What Are the Functions of an Accounting Firm?

This is a question that many people may ask at one time or another during their business careers. Especially when they are starting up their own small businesses, entrepreneurs of both brick and mortar business ventures and / or online business endeavors, may be uncertain about the functions of accounting firms.

There is likely to be a time when you wonder, if you need an accounting firm or maybe you can just use a software or something. (Hint: if you are asking any kind of questions like that, you might want to consider one.)

So to help clear up some of those questions that might be lingering around, we decided to allay your fears and help answer the questions you might be having.

Whether an accounting firm is one, two, or hundreds of expert individuals the basic functions are the same. There are certain functions and characteristics that are expected and inherent. These might include:

• Accounting and / or consulting services

• Trustworthiness

• Reliable staff

• Honesty

But what are the actual accounting functions and / or consulting functions that they are likely to perform you might wonder. That's what we'll go over next.

1. Financial record keeping is one of the primary functions of the accounting services. This may be on paper, but in this day and age it is just as likely to be in an electronic database. Depending on the ingenuity and modernization of the company, they could even be using cloud based applications, but the financial record keeping is basically the same throughout.

2. Internal and external audits are another function that accounting services may undertake. Depending on whether they are fee for hire, on a retainer, etc. their services type in this area may vary, but it is essentially the same auditing process.

3. Tax advisement and compliance is another area you can turn to an accounting firm. This is an area where you should be able to expect a particular level of expertise. Because taxes are a major component of the accountant's role, they should be expected to be up to date and well-schooled on all tax laws.

4. Risk management related to internal audits and internal financial risk processes is an area where an accounting firm may be able to save your company a ton of money. Sometimes having an accounting expert review non-financial processes can give you a new perspective and enormous savings.

5. Strategic goal advising is another possible function you may find benefit in when engaging an accounting services. Because they are fiscally oriented, they all know the benefits and savings associated with many processes within their industries of expertise. Having an accounting services on tap for advising in business expansions, merges, growth projections, etc. could save tons of money in the long run.

6. Business consulting is a final way that accounting firm services might be used. If you are a new business owner or considering a new business adventure, it might be wise to talk to these experts to help you see the realities and the possibilities.

Remember for whichever reason you choose to or need to engage these diverse professionals, they are professionals and their ability is likely to help you no matter what your angle of approach or business need.

By Hermione Cruz----->Article Source: http://EzineArticles.com/7938644