Questions About Services You Must Know the Answers To
The Common Services Offered by the Best 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. Examples of the economic entities include federal agencies, corporations, business companies, hospital, and municipalities. 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 various fields of accountancy include the cost accounting, the tax accounting, the financial accounting, the external auditing, and the management 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. 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 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 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. The tax accounting firm is said to focus more on tax planning and tax preparation for the companies in different sizes, as well as to individuals who needs their accounting services. 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 most common services offered by the accounting firms to the people or companies that hires them include 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, annual and quarterly financial reporting statements, implementation of new accounting software packages, and bill paying services.