It is prudent to examine the level of professionalism and competence offered by accountants in Jamaica. We can appreciate the fact that businesses in Jamaica can not remain viable without following or adhering to proper accounting procedures and principles. What though is accounting? and why failure to properly utilize the wide variety of accounting services can be detrimental?
Accounting in simple terms is the system of recording and summarizing business and financial transaction and analyzing, verifying, and reporting the results. With this in mind, we can understand the close relationship that exist between business professionals and accountants, in particular, chartered accountants. It is a fact that a business venture can be a very costly one, involving many hours of hard work and scarce resources. It is therefore incumbent on business professionals to familiarize themselves with the various types of accountants, thereby choosing the appropriate accounting services that best meet their needs.
Let us now explore some of the different types of accounting. Most businesses in Jamaica employ Management accounting which produces information mainly for internal use by the company's management. Forensic accounting involves the use of accounting, auditing and investigative techniques in cases of litigation or disputes. Another type is referred to as Financial accounting or Financial reporting which is the process of producing information for external use usually in the form of Financial Statements. These statements are guided by a particular set of standards and guidelines known as Generally Accepted Accounting Principles (GAAP).
It is the responsibility of businesses to choose the ideal service offered by accounting firms in Jamaica.
