Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions.

Practitioners of accountancy are known as Accountants

What do accountants do?

Since Accountants are independent business advisers, they are in a position to help the clients build and develop their businesses. Accountants can offer an extensive range of services. Some of the types of services they may offer are listed below.

Auditing a company

Accountants, who are legally registered auditors, may audit a company's accounts - such an audit may, in some circumstances, be required by law.

Assurance and Information Integrity

Accountants also can provide a variety of services that improve and assure the quality of information, or its context, for business decision-making. And also be ensuring that financial statements reflect fairly the financial performance of the company.

Forensic Accounting

Preventing, detecting, and investigating financial frauds such as embezzlement, securities fraud, tax evasion, and money-laundering schemes. Demand for this specialty has grown significantly as a result of recent corporate scandals.

Environmental Accounting

Addressing how companies can be both environmentally responsible and profitable. This includes focusing the variety of projects like environmental compliance audits and managing and preventing claims and disputes.

Accounting and Bookkeeping

Advice can be provided on setting up business systems, from basic bookkeeping (cashbook) to comprehensive management reporting. Some accounting firms will undertake the bookkeeping function, which may also include VAT return preparation. Practitioners can also assist in the preparation of year-end accounts.

Management accounting

Accountants may set up systems to ensure that the clients know how their businesses are performing. Additional services offered include budgeting and performance monitoring and helping to ensure that a business runs in a smooth and efficient manner.

International Services & Accounting

Provide services to support and facilitate commerce in the global market. Moreover, companies adopting International Financial Reporting Standards (IFRS) may need accountants to help reconcile IFRS with their local GAAP. Professionals with knowledge of U.S. GAAP who work well in an international environment are increasingly in demand.

Corporate finance

Accountants may offer advice on how to finance a business and how to buy or sell a business, as well as other related considerations. Such as providing a variety of services to organizations and individuals that interpret and add value by utilizing a wide range of financial information. These include everything from tax planning and financial statement analysis to structuring investment portfolios and complex financial transactions, and evaluating financial information to assess liquidity, solvency and stability issues of a firm and provide meaningful information which serve as the basis for management to make informed decisions.

Investment advice

Advice may be sought on pensions, unit trusts, life insurance etc., from advisers authorized to give investment business advice.

Tax - statutory requirements and planning opportunities

Accountants are able to offer advice on tax including corporation tax , income tax , capital gains tax , PAYE and VAT . In addition, business advisers can also offer tax planning advice and minimize your tax liability now and in the future.

Management consulting

Accountants can provide independent advice to managers of businesses, such as provides advice and insight on the financial and non-financial performance of an organization's operational and strategic processes through broad business knowledge and judgment. Such help can be used in a variety of ways, including:

• providing an external independent view
• overseeing the stewardship of the chairman/chief executive and board members
• encouraging and developing new ideas
• assisting the company in difficult situations
• bringing specialist knowledge
• maintaining an ethical climate.

Advice on starting up a business

Accountants may offer advice on the legal form most appropriate to starting up a business. In addition they may advise on related legal and taxation issues, business plans for presentation to banks, and what you should expect when starting up a business.