A business owner can be adroit in providing products and services to their customers. They can have the best marketing strategies. However, having sound knowledge of the nuances of accounting and planning of taxes and maintaining records is not always their cup of tea. Hence, they outsource services from an accounting company.

A business accounting company provides services related to accounting, taxes and other finance-related operations. Businesses usually hire an accounting firm temporarily to save the cost of hiring a full-time accountant. In this sense, they can be seen as third-party service providers.

Generally, an accounting company provides a specific set of services. Hence, it is vital to carefully scrutinise the list of services the accounting firm offers before outsourcing them. Below is a list of a few services one can receive from one the <a href=”https://www.pacificgroupla.com/firmprofile.php” rel=”nofollow”>best accountant company</a>.

Accounting

Accounting generally deals with the generation and maintenance of the financial statement of the company as well as other money-related activities. It involves scrutinising and verifying the documents and finally compiling them into a report.

Some of the services the firm can offer under this wing are-

Preparation of the financial statement on a monthly, quarterly or annual basis. This further involves reviewing the expenditure along with profits and losses. 

Income tax

Planning the income tax payment based on consultations. This is followed by the preparation of income tax and its compilation.

  • Consulting business start-ups to manage the finances and cut down on losses.
  • Preparation of budget for the company alongside forecasting.
  • Implementation of new accounting software packages.
  • Other services include bookkeeping, business management, assessment reports, ledger review, etc.

Tax-related services

Filing taxes is not limited to planning and preparation. They involve several other laborious duties like auditing the internal revenue services. The accounting firm is put in charge of ensuring the legal validity of the whole process as well as ensuring the company does not have to pay any unfavourable amounts. 

Many firms offer estate planning services as well. They strive to work with financial planners, the concerned attorneys and insurance agencies to alleviate the estate-related taxes to an extent. Some other services include-

  • Preparing a sales tax and payroll tax return.
  • Managing the income tax return of the financial year.
  • Regulating and preparing the international taxes (if any).

Assurance services

These services of a business accounting firm would entail services related to the legality of the financial statements and their effectiveness. This is important to ensure that the finances of the company are credible and valid. The processes involved include:

Pre auditing the financial statements to ensure that they fall in line with the accepted norms of accounting principles.

Auditing: This is a process of objectively and systematically scrutinising the financial statements to ensure there are no legal loopholes. This step is crucial to ensure that the company transactions are all as per the accounting principles.

Other than the above-listed services, an accountant from the agency might offer to look into the previous financial statements and records to provide accurate business insights. The agencies often assist in business acquisition plans and other financial business ventures. As one can conclude, the role of the accountant company is integral for any business.

By Rachel

Rachel Cohen: Rachel is a sustainability consultant who blogs about corporate social responsibility and sustainable business practices.