The Common Services Offered by the Best 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. 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. 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 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 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 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, 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. 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 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 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.