Accounting Services
Accounting services offer varying levels of financial payroll services which include preparing payroll, calculating payroll taxes and other direct withholding and issuing checks for employees. They also can prepare federal tax returns, manage employee financial plans, prepare and file payroll tax reports, provide accounting services for vendors, pay employees wages, provide government tax help, perform loan analysis and help with complex tax matters. Many companies also hire an accountant to conduct internal accounting functions including filing government tax returns and managing the company’s cash flow. Clients may also outsource other employee related tasks such as calculating retirement contributions, determining eligibility for employee-based health insurance and assisting with employee finance software packages.
Public accounting services include performing financial statements for clients and analyzing them for accuracy. Certified public accountants (CPA) are qualified accountants who meet a minimum educational requirement to practice law. An accountant can work independently or as an employee of a firm, performing tasks needed to produce accurate financial statements. Many accountants provide services such as managing client records, preparing and filing tax reports, preparing the company’s financial statements, reviewing the balance sheet, and analyzing the business’s cash flow.
Some accountants work in the private sector independently or in firms and have specialized knowledge in particular areas, such as environmental accounting, management accounting, or public accounting. Others are internal auditors for companies or government agencies, performing auditing functions for clients on behalf of the company. A third variety of accountant is the government worker, which includes financial analysts, forensic accountants and administrative accountants. These workers may be employed by state governments, county and city governments, probation departments, private law firms or proprietary research firms.
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Government auditing involves examining financial statements of a company and evaluating them for fraud, deception and other irregularities. In the financial statements reviewed, the auditor will look for inaccurate transactions, overpayments, bankruptcies, and tax liabilities. The aim of this type of accounting services is to ensure the accuracy of public financial statements and report them to the appropriate agency. Auditing is typically done by attorneys in internal and criminal investigations.
The process of internal auditing is similar to that of an accountancy service, in that an accountant or an internal auditing agent reviews the financial statements. However, the accountant does not prepare the financial statements, but rather analyzes the accounting data produced by the company. The auditors will often review the accounts receivable and inventory balances, bank statements, ledgers, and other related documentation. Internal auditing services may also review the preparation and approval of tax reports.
There are numerous additional types of accounting services. Management accounting refers to those offered by firms that focus primarily on internal management functions. These include advisory services to governmental agencies, whose task it is to oversee government programs and initiatives. Such advisory services require intensive training and experience in order to perform effectively. Another form of management accounting is non-management, which refers to internal services provided by smaller firms with less specialized knowledge and training. Examples include bank tellers and certified public accountants.