Accounting and Book-Keeping Services – An overview
Staying up to date with records and bookkeeping daily, monthly, and yearly can be stretched in reality. This is more prevalent in medium and small businesses and start-ups that do not have enough resources or processes to carry out the same. An efficient way of handling accounting and bookkeeping functions is to outsource them to Accounting firms in Phnom Penh.
There are many benefits in outsourcing the accounting and bookkeeping responsibilities to accounting firms who have the required expertise in these functions.
- Increased Accuracy- Accounting Firms have a team of experts with solid accounting knowledge that ensures accurate results consistently.
- Saves Time- Saves valuable time for the business owner and reduces their bookkeeping worries.
- Data Access – Financial data is continuously updated and available anytime and anywhere to the client.
- Focussed Work staff –Dedicated team of professionals to provide high-quality seamless work.
- Saves Money – helps businesses save on hiring costs by outsourcing to experts.
- Allows Scalability – allows business expansion without adding additional workforce and office space by outsourcing the service providers.
Role of Accounting firms in Phnom Penh
1. Accounting and reporting services
Accounting firms can help design and implement financial accounting systems with accounting procedures as per Cambodian laws. They also supervise and update books of account for the business with accounting review and periodic reporting.
2. Accounting and bookkeeping outsourcing services
Businesses who have trouble maintaining their books of accounts, including daily transactions, outsource this activity to service providers. All vouchers, bills and invoices, and other documents are sent to the firm in a secure manner. The Accounting firm update and maintain the records regularly. This also includes entering the data into the accounting software and reconciling them. Periodic reports are provided to the client for inspection.
3. Account supervision services
The Accounting firm team supervises the accounting work done by the client’s accountants periodically. They review how the books of accounts are kept and maintained along with the filing of supporting documents, sales analysis, revenue recognition of transactions, and other accounting bookkeeping activities.
4. Backlog accounts updating
Services are also provided to companies whose accounts have not been updated for the current financial years. The firm offers experts who can update the ledgers generate reports, including Profit and loss statements, cash flow statements, and Balance sheets.
5. Reconciliation services
Accounting firms provide reconciliation services to their clients such as vendor payments, suppliers ledger updating, reconciliation, customer ledger updating, Bank statement reconciliation, etc.
Some of Cambodia’s best Accounting and Bookkeeping companies provide services with their team of knowledgeable professionals and experts in carrying out these activities. It is a proven fact that professional Accounting firms have increased the operational efficiency of their client’s businesses with improved data entry and other booking-keeping services.
MAR & Associates is a duly registered law firm in Cambodia with a network of legal advisory member firms in ten countries across Asia: Cambodia, Japan, Thailand, Singapore, Malaysia, Vietnam, Philippines, Indonesia, Laos, and Myanmar with their core proficiency in foreign investment, merger & acquisition, real estate law, banking & finance law and accounting & taxation within the regions.