Types of accounting and bookkeeping

Types of accounting and bookkeeping

Accounting is a vast field. There are many branches and further types in it. A few of them practiced by bookkeeping services in Dubai are:

Financial accounting: Financial accounting is all about maintaining finances and external reports that have all information about finances of the company which would be easy to read and understand for the management and finance team that has a responsibility to manage the office. The finance accountants should know about International Financial Reporting Standards, Generally Accepted Accounting Principles, government taxes and entities to present detailed and explanatory reports and financial statements that could be used to generate analysis about the growth rate of the company.

Public accounting: Public accounting is all about checking financial statements and accounts of companies of clients to make sure if their statements are explaining their financial position correctly or if their statements are true. Public accountants use the principles of accounting frameworks to work as an audit partner to analyze more and more information.

Government accounting: Government accounting is different from all branches and types of accounting. An accountant should know about the management of funds and how to disburse them to pay for the services that are provided by the government to the citizens of the nation. Besides, there is a requirement to specialize in some skills that related to government accounting so that you can keep a complete record of creating, managing and transferring funds.

Forensic accounting: Unlike its name, forensic accounting can be defined as to build the financial records from scratch of a company whose records are either not present or destroyed. The methods are used to create wrong or incorrect records to hide crimes or to convert cash-based into accrual-based records. Forensic accountants usually work in law firms, audit firms and insurance companies. Auditors are known to use the techniques and frameworks of forensic accounting.

Internal auditing: Internal auditing is all about managing the finances and accounts of a company to investigate and examine if there is any mismanagement or fraud or weakness in the finances and accounts of a company. it has further branches in which environmental auditing and system auditing are included.

Tax accounting: Tax accounting deals with tax and its regulation. A tax accountant has to deal with tax planning, tax filing, and policies that can reduce tax on the companies. There are further specializations in tax accounting.

So, these are the few types of accounting. You can choose any of them to become an exceptional accountant in your office or establish your accounting firm to become a tough competitor in the field of accounting. Find more info here.