Types of Accounting Services For Small To Medium Companies | Forum

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For business owners who are on the verge of expanding their business, it is logical to avail of the services of accounting firms to help them manage their company’s financial health. As companies face bigger challenges in terms of expansion, additional staff and geographical restrictions to compete in the global arena, many companies, especially family owned ones, fail to maintain and track their company’s financial performance which is crucial as it is the lifeblood of the company. Many accounting firms today offer specialized services which are ideal as accounting firms are expensive; however, choosing the service that the company needs the most can save one time and headaches in the future.

Accounting Services for Small – Medium Companies

One of the most basic and general accounting services that one might encounter is bookkeeping. Bookkeeping is usually performed by junior accountants and includes services such as accounts payable, receivables, payroll, bank reconciliations, monthly taxes, ledger entries and financial statements. Bookkeeping is mostly for taxation and documentation jobs which can serve small to medium size businesses.

The next service would include auditing. Auditing is an accounting service that involves the overall check of the company’s financial welfare. This includes services such as internal auditing and government auditing. Some firms also offer forensic accounting services. This service works in tracking missing funds, fraud, embezzlement and even tax evasion.

Tax accounting firms are also important for businesses who want to make sure that the company complies with the government requirements with regards to tax. This specialized service would help organizations to compute the corporate tax or real estate tax and even help businesses to submit their tax information to the government.

For those companies or organisations that are planning to expand, it is best to avail of the services of auditing firm that specialises in consultation services. The services offered here include financial strategies such as how to lower the company’s tax, financial investment and cash management. They can also help companies identify risk factors that the company may face and the options or strategies that the company can perform to tackle these problems.

One of the popular types of accounting service is outsourcing accounting. Relatively new in the market, outsourcing is the best as one can outsource the service that they want done. As soon as the job gets done, the services are terminated. This is ideal for those companies who cannot afford to have a regular accounting firm to do their financial reports or want to gauge the capabilities of the accounting firm.

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The Forum post is edited by Shanghai accounting service Jul 21 '17