There are various types of services offered by accounting companies. The scope of services provided by accounting firms varies according to their knowledge, skill, and experience.
Some common services are final account preparation, external audit, tax services, management consulting services, and accounting system design.
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External Audit is one of the main services offered by accounting firms. It mainly centers on the critical examination of financial statements by an independent CPA (Certified Public Accountant) for the purpose of expressing opinions about the fairness of the contents of financial statements.
Also, accounting companies handle various tax services. Accountants prepare tax returns, business taxes and client transfers. In this arrangement, the accountant represents the client in tax assessment and investigation.
Managerial Advisory Service:
The Managerial Advisory Service helps provide management assistance. In general, accountants provide industry advice to their clients regarding finance, budgeting, business policies, and organizational procedures, systems, product costs, distribution, and other business activities.
Budgeting includes efficient cash management by anticipating or predicting future monetary goals. Periodically, accountants review the actual cash flow compared to what they should.
Accounting System Design:
Accounting companies can also provide Accounting System Design services. This includes evaluating the company's control system to find out areas of improvement. An accountant who works as a systems analyst is a person who also designs accounting forms and installs accounting procedures for the accumulation of accounting data.