Accounting and Book Keeping is crucial in managing financial health, making informed decisions, and ensuring compliance with legal and regulatory requirements.

What we do

Core Functions of Accounting
Recording Financial Transactions: Every financial activity within a business, such as purchases, sales, and payments, must be recorded accurately. This includes tracking income, expenses, assets, and liabilities. Recording ensures that all financial data is captured systematically and can be used for further analysis and reporting.

Classifying Financial Information
Once transactions are recorded, they are classified into specific accounts based on their nature. This classification helps in organizing the data and simplifying the process of preparing financial statements. For example, transactions related to sales are classified under revenue accounts, while those related to expenses are classified under expense accounts.

Analyzing Financial Data
After recording and classifying the data, the next step is to analyze it. This involves interpreting the financial information to identify trends, patterns, and potential issues. Analysis is critical for understanding the financial performance of the business and making informed decisions.

Reporting Financial Information
Financial reports, such as balance sheets, income statements, and cash flow statements, are prepared to communicate the financial status of the business to various stakeholders. These reports provide a snapshot of the company's financial health and are used by managers, investors, creditors, and regulatory bodies.

Predicting Financial Outcomes
Based on historical data and current trends, accountants can make predictions about future financial performance. This helps in planning and budgeting, ensuring that the business is prepared for potential challenges and opportunities.

At S & R Accounting, we do 

Financial Accounting
This type of accounting focuses on preparing financial statements for external users, such as investors, creditors, and regulatory bodies. Financial accounting adheres to Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Management Accounting
Management accounting is designed to provide information to internal users, such as managers and executives, to help them make informed business decisions. This includes cost accounting, budgeting, and performance evaluation.

Tax Accounting
Tax accounting involves preparing and filing tax returns, ensuring compliance with tax laws and regulations. It also includes planning strategies to minimize tax liabilities.

Internal Auditing
Internal auditing involves evaluating the effectiveness of internal controls and ensuring compliance with policies and procedures. This helps in identifying and mitigating risks and improving the overall financial management of the business.

Our accounting services are essential for your business for many reasons including

Decision Making
Accurate financial information is crucial for making informed decisions. Managers rely on financial reports to allocate resources, set budgets, and evaluate the performance of different departments.

Compliance
Businesses must comply with various laws and regulations, including tax laws, financial reporting standards, and industry-specific regulations. Accounting functions help ensure compliance and avoid legal penalties.

Risk Management
By identifying financial risks and monitoring financial performance, accounting functions help in managing and mitigating risks. This includes assessing credit risks, liquidity risks, and operational risks.

Performance Evaluation
Financial statements provide a basis for evaluating the performance of the business. This helps in assessing the effectiveness of business strategies and identifying areas for improvement.

Investor Relations
For publicly traded companies, accurate financial reporting is essential for maintaining investor confidence. Financial statements provide transparency and help in attracting and retaining investors