Looking for accountant Salt Lake City? Well, this article will be helpful. The services one can get from an accounting firm can be customized to meet the customers’ needs and may include tax services, auditing, day-to-day bookkeeping, fraud investigations, management consulting and can even serve as an outsourced chief financial officer to offer financial oversight for an individual`s business.
For purposes of this discussion, this article will focus on the roles of accounting firms in detail.
Most companies hire full-time bookkeepers or contract accountant to handle basic bookkeeping services for clients. Basic accounting may include activities such as accounts payable and receivable, payroll, billing, filing monthly and quarterly taxes, general ledger entries, bank reconciliations, and monthly trial balances. Sometimes, bookkeepers may also generate financial statements, but these statements are usually reviewed by a CPA in the firm before being forwarded to a customer.
Accounting and Auditing
With most leading and small business accounting companies, the main services provided involve auditing and accounting. This virtually means that the firms produces financial records, provide consulting on an individual`s general financial health, tracking the business`s revenues and other expenses. The company can also help with long-term planning, such as purchasing property and upgrading business infrastructure. Additionally, a firm can help a business to evaluate how to break even and determine a business`s cash-flow needs. These services help a business to figure out the next move and make major decisions basing on the company`s growth.
Several accounting firms provide consulting services. Tapping from their knowledge in the client`s business environment, tax situation, and overall financial standing, they assist their clients to evaluate current operations, notify new changes in the firm, identify new opportunities, advice on a business plan and even offer practical solutions to the firm to be more efficient and fruitful. Accountants can also help to figure out insurance needs and how to make better financial solutions.
Tax filing and Planning
Most accounting firms provide a range of tax services. The firm`s accountants can assist a business to figure out a new tax code, thus, help ensure that a business`s financial reporting practices are in compliance with the latest IRS regulations and determine a company`s tax liability, and the company meets filing conditions and deadlines.
Depending on the auditing company, the specialty services offered may vary. Since some firms may not provide specialty services, it is advisable to choose a company that provides these services. The services may include business valuation, which assists in determining what the business is worth. Contact accountant salt lake city for help.