Accounting Tax and Financial Services steer you closer to your business goals by providing accurate record-keeping, reporting and support for key financial issues such as initial accounting system setup, cost containment, tax planning, employee benefit plans, investments and more.
They also prepare federal, state and local tax returns based on cash flow and help businesses comply with IRS regulations. They offer tax consulting for tax-efficient business decisions, estate and tax planning, and evaluation of new tax codes.
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Bookkeeping
Bookkeeping is the recording of financial transactions in an organized system. The information logged is used by business entities to make key operating, investing and financing decisions.
A bookkeeper is an individual who oversees the recording of all incoming and outgoing financial transactions. They create budgets, balance ledgers and may also manage payroll.
The most basic task in bookkeeping is maintaining a general ledger, which shows the credits, debits and balances of each financial account. This document is essential to generating accurate financial reports that help companies assess their performance and monitor progress.
Another important task in bookkeeping is bank reconciliation, which ensures that recorded transactions match the bank statement. If these discrepancies aren’t corrected, they can lead to larger problems down the road.
As a bookkeeper, you will need an understanding of financial matters and organization as well as a passion for numbers. You can begin your career by earning a certificate in bookkeeping or completing online courses that will qualify you for entry-level positions.
Tax preparation
Tax preparation involves helping individuals or businesses file their taxes, whether it’s filing a single individual income tax return or a multi-state business return. It’s a one-time process that begins with handing over financial records and signing the return before finding out whether you owe money or will receive a refund.
Professionals who specialize in tax preparers include Enrolled Agents (EAs), Certified Public Accountants (CPAs), and Tax Attorneys. Their level of education and licensure determines the value they can offer clients.
Most accountants work for a variety of business entities, ensuring that financial records are accurate and compliant with tax laws, preparing reports on company profits and losses and comparing budgeting costs to actual business expenses.
Those who wish to become tax preparers should find an employer that offers a training program and the opportunity to gain experience in this industry. They should also learn about tax law changes and other important topics. Those who can keep up with these changes will be able to make their preparations more efficient and profitable.
Financial planning
Financial planning is the process of putting together a strategy to help you achieve your goals. It can include things like a savings plan or retirement planning.
Having a financial plan in place makes money decisions easier every step of the way. It can also make it easier to budget for your goals, as well as provide a roadmap to achieving those goals.
In addition to planning for your short-, medium- and long-term desires, financial planning can help you set up a sound strategy to meet your tax obligations. It can also help you manage your assets and ensure that your family is taken care of in case of an unexpected event.
The financial industry is a complex one, and it offers many opportunities for professionals to develop their skills in new areas. A CPA who takes the time to look for opportunities to expand into financial planning services can build a strong client-CPA bond and grow their practice exponentially.
Business advisory
Advisory services provide businesses with a unique perspective that helps them take their business to the next level. They work with business owners to develop a clear picture of strengths, weaknesses, threats and opportunities.
Advising can include financial and operational analysis. It may also entail a strategy for overcoming identified barriers, such as identifying cash flow problems.
A business advisory service is often the most effective choice for growing businesses that are struggling with revenue and market share growth. These firms are able to provide businesses with industry insights and expertise from years of experience running other companies.
They can help clients transition from a partnership or sole-trader to a company structure for tax benefits. They can also assist with preparing investor decks, capital raising and business plans.
Payroll
Payroll is the process of paying a company’s employees. It includes tracking hours worked, calculating pay and distributing payments via direct deposit or check.
A business can manage payroll functions manually or with the help of professional services. In addition, they can use a software program to automate the process and reduce the costs of paying employees.
Businesses can also make payments directly to contractors. They may also include employee health savings and 401(k) contributions in their payroll expenses.
Companies have to pay taxes on their payroll, which can be either federal or state. These taxes can be paid quarterly or annually and are usually deductible from gross income.
Companies have to keep a record of all the wages paid to employees, as well as withholdings and employment taxes. They also have to complete W-2 forms, which provide the government with a record of annual wages and taxes, 401(k) contributions and health savings contributions. This information helps the IRS avoid penalties in case of a tax audit.
Auditing
Auditing is the process of examining an organization’s financial records to verify that they are accurate and in compliance with laws, regulations, and accepted accounting standards. It can also help an organization identify potential fraud and errors.
Typically, auditors have a bachelor’s degree in accounting or finance. This degree can be obtained from a variety of colleges, including online programs.
Auditors work with an outside firm or as internal employees of a company to examine records and assess the accuracy and effectiveness of the organization’s accounting processes. They also assist businesses and individuals with calculating their taxes and filing returns.
While accountants may need to be focused on statutory deadlines in the tax profession, audit professionals are more flexible with their time and can focus on improving the efficiency of their work flow and leveraging new technology solutions for auditing. This can lead to steady work flow and consistent client contact throughout the year.