Small-business owners, fundraisers and entrepreneurs can manage various jobs at their enterprises, which not only over burdens them but also leaves them exhausted. To ease the workload they should probably consider hiring an accounting firm and focus on the vital business strategies. Accounting firms offer a variety of services ranging from basic bookkeeping, to complex issues such as tax returns and audits. Furthermore this will save them the cost of hiring a member of staff, bearing in mind that services offered by firms often cost less.
The accounting services in most cases include perfecting financial statements, creating budgets and preparing local, state and federal tax returns. These services are usually offered by qualified CPAs hired by the accounting firm. They correspondingly help clients determine cash flow needs by offering audit and valuation services and also monitor depreciation of assets. A number of firms deal with forensic accounting issues particularly for companies facing fraud concerns. Computer accounting and auditing information systems are essential in accounting, thus, some firms deal with the setting up of these systems.
Accounting firms are endowed with expert bookkeepers or junior accountants to handle simple bookkeeping services for clients. Bookkeeping services include general ledger entries, accounts payable and receivable, monthly trial balances, bank reconciliations, monthly and quarterly taxes, and the payroll. Generation of financial statements also falls under this category although the statements are reviewed by a CPA before being forwarded to the client.
Apart from accounting and bookkeeping, accounting firms also provide their clients with advice on financial strategies. Particular firms focus on financial investments while other specializes in risk management. Additionally firms work at ensuring that their clients are furnished with any regulatory changes.
To conclude accounting firms also offer services such as corporate rescue and insolvency, expert witness, business start-up advice among many other services.