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. The federal agencies, hospital, municipalities, business companies, and corporations are just some of the examples of the economic entities. Accounting is also recognized as the language of business, and it basically measures the results of the economic activities of an organization and it also conveys or brings the information or details to various users, such as regulators, investors, creditors, and management. The tax accounting, the financial accounting, the external auditing, the management accounting, and the cost accounting are basically the various fields of accounting.
The title accountant is referring to the professionals who practices accountancy. Some of the common responsibilities and duties of the licensed or professional accountants include 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, preparing financial reports and the supporting schedules, and recording financial transactions and preparing pertinent adjustments. It is typical for the professional accountants to work under an accounting firm alone or with their fellow accountants.
The businesses or companies that specializes in providing different accounting services to their clients are called as accounting firms, and these are typically composed of licensed accountants. 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. The firm that practices their accounting skills and uses legal policies to solve and uncover any criminal activities and fraud by checking or investigating financial reports or records is called as the forensic accounting firm. 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.