Whiz Consulting is a well-known accounting and bookkeeping firm offering virtual services. It has recently launched the modified version of its financial accounting services. Financial accounting is a branch of accounting that deals with identification, classification, and recording financial transactions in the books of accounts as per the accounting principles and standards. It allows firms to prepare year-end financial statements and calculate the tax to pay authorities. The users of financial accounting are both internal and external. Internal includes employees who assess the profitability to know if they're getting their share and if the company is in a position to pay their dues. The management uses financial information to make decisions to improve the company's sales, profits, and growth prospects. 



External users of financial accounting include:

Government: The government assesses whether the company has paid a correct tax amount and represents fairly.

Investors and shareholders: Potential investors and shareholders analyze the company's financial position and its ability to generate profitable returns. Only where they get a high return rate will the investors invest. 

Suppliers and lenders/ creditors: The category that lends the money to the company uses financial statements to know whether the company can clear their dues- interest or principal amount. 

Customers: Customers want to have associations with companies that are creditworthy and reputable and deliver their needs. They analyze the inventory position from the financial statements. 

Public: Every company plays an essential role in the economic scenario. The whole country gets affected when any internal cog does not work correctly. Therefore, the general public uses financial statements to assess a company's economic position. 



Financial accounting involves entering accurate data according to the US GAAP or IFRS principles to generate updated financial statements. However, many businesses lack the resources, expertise, and other factors required to handle economic accounting activities. In such cases, companies may consider outsourcing their operations. "What differentiates Whiz Consulting from its competitors is the fact that we personalize our services to suit the clients' requirements. We are like a gel that can take any form to serve its purpose- in our case, customers," said the senior accountant at Whiz Consulting. 



As a part of their modified financial accounting services, they offer the following:



Bookkeeping services:

Reconciliation of bank and credit cards

Accounts receivable and payable management

Calculating and managing payroll

Managing inventory and detecting and rectifying errors

Producing financial statements monthly/ periodically

Financial ratio reporting

Budgeting for different intervals

Cash forecasting (revenue or expenses)

KPI reporting

Strategic management of income, cost, and flow

Calculating and filing tax returns



Accounts payable: They ensure you do not breach the payment terms by paying the due amount on time. They prepare periodic reports to give you insights and warn you of any mishappening. 



Accounts receivable:  It is essential to track the incoming money to keep the cash flow moving. They help companies increase their accounts receivable turnover by tracking ageing receivables. 



Financial reporting: Because of the decades of experience they gathered in their life, they know how to generate reports- whether it is a balance sheet, income statement, debtors reports, reconciliation, etc.  



Payroll: They cover clients' payroll requirements- calculation, withholding, reimbursements, deductions, Medicare, social security, other taxes, etc. 



Tax filing: Their years of experience and expertise in financial accounting have enabled them to prepare and lodge their clients' tax files. They ensure that the company takes benefit of every available deduction and pays the minimum tax liability legally. 



About Whiz Consulting:



Whiz Consulting is a prestigious name in the accounting and bookkeeping industry. It employs the best accountants from around the globe and offers them periodic training to increase their skills. The team is well-versed with the latest advancements in technology and accounting. They ensure the company stays compliant. It is well-equipped with the required infrastructure to work remotely and serve customers better. They offer many accounting and bookkeeping services to different industries operating at multiple scales. Their services are affordable and hassle-free, making it a highly sought-after company. 

https://www.whizconsulting.net/us/financial-accounting-service/