There is no question that as a small business owner and entrepreneur you will wear a number of different hats. However, when you hire professional Small Business Accounting Services you can ease some of your load and give yourself more time to focus on growing and expanding your business. These accounting firms offer a number of different services, from simple bookkeeping to a number of more complicated issues, including audits and business tax returns. One advantage of using a professional accounting firm is the cost associated with these services are typically much less than hiring an in-house, full-time employee.
Some of the specific services offered by a professional small business accounting firm are highlighted here.
There are a number of accounting firms that have full-charge bookkeepers or a junior accountant on staff to handle the basic bookkeeping needs of their clients. These individuals will handle things such as monthly trial balances, general ledger entries, bank reconciliations, quarterly and monthly taxes, payroll, billing and accounts receivable and payable. These bookkeepers may also work to generate various financial statements; however, these statements are typically reviewed by the services CPA prior to being given to the client.
The certified public accountants (CPAs) employed by accounting firms typically offer a number of higher level accounting services. These types of services include creating business budgets, preparing federal, state and local tax returns and perfecting the financial statements of their clients. The firms also usually provide auditing and valuation services for businesses, monitor the depreciation and assets and help to determine the cash flow needs of their clients. There are other firms that offer forensic accounting services for any business that is facing fraud allegations.
Besides the everyday, routine tasks, many accounting firms also provide their clients with advice regarding financial strategies. They may provide tips on lowering the tax burden of the business or review and then formulate actual business plans. There are other firms that specialize in the area of risk management, while other accountants help businesses manage their financial investments. Keeping this in mind will help you see the big picture value offered by a quality accounting service.
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