The Ultimate Guide to Experts

Learn More about the Various Accounting Services Commonly Offered by 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. 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. There are basically several fields of accounting, namely the management accounting, the cost accounting, the tax accounting, the financial accounting, and the external auditing.

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. 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 basically four types of accounting firms, namely the bookkeeping accounting firm, the public accounting firm, the tax accounting firm, and the forensic accounting firm. 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 public accounting firm, on the other hand, is believed to employ certified public accountants or CPAs that may work in different areas of accountancy, such as audit consulting, tax consulting, and management 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 forensic accounting firm is said to use legal policies and accounting skills to uncover and solve any illegal activities and fraudulent activities by investigating financial records. 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.

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