases and wages. They then analyze the recorded transactions and create reports that can be used to communicate how the business handled its money.

Depending on the size of your business, you may need to produce quarterly reports. These reports can help you monitor your progress and make informed decisions for the future.

Bookkeeping is a valuable service that can save you time and help keep your finances organized. It can also prevent you from paying late fees or filing inaccurate tax returns.

Payroll

Payroll is the process of calculating, distributing and reporting wages to employees. This is one of the most important and time-consuming processes for businesses.

It requires the involvement of multiple teams to ensure that the records are up-to-date and accurate. It also includes processing requests from employees for the updating of their bank account details, rental agreements and other documents.

There are many accounting software options available that can help you manage your payroll expenses and payments. Some include a fully integrated payroll module that automates the whole process from start to finish.

These systems are easy to learn and use and save a lot of time in the long run. They also allow you to track changes in your payroll costs over time as the size and makeup of your staff changes. They can also integrate with other financial programs and create detailed reports on your payroll expenses. They can also automatically issue recurring payments to your employees, categorize them and reconcile them regularly.

Tax

Taxes are imposed on individuals and companies to raise money for public expenditure. They are used to fund health, social security, and infrastructure needs.

In accounting, it is important to consider both financial statements and tax returns. Unlike company financials, which are designed for investors and lenders, tax returns are meant to adhere to public tax policy.

Hence, businesses often have to prepare and submit tax accounts to HMRC. The type of tax return you’re required to submit will depend on your business size and structure, as well as whether or not you’re liable for VAT (Value Added Tax).

While it is easy to open a company tax account with HMRC, larger businesses may need the help of an accountant to ensure they meet all of their reporting and payment obligations. A professional can also help you determine how your tax bill will impact your budget. This can make it easier to manage your tax liability and avoid penalties.

Auditing

Auditing is the process of evaluating an organization's financial statements to identify and address any potential issues. This includes reviewing financial documents, interviewing employees and management, testing internal controls and verifying the accuracy of financial statements.

The findings of an audit can help companies enhance their credibility with lenders and investors. It also helps ensure that a company's financial position is accurate and consistent with accounting standards.

An auditor's responsibilities include maintaining professional standards and adhering to ethical guidelines set forth by regulatory bodies and professional accounting organizations. They also make recommendations for improving an organization's financial processes and procedures to reduce the risk of fraud or error.

Some audits are done internally, while others involve traveling and meeting with clients outside the office. For some, this may be a positive, but for others it can present some challenges.