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Types of Accounting Services Offered by Accounting Firms

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 business establishments go for the accountancy firms who are cheaper to sustain that individual accountants. 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. 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 service that mainly deals with the analysis and evaluation of the financial welfare of the particular business. 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. The world today is facing challenges like increased levels of funds malfeasance, corruption and people evading taxes; therefore some accounting firms have devised some forensic auditing software that can track the lost fund to save the organization.

For the businesses to meet the legal standards of paying the taxes over certain period, the entrepreneurs can hire accounting firms that help the business to align the statutory demands that save the company from experiencing penalties. These are high-level accounting services that are offered by the accounting firms because they can determine its longevity in the business environment. The following activities are done by tax accountants to be a part of senior activities; producing perfect financial statements and helping the clients to plan their budgets.

The accountancy firm is in a position to advise the business on certain policies that when implemented they can benefit 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.

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