Learn More About the Different Accounting Services Offered by Accounting Firms
Accountancy which is also known as accounting, is defined as the communication, measurement and processing of financial information and details of the different economic entities. Some of the common economic entities include corporations, federal agencies, municipalities, hospitals, and business companies. Accountancy basically measures that results or outcomes of the economic activities of an organization, and it typically brings or conveys these details or information to different users, such as creditors, management, creditors, and regulators, and it is also considered as the language of business. The tax accounting, the financial accounting, the external auditing, the management accounting, and the cost accounting are basically the various fields of accounting.
The ones who practices accounting are called as accountants. The most common duties and responsibilities of a professional accountant to their clients include preparing financial reports and the supporting schedules, recording financial transactions and preparing pertinent adjustments, processing collections and invoice, processing payments, compiling and reviewing source documents that can support financial transactions, maintaining inventory records and assisting in the count of the inventory, filing tax returns and payment of the corresponding taxes through manual method or through the use of electronic devices, preparing tax returns, and preparing statutory and some other reports. It is common for the licensed accountants to be working on a firm designed to provide accounting services.
The companies that are composed of licensed accountants is called as the accounting firm, and they tend to specialize in the different accounting services. The four major types of accounting firms include the forensic accounting firm, the bookkeeping accounting firm, the public accounting firm, and the tax accounting firm. The bookkeeping firm is designed to complete basic or fundamental accounting tasks and services to the small-sized and medium-sized business companies, and they are small companies composed of few employees called as bookkeepers. The firm that is designed to employ CPAs or certified public accountants that may work in different areas of accounting, like audit, management and tax consulting, is called as the public accounting firm. It is typical for the tax accounting firm to focus more on preparing and planning the taxes of their clients, such as individuals and business companies in different sizes. The forensic accounting firm is said to use legal policies and accounting skills to uncover and solve any illegal activities and fraudulent activities by investigating financial records. The various services that are commonly offered by the accounting firms include implementation of new accounting software packages, bill paying services, payroll and sales taxes, business management, accounting assistance, bookkeeping, employee benefits consulting, general business consulting, budgeting and forecasting, business start-up consulting, financial assessment reports, general ledger review, financial statement preparation, income tax preparation and compliance, income tax planning and consulting, and annual and quarterly financial reporting statements.