5 Services Provided By Accounting Firms
Being a business owner, you have to spend a lot of time managing various aspects of your business. However, processing the complex financial statements, tax compliance laws can be really hectic for you that also distracts you from the core areas. In this situation, hiring an accounting firm is the best solution for your business and for you. It will not only ease your load but allows you to focus on vital business strategies. The services provided by an accounting firm can be further customized to meet your needs.
Accounting firms offer a wide range of services that covers as basic as bookkeeping to complex ones, as in taxes and audit. So, let’s take a look at various services that a firm can offer your business:
Bookkeeping basically includes billing, accounts payable and receivable, bank reconciliations, payroll, general ledger entries, quarterly or monthly taxes and trial balances. A bookkeeper may even generate financial statements but they are usually reviewed by the CPA of the firm before being presented to a client. Many accounting firms employ junior accountants or bookkeepers to handle the basic account services for clients.
Accounting services typically includes generating financial records, tracking your expenses and revenues, creating budget along with advising you on your business’s overall health. This high level of accounting services are offered by CPAs. There are some firms that also offer forensic accounting services for fraud issues while others specialize in setting up computer accounting systems and auditing information systems.
Many businesses require a periodic audit of their finances that may be written in the bylaws of the company’s incorporation or a requirement of the investor. Audits conducted by accounting firms are performed by examining financial records as well as the policies adhered to, and processes and controls in place to make sure records are properly kept. The goal of any audit is to make a point on if the financial statements are prepared accurately, fairly and in accordance with GAAP.
4.Tax planning and Filing
It is one of the popular and speciality areas. Accounting firms offer a range of services such as determining a company’s tax liability and helping you in figuring out a new tax code so that your financial reporting practices are in compliance with the latest IRS regulations. Also, the firm will make sure you meet all the filing requirements and deadlines as well. Your local, state and federal tax returns will be prepared by the accounting firm that will find ways to reduce the taxes you have to pay.
Accounting firms, in addition with the routine tasks, offer business advisory services. As they already know your business situation, financial and tax standing, it only makes sense they provide this. They help you with the business plan, in lowering the tax burden, identify new opportunities and alert you if there are any regulatory changes.
Every accounting firm usually offer specialized services, so when hiring an accounting firm, take a look at the specific service they offer. Go for the firm that meets your requirements, have years of experience and solid testimonials to back themselves.