What services do the accounting firms offer?

Accounting firms usually provide you with a plethora of services which help the business owners to stay fiscally organized, tax compliant and help businesses in preparing for business growth. The owners of the businesses shouldn’t consider the accounting firms as a cost for outsourcing their bookkeeping but rather they should be considered as a business partner. All accounting firms don’t offer similar kind of service and hence the business owners should interview different companies to decide which one is the best one for them.

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Planning and preparation of taxes

There is much more to tax preparation and planning than just completing all tax returns, but accounting firms also prepare both federal and state corporate tax returns. The accounting firms even prepare business documents till the year-end like the IRS owner K-1, W-2 of the employees and 1099 Misc forms. The business owners can give authority to the accounting firms to represent the business on behalf of the owner when it comes to information requests, notices and audits from the IRS or Internal Revenue Service. There are some business owners who even plan estate planning and the CPAs provided by the accounting firm also identify them.

 

Payroll and operational bookkeeping

There are several business owners who are great at offering the service or product which forms the ultimate backbone of the business. However, business owners can’t be termed as experts at the fiscal aspects of running a business. Accounting firms even create profit and loss statements which break the key areas of revenue streams. The CPAs will also assist you with managing outgoing funds, your accounts receivables which include payroll processing and vendor payments.

 

Valuation of business and business development

The accounting firms are integral while a business requires creating valuation reports to get audits that are required by the financing firms. Whenever a business requires a loan from some private investor, this has to be accurately and legitimately valued. This is also required for people who are looking for potential merging or purchasing new firms.

There are few accounting firms which assist the new business with financial statements and other projections. The pro forma financials are needed for the initial funding and for expansion of business.