Every business requires efficient accounting services to manage all types of accounting works in a proper way. There are several accounting firms that offer a numerous range of financial services as per the requirement of clients. Some of these services are basic bookkeeping, audits, filing tax returns, etc.
Knowing the type of financial services required by your business would help you better avail the services and manage your accounts.
Types of accounting services
Though searching for a Raamatupidamisteenus (Accounting service) provider is very easy on the web, it is still important for a businessman to learn and become familiar with the different types of accounting services prior hiring them. Generally, there are three basic types of accounting services that are offered.
Bookkeeping service is the commonest type of accounting activity in a business. Various tasks are handled under this accounting service such as accounts receivable and payable, payroll, billing, filing for taxes on the monthly and quarterly basis, bank reconciliations, monthly trial balances, and general ledger entries.
These bookkeepers can also prepare account statements that are reviewed by a CPA in the accounting firm before they present them to their client.
In this type of service, high-level account tasks are dealt. Generally, in most of the firms, CPAs are appointed to perform these tasks. Some of the tasks done by this service are creating budgets, bringing perfection in financial statements, making local, state level and federal tax returns, etc.
Accounting firms that offer such services also perform business and audit, monitoring asset depreciation, determining cash flow requirements, installing computer accounting systems, conducting an audit of information systems.
Consulting is one of the areas where there is a need for an expert and experienced accounting firm. These firms provide consultation to the clients regarding financial strategies.
This consultation helps in offering advice on ways to lower the tax burden on the client, review and provide suggestions to update a business plan. Accounting firms offer specialized consultation on various areas like risk management, financial investments, regulatory changes, etc.
Payroll services include maintaining information related to employees, management and processing of payroll data. This is done by using advanced payroll software that does monthly payroll calculation, generation of reports and payslips to the employees.
These services also include annual reporting, skills development levy, statutory CPF deduction, and preparation of IRA’s annual tax returns.
Why is it beneficial to hire accounting firms?
Setting up a dedicated and in-house accounts department can prove to be very hefty expenditure for startup or small level companies. It is more cost effective and economical to outsource financial services to experienced accounting services provider who can customize accounting packages as per the needs of the client. They offer training in computerized accounting for better understanding.
Hiring an accounting service provider is an efficient and profitable decision. Taking services of an accounting firm eases a lot of burdens and provides more time to concentrate on core business strategies. Not just you get to work with as team of professionals but also it is cost effective as compared to hiring a full-time accounting professional.
Scott Forbes has written this article. At Pallaspartnerid, they offer effective Raamatupidamisteenus to assist SME companies with all types of finance related issues. Their extensive range of precise and quality driven services help companies operating in different domains to manage their accounts efficiently and successfully.