ACCOUNTING

Accounting is the art and science of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. For example information on: income and expenditure, financial status and cash flows. Accounting is referred to as "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people.

Types of accounting services provided

1. Financial Accounting.

This involves outsourcing our professional services with a view to focusing on your key business activities which can be done at the clients business premises or in our offices with our hardware and software. Our services include handling the financial accounting function including book keeping, payroll processing, budgeting, providing timely management information and filing of statutory returns. Our philosophy is to work with the client's management to ensure that our services meet their needs.

2. Project Accounting

This is the practice of creating financial reportsspecifically designed to track the financial progress of projects, which can then be used by managers to

aid project management.

3. Cost Accounting

This is regarded as the process of collecting, analysing, summarising and evaluating various alternative courses of action involving costs and advising the management on the most appropriate course of action based on the cost efficiency and capabilty of the management. It involves the application of accounting and costing skills, in the ascertainment of costs of products and services. It helps organisations in determining, monitoring and controlling costs from which products prices are determined and compared to competition.

4. Management Accounting

Managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.

5. Development of accounting systems

This involves setting up of financial accounting systems in organizations. It includes designing of individual ledgers as well as the general ledger or charts of accounts and setting up of financial data bases, working capital and reporting systems both electronic and manual depending on the requirements of an organization.

Some benefits of accounting:
  • Provides business and financial information necessary for costing, decision making, forecasting, planning and controls
  • Assist in determining the economic value of an organization.
  • Establishes business and financial data-base in organizations.
  • Measures economic performances (revenues and expenses) of organizations.
  • Provides data necessary for tax planning and management.

Contact us

Abdulhamid & Company

Ramco court, Mombasa Road.

P.O BOX 23005-00100

Nairobi-Kenya.

Tel: (+254 02) 2628830

mobile:0722-737250

              0770-137133

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