4 Lessons Learned: Services

The Common Services Offered by the Best Accounting Firms

Accounting is basically a term that can also be referred to as accountancy, and it is described as the processing, communication and the measurement of financial details and information about the various 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.

Accountant is the term used by the people to call the practitioners of 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. 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 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. It is typical for the tax accounting firm to focus more on preparing and planning the taxes of their clients, such as individuals and business companies in different sizes. It is typical for the forensic accounting firm to use legal policies and practice accounting skills to solve and uncover any frauds and criminal activities by investigating the financial records and reports. 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.

What You Should Know About Services This Year

The Essential Laws of Services Explained