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Who Uses Accounting Information?
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24 August 2020
1. Individuals, 2. Businesses, 3. Investors and Creditors, 4. Government Agencies, 5. Taxing Authorities, 6. Non-Profit Organizations and 7. Other Users including employees, consumer groups, labour unions and the general public.
The Types of Accountants and The Specialized Services Performed By Them:
1. Private accountants . These work for single organizations. They may perform cost accounting, budgeting, information systems design, internal auditing, financial accounting and management accounting;
2. Public accountants. These serve the general public. They may perform specialized services such as auditing, tax accounting and management consulting.
For small business owners, the areas that would occupy most of your time is financial and management accounting. Financial accounting provides information to people outside the business including creditors and the government for tax purposes. Management accounting generates information for you, the person who manages the operations of the business. This will produce how much you are spending on manufacturing your products or providing your services in a way that you can see where you are lacking and where you are doing well on.
If you are looking for accountant services or professional accounting advice or assistance, then it is important that you conduct research on the internet for different accountants, credentials and prices etc.
Rochvilles & Co.is a firm of Chartered management Consultancy, Accountants and Tax Consultancy services in Ilford Essex.
PAYE in Real Time (RTI) –
from 6th April 2013 employers whatever their size will have to start reporting PAYE information to HMRC in real time.
Real time information or RTI involves employees sending HMRC details every time they pay an employee on or before payment is actually made.
Universal credit by DWP.
The biggest changes by by DWP is the introduction of universal credit from October 2013.