A good accountant is an invaluable resource for any business. They can help you with everything from tax preparation to financial planning and more. But it’s not always easy to know what services they provide, which is why we created this blog post about few different services offered by an accounting firm.
Bookkeeping is essentially the process of recording your business’s financial transactions. When you get an accountant, they will create a bookkeeping system that works best for your company and train you or another member of your staff to use it effectively. During their accounting service engagements, accountants usually focus mainly on analyzing existing data to make informed decisions about future steps rather than completing extensive transactional work themselves. To know more exclusively about this, you may also have a look at nuecf.co.za.
In the public accounting world, audits are a routine part of doing business. An audit can be conducted for many reasons, including verifying financial statements or evaluating compliance with industry regulations. But, generally speaking, it’s an investigation into whether proper records have been kept by your company and nothing more than that. Most accountants will complete several audits every year, but they may also include other engagements like revenue recognition services or Sarbanes-Oxley responsibilities.
- Tax Planning
Tax planning is the process of minimizing your taxable income, which can sometimes be a difficult task. Depending on how much you earn in salary and what type of business structure you have with the IRS (C Corp, S Corp, or Partnership), different tax rates may apply to your company. Because taxes are an unavoidable part of doing business, it’s essential to ensure they’re handled correctly throughout every phase by having a professional accountant oversee all taxation issues. In addition, the tax consulting services an accountant provides can potentially help you reduce your tax liability through legitimate deductions that are allowable by law.
- Strategic Planning
One of the most important parts about working with an accountant is that they are there to help you make intelligent decisions on what you can do to grow your business. No matter how much money or resources you have readily available, there’s always more that could be done if it were planned out properly from the start.
Viewing a company holistically is very valuable because it helps everyone understand exactly where things stand at any given point throughout time, which allows them to move forward without wasting too much time in the process.