Accountancy firms provide accounting services with a target of leveling the financial requirements of a business establishment and also including the comfort of the customers affiliated with the business. A business owner can manage to run the accounting activities in the company, but he or she can only do it at the expense of the core strategies of the business as these services are quite engaging and time-consuming. To maintain the business, entrepreneurs hire accounting firms who help in coordinating these financial activities. Many entrepreneurs prefer to hire these firms because they are less cost-intensive when compared to hiring an accountant for that specific job. The accounting firms render certain activities that range from basic record keeping to some ambiguous tax returns and auditing activities. Therefore I will discuss some of the services that these accounting firms offer to businesses.
To begin with, a normally operating business is required to keep records of all the business transactions that happen every day. Therefore basic bookkeeping is the most frequent accounting service that is rendered by the accounting firms in any business irrespective of the size. Because of the simplicity of the service, it is usually done by the junior accountants in the firm to run the accounts receivables and payables, general ledger entries, periodical trial balances, bank reconciliations, payrolls, billing and many more other activities. On top of that, the junior accounts are given the right to produce the financial statements.
The accountancy firms have a duty of providing auditing services to the respective businesses. Auditing is an accounting activity that entails the overall analysis and evaluation of an organization’s fiscal welfare. Auditing is a service that involves going through the books of certain business establishments to know whether the finances allocated to them are put in the right use for the betterment of the business. Some accounting firms have developed forensic auditing systems that can track the lost funds because of the increased embezzlement, fraudulent tax evasion cases.
Accounting firms are brought into the business to assist the business in paying the taxes on time as per the statutory requirements and in the process evade government penalties. These are high-level accounting services that are offered by the accounting firms because they can determine its longevity in the business environment. Perfecting the financial statements and assisting the clients to organize budgets are other services that are considered to be other high-level activities done by these tax accountants.
Lastly, accounting firms offer advice to the clients on various financial strategies for the business. Having accounting firms in business is beneficial because they are readily available for consultancy if any happens. Accountants offer advice like improving the business plan to boost the operation of the business as well as lowering the tax burden that s imposed on the clients.