What Are the Main Types of Accounting Services?

Accounting is one of the most important aspects you need to understand to keep track of your business income and expenses. Accounting is necessary whether you are just starting your company or have more than 10 years on the market.

Many small and medium businesses tend to struggle to manage and organize their finances. Accounting can be a tricky subject for many business owners.  Understanding exactly what each accounting service differentiates from each other and which one is ideal to meet their needs can be confusing.

Accounting 101: Main Accounting Services You Need To Know

Here we will explain the main 6 accounting services every business owner needs to know to identify which one suits their needs.

1. Bookkeeping

Bookkeeping is the most basic accounting service; it helps your business have all its financial information in order. Bookkeepers help your company keep records of financial transactions in order and up to date. Basically, bookkeepers are responsible for looking at how much your company owes, what it should receive, its investments, and keeping your budget organized.

2. Public Accounting

Public accounting consists of helping businesses, firms and individuals reach their financial goals. From creating financial statements to auditing and preparing tax returns, public accountants provide clients with the right advisory and supervision of their business finances.

3. Management Accounting

Management accounting involves analyzing past and current data to create a practical and efficient business model for future needs. This type of accounting service is the most connected with the actual administration of the company. Some examples of the process management accountants perform are budgeting, sales, monitoring costs, and financial decision assistance.

4. Internal Auditing

Internal auditing consists of providing accurate data that will prevent fraud and financial mistakes when performing financial statements. Basically, internal auditors help businesses avoid any fraud that can be camouflaged in their financial statements.

Internal auditors deal with problems that are extremely important for the survival and growth of the company. Internal auditors evaluate all the possible financial scenarios that can go wrong with your business to help your business succeed.

5. Tax Accounting

Tax Accounting is self-explanatory; it focuses on the company’s tax liabilities. Tax accountants help companies minimize or get rid of tax payments by preparing tax documents such as reviewing financial books and balances, financial records, and budgets.

This particular accounting service is one of the most delicate because it can have legal consequences. Tax accounting must abide by every legal procedure and law to reduce any risk. It is important for a company to rely on a tax accountant because it ensures the tax finances of the company are correct and ready for tax season.

6. Payroll Accounting

Payroll accounting consists of preparing, creating, and keeping all workers’ payroll documents. This includes data like paychecks, taxes, benefits, and bonuses each employee receives.

Payroll Accounting makes sure that all the information follows the government's guidelines. Payroll accounting helps companies ensure employees payment, accurate tax returns, and consistent file reports. Something to keep in mind is that payroll accounting is important to all businesses of all sizes.

Master The Numbers With Roberts Accounting Services

At Roberts Accounting, we offer a wide variety of accounting services from bookkeeping to internal auditing, ideal for helping succeed your business. We create trustworthy relationships with our clients to ensure they are in good hands. We care about the future and stability of your company.

Schedule your consultation with one of our accountants and help your business thrive!