Accounting refers to the process of keeping financial records pertaining to the business. It involves the process of recording, summarizing, analyzing, and reporting all the transactions.

The reports generated by various streams of accounting are useful for business decisions. These reports give detailed information about the financial status of the business.

Advisory

Business advisory is the final tier of the accounting pyramid. Business advisory involves reporting on performance as well as advising on strategic plans, risk assessment, and succession plans.

The three pillars of the accounting world are being reconfigured – with some bearing more weight than others. Business advisory is slowly becoming the strongest option when it comes to the services offered by accounting firms.