What is Corporate Accounting?
The Meaning, Importance, and Responsibilities Involved in The Process.
There are several versions and levels of accounting. Amongst all of them, corporate accounting is one-of-a-kind. Those who run a business with many years of experience are acquainted with the importance of accounting. With accounting, your company finances and records remain accurate and up to date. These records help you identify the current financial position of your company. Also, the accounting process determines your company’s future.
Bookkeeping and accounting services must be sufficient, otherwise, it leads to financial difficulties such as inadequate funds. There are various versions of accounting. One among them is corporate accounting.
What is Corporate Accounting?
Corporate accounting is a company branch that takes care of different accounting issues and tasks. A corporate accountant must be proficient, knowledgeable, and dynamic enough to provide outstanding accounting services to the company. Some of the major tasks done by corporate accountants are
- Accounts Preparation
- Making cash flow statements
- Financial Reports Analysis
- Balance Sheet Consolidation
- Wide research on the benefits of estimated amalgamation and absorption
In large organizations, corporate accountants work within a team or in a department led by a Chief Financial Officer. However, there are companies where a single person may handle the overall corporate accounting responsibility.
Corporate accountants need to deal with a single client at a time. Their core responsibility is to ensure all the activities related to the company finances remain aligned with the regulated laws and compliances.
Corporate Accounting and Public Accounting - Major Differences
One of the biggest differences is the number of clients. Corporate accountants work for one client and analyze all issues related to financial records and transactions. Soon when the company expands, the role and responsibilities of a corporate accountant increase.
Public accountants are different. They work for a firm that sells its accounting services to the public at large. Hence, public accountants work for a firm selling accounting services. Such a group of accountants might have a large number of clients.
Generally, an accountant’s career begins as a public accountant to acquire enough knowledge and work experience. Their dedication, reputation, and initial work methods help them pursue a corporate accountant position at any reputed company dealing in any non-financial industry like retail or manufacturing. Some of the key differences between both are as below.
| Sr No | Corporate Accountanting Services | Public Accountant Services |
| 1 | They work for industry-specific client | They work for an accounting firm |
| 2 | They work with a single industry | They have a huge base of clients who change with changing times |
| 3 | They specialize in industry-specific methods of accounting. | They need a range of skills and knowledge enabling them to cater to various client needs |
| 4 | Corporate Accountants can become a Chief Financial Officers | They can become either a partner or an owner |
The Rise of Online Corporate Accounting Services
With the growing needs of business and the increasing influence of digitization on small and large organizations, accounting services online are currently staying in the sun. Hence, many corporates approach an outsourced online accounting firm that can provide the best accounting services. In recent times, renowned accounting service providers offer Virtual CFO services that can manage and handle your accounts from their remote offices and locations. CONFiANCE Bizsol is a dynamic online accounting service provider helping companies to grow and excel with Virtual CFO Services and Corporate Accounting Services. Read on below what all types of corporate accounting services we provide.
Types of Online Corporate Accounting Services - Roles and Responsibilities
You need flexible and scalable accounting solutions created to meet all your business requirements. With online corporate accounting services, you get experts who shall provide a gamut of service offerings from basic accountancy, and annual financial statement preparations, to supporting year-end audits. This is made possible through a complete outsourced CFO functionality. There are a gamut of corporate accounting services needed for any large scale business. However, we have tried to mention most important one for your kind reference.
Top Corporate Accounting Services
- Accounting and Bookkeeping
- Supplier invoice payments and cash management.
- Management information systems and management accounting
- Budgeting, variance analysis, and cash flow forecast
- Financial statements preparations
- Virtual CFO Services
- Capital monitoring and financial regulations
- Financial budgeting and forecasting
- Procuring financial systems and implementation
- Control operations and financial management
- Custom database and report system consultancy
General Bookkeeping
Just like every accounting job, corporate accounting services include basic bookkeeping and accounting. Your company’s financial records and reports remain organized and sorted. For corporates, virtual CFO services take away the entire responsibility including dealing with the toughest management decisions.
Generate Extensive Detailed Reports
Online accounting services enable generating detailed reports exemplifying and justifying the current financial situation of your company. The reports get auto-generated and backed up with the most powerful technologies involving data analytics, AI, and machine learning.
Advising Finance and Future Endeavors
With the assistance of an efficient corporate booking service provider online, you can find estimated probabilities of future growth in terms of business prospects and additional corporate investments if needed. The virtual CFO services help you notify about the overall financial scalability that keeps trending upward or downwards.
Create and Maintain Budgets
Corporate accounting is a crucial and challenging task for any company. Online accounting firms here can help you handle all the finances and create budgets for the company as per the requirements. Outsourcing your accounting services leads to saving on the money with zero hassles.
Manage Accounts Payable and Account Receivable
Corporates can hardly keep track of the accounts payable and accounts receivable anytime. There are renowned corporate accounting service providers across the globe who help clients streamline accounts payable and account receivable processes within the least possible time.
Final Takeaway
Corporate accounting is the core aspect for large corporates and big companies. You need a well-qualified and robust team of professional accountants who can handle financial affairs and can cater to everything in detail. CONFiANCE provides premium corporate accounting services to clients across the globe. With us, your accounting process and workflows will remain aligned keeping you out of stress and unwanted hassles. Reach us out at the below website to know more about our services.