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. If an entrepreneur decides to deal with these accounting services, then he or she might fail in perpetuating the core activities of the business. These business people look for accounting firms in the market who will offer a hand in perpetuating these services. 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. The article herein highlights some of the services provided by the accounting firms to any business.
Firstly every business that is operating in a normal way requires recording all the transactions that are being experienced on a daily basis. Of all the accounting services, bookkeeping is the commonest because it is practiced in all the business be it big or small in 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. These junior accountants can also be allowed to generate the financial statements.
The next accounting service rendered by these accountancy firms is auditing. 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.
Businesses are imposed with some tax regulations by the government, and therefore accounting firms are brought into the business to ensure that these businesses meet the statutory laws of paying the taxes on time to avoid penalties. These are high-level accounting services that are offered by the accounting firms because they can determine its longevity in the business environment. Other activities that can be grouped here are services like perfecting the financial statements and helping the clients to create budgets.
Lastly, accounting firms offer advice to the clients on various financial strategies for the business. Therefore having an accounting firm in your business is, therefore, advantageous because they will be readily available for consultancy. These accountants can advise on the need to alter the business plan and bringing down the tax that has burdened the client.