With more and more financial regulations coming out every year, every business will have to rely on an external accounting firm at one point or another, from tax preparation to internal audits. And there are many different types of accounting firms out there, ready to help clients meet their accounting needs. One of the most commonly relied on are public accounting firms. Here’s what you can expect from one:
Management Services:
Whether it is help with risk management or financial strategies, public accounting firms help businesses by managing their day-to-day financial and business needs. They assist with the preservation of businesses and private individuals net worth and chart long-term growth.
Tax services
Public accounting firms help both businesses and individuals chart their tax planning. Whether it is acquiring another business or purchasing a vacation property, they can advise on tax liabilities and possible opportunities for deductions and tax breaks. Getting the right advice determines how your long-term investment horizon opens and with the right advice, everyone can benefit.
Assurance services
Considered the core of the public accounting firm’s business. What they do is analyze past performance data from a wide variety of areas to give a better-informed perspective. DMCC approved auditor is one form of this, pouring over financial statements, making sure that nothing is out of the ordinary. They also provide other services including information security systems review and customer satisfaction surveys, business risk assessment, accounts receivables review, and more. This also helps businesses comply with SEC financial reporting standards, as well as international standards as well.
Outsourced accounting services
One of the newest services public accounting firms can offer, outsourced accounting the firms can take the place of in-house accounting departments. Everything from bookkeeping to payroll to accounts receivable, this can be permanent or temporary, as the client needs.
Other types of accounting firms
There are three other main types of accounting firms: bookkeeping, tax preparation and forensic accounting. Each one offers different services that clients may need. One of the most specialized is forensic accounting, while similar to assurance services, forensic accounting involves auditing that looks specifically for signs of fraud or other malfeasance that might be hidden. Companies can hire these firms to do an internal investigation or it may be prompted by a government investigation or a company buyout. They can also be used for other purposes including bankruptcy investigation, economic damages, and more.
There are many services that public accounting firms can provide. They are one of the most versatile types of accounting firms around. From management services and tax preparation, to audits and outsourced accounting, many businesses rely on the expertise of public accounting firms. Serving multiple niches including entertainment, middle market, family wealth, non-profit, real estate, franchise, legal, and more, they are also accessible to families and private individuals. Anyone and everyone can benefit from the help of public accounting firms.