Learn More About the Different Accounting Services Offered by Accounting Firms
Accounting is basically a term that can also be referred to as accountancy, and it is described as the processing, communication and the measurement of financial details and information about the various 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. There are basically several fields of accounting, namely the management accounting, the cost accounting, the tax accounting, the financial accounting, and the external auditing.
Accountant is the term used by the people to call the practitioners of accountancy. The common duties and responsibilities of a licensed accountant include 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, preparing statutory and some other reports, and preparing financial reports and the supporting schedules. Most of the licensed accountants can be found working under on an accounting firm.
The companies that are composed of licensed accountants is called as the accounting firm, and they tend to specialize in the different accounting services. There are actually four types of accounting firms, namely the public accounting firm, the tax accounting firm, the forensic accounting firm, and the bookkeeping firms. The bookkeeping firms are described as small companies that are composed of few employees or staffs commonly called as bookkeepers, and such is designed and established to complete the fundamental or important accounting services and tasks to the business companies that are small or medium in size. 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. Tax planning and tax preparation for the business companies of all sizes and individuals is the primary services offered by the tax accounting firm. It is typical for the forensic accounting firm to use legal policies and practice accounting skills to solve and uncover any frauds and criminal activities by investigating the financial records and reports. 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.