Types of Accounting

Types of accounting

Over the past few decades, accountancy has branched out into different types of accounting to cater for the diverse needs of businesses & Professionals. Choosing Outsourced accounting service is always a better option for a startups & SME. But, deciding what kind of Accounting Service Company you need as per your requirements is important too.

Financial accounting.

This field is concerned with the aggregation of financial information into external reports. Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company's financial statements, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Or, if a company is publicly-held, it requires knowledge of the standards issued by the government entity responsible for public company reporting in a specific country (such as the Securities and Exchange Commission in the United States). There are various accounting service firms which specialize under this head.

Government accounting.

Governmental Accounting, also known as public accounting or federal accounting, refers to the type of accounting information system used in the public sector. This is a slight deviation from the financial accounting system used in the private sector. The need to have a separate accounting system for the public sector arises because of the different aims and objectives of the state owned and privately owned institutions. Governmental accounting ensures the financial position and performance of the public sector institutions are set in budgetary context since financial constraints are often a major concern of many governments. Separate rules are followed in many jurisdictions to account for the transactions and events of public entities.

Forensic Accounting

It is the use of accounting, auditing and investigative techniques in cases of litigation or disputes. Forensic accountants act as expert witnesses in courts of law in civil and criminal disputes that require an assessment of the financial effects of a loss or the detection of a financial fraud. Common litigations where forensic accountants are hired include insurance claims, personal injury claims, suspected fraud and claims of professional negligence in a financial matter (e.g. business valuation).

Management accounting.

This field is concerned with the process of accumulating accounting information for internal operational reporting. It includes areas such as cost accounting and target costing.

Tax accounting.

This field is concerned with the proper compliance with tax regulations, tax filings, service tax submission and tax planning to reduce a company's tax burden in the future. There are multiple tax specialties which any business or professionals will need which may include service tax accounting, service tax code, accounting & tax service etc.

Internal auditing.

This field is concerned with the examination of a company's systems and transactions to spot & control weaknesses, fraud, waste, and mismanagement, and the reporting of these findings to management. There are specialties available, such as the information systems auditor and the environmental auditor.

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