Learn More About the Different Accounting Services Offered by Accounting Firms
The term accounting, which is also called as accountancy, is basically described as the measurement, the communication and the processing of an economic entity’s financial details and information. Examples of the economic entities include federal agencies, corporations, business companies, hospital, and municipalities. Accountancy is basically the language of business, for it is designed to measure the outcomes or results of the organization’s economic activities and it can bring or convey the details or information to different users, like management, creditors, regulators, and investors. 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. 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. 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 firms are established to complete the important and fundamental accounting services and tasks to the business companies that are small and medium in size, and this are defined as firms that are composed of few employees, typically called as bookkeepers. The public accounting firm is said to employ CPAs or certified public accountants that may work in the various areas, such as management consulting, audit, and tax consulting. 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.