For most business owners, the financial management of their businesses is the most challenging part of their job. It often requires in-depth technical knowledge to be done correctly. Most of the time, this knowledge can only be acquired through years of experience or formal education.
Fortunately, you can hire some people who have this type of knowledge. Accountants train for several years to perform various services clients expect from them. Most of them work under an accounting firm that helps connect them with customers that need their services.
Accounting firms offer a wide range of services. To help you decide which one to take, I’ve listed down below some of the most common services accounting firms offer:
Bookkeeping Services
Bookkeeping is one of the most basic services that accounting firms offer. It mostly involves the recording of the financial transactions that a client or business does. Furthermore, bookkeepers are responsible for determining which accounts every transaction affects. They are also responsible for measuring the value of these transactions. Although accounting firms offer this service, some bookkeepers may not be full-fledged accountants.
Accounting Services
Accounting is similar to bookkeeping in a way that it also involves the identification, measurement, and recording of financial transactions. However, it takes this service one step further by summarizing and interpreting these records. Hence, the output of accounting service is more useful for business owners in decision-making.
The final output of accounting services is a financial statement. Financial statements are the compilation and summary of the financial transactions of a business. Accountants often arrange the information in these reports logically and understandably. This way of presentation is done to make the report useful to any internal or external user.
Tax Preparation Services
Every government in the world require their citizens to pay a certain amount of taxes. This rule applies to almost all types of businesses. Unfortunately, preparing tax returns can be complicated for some people, most especially owners of large companies. Couple these with the fact that you can be fined for a wrong tax return, it is best that you let a professional tax preparers do this task for you.
Tax preparation is one of the most common services that accounting firms offer. It involves the identification of applicable taxes for clients and businesses. It also includes the computations of the correct tax due. They do this so that you won’t end up paying less or more than what you should.
Outsourced CFO Advisory Services
Your business’s finances have a significant part in the management of your business. However, it is tough for untrained people to make this connection. This problem is where outsourced CFOs come in. CFOs or chief financial officers are the ones that help management create operational and financial policies. They often make their decisions using the company’s financial statements.
Internal Audit Services
Auditing is the inspection of the different aspects of your company, such as your records, policies, or processes. It is best done by third parties to lessen the possibility of any bias during the audit process. Accounting firms are the go-to guys for internal audits, not just because of the training accountants receive, but also because of their independence. Accountants are great in determining if there are any underlying issues that business owners need to be addressed.
AldarisCPA offers top-notch accounting services such as bookkeeping, accounting, and tax planning. You can rely on our professional team of accountants to provide you with the best accounting services in the Seattle area. If you want to learn more, contact us now by clicking this link!