There is no question that as a small business owner and entrepreneur, you will wear a number of different hats. However, when you hire professional small business accounting services, you can ease some of your load and give yourself more time to focus on growing and expanding your business. These accounting firms offer a number of different services, from simple bookkeeping to a number of more complicated issues, including audits and business tax returns.
Some of the specific services offered by an accounting service are highlighted here.
Bookkeeping
There are a number of accounting firms that have full-charge bookkeepers or a junior accountant on staff to handle the basic bookkeeping needs of their clients. These individuals will handle things such as monthly trial balances, general ledger entries, bank reconciliations, quarterly and monthly taxes, payroll, billing and accounts receivable and payable. These bookkeepers may also work to generate various financial statements; however, these statements are typically reviewed by the services CPA prior to being given to the client.
Accounting
The certified public accountants (CPAs) employed by accounting firms typically offer a number of higher level accounting services. These types of services include creating business budgets, preparing federal, state and local tax returns and perfecting the financial statements of their clients. The firms also usually provide auditing and valuation services for businesses, monitor the depreciation and assets and help to determine the cash flow needs of their clients. There are other firms that offer forensic accounting services for any business that is facing fraud allegations.
Consulting
Besides the everyday, routine tasks, many accounting firms also provide their clients with advice regarding financial strategies. They may provide tips on lowering the tax burden of the business or review and then formulate actual business plans. There are other firms that specialize in the area of risk management, while other accountants help businesses manage their financial investments. Keeping this in mind will help you see the big picture value offered by a quality accounting service.
Finding the right accountant for your business will take time and effort; however, it is well worth the effort in the end when you are able to focus on your business and have confidence that all types of accounting related responsibilities are being taken care of by a reputable and quality service. For more information, contact local accounting services and see if they're experienced with small companies and what services they can offer you.
Share5 January 2016
Hi, everyone. Nancy here. I am currently studying for my degree in mathematics. As part of the “maths in the workplace” component of my degree, I am doing an internship with an auditing firm. Of course, getting to apply maths in a practical setting has been an absolute joy, but there have been a number of frustrations too. It has been a real eye-opener to see how many businesses have a haphazard approach to accounting and book-keeping. One of the jobs the auditing firm undertakes is to recommend improved accounting practices. A number of businesses which have hired professional accountants since the last audit have definitely thrived! I hope this blog captures the beauty of applying mathematical principles to business and using tried and true accounting methods. I trust my entries add up properly to give you an equal share of information and inspiration. Thank you.