Accounting services can be confusing for business owners. There are many different types, and it’s hard to know which one is right for your company. The good news is that accounting services aren’t as difficult as they seem.
The Brisbane business accountant can help you find the service that’s right for your business. In this blog post, we’ll discuss few different types of accounting services and their benefits to help you decide how best to manage your finances.
1. General Accounting
General accounting services are the bread and butter of every business. A bookkeeper uses these services to keep track of all your company’s financial information, including revenue, operational costs, expenses (like supplies or utilities), assets (such as equipment), liabilities (debts owed by the business), and equity (your initial investment plus any profits minus losses).
2. Management Advisory
If you’re looking for more hands-off accounting services, management advisory services can help. These accountants provide business owners with financial information and advice to assist in making key decisions about the company’s future.
Bookkeepers are responsible for making sure all the numbers in your business’s general ledger match what you’ve submitted to tax authorities. They also record payments that have been made and received, reconcile bank accounts and prepare reports on how much money is coming in versus going out.
4. Tax Preparation
Tax preparation services are exactly as they sound: accountants prepare your company tax returns, from state and local to federal. It includes filling out forms for the IRS (like a W-form), filing estimated taxes throughout the year, and more.
5. Payroll Services
Every business needs to make sure its employees are paid on time and correctly. Payroll services keep track of your company’s payroll, including calculating all salaries or wages based on hours worked; state unemployment taxes; federal income tax withholding (and remitting these payments); Social Security contributions; any other deductions required by law like Medicare or disability insurance; as well as filing necessary forms with the IRS.
6. Forensic Accounting
Crime doesn’t only happen on TV and in the movies: it happens, too! If you suspect someone is stealing from your company or wish to investigate previous claims that were made against your business, then forensic accountants can help. They assist with fraud investigation by identifying errors or irregularities and finding out if money has been misappropriated (aka stolen).
7. Financial Planning
As your business grows, you might have questions about how to invest in the future. Financial planning services help create budgets and financial models for companies or individuals; they also offer guidance on taxes, retirement accounts, insurance policies (like life or disability), and more.
8. Tax Resolution
If your business is in a negative place financially, tax resolution services can help. These accountants negotiate with the IRS to reduce or eliminate penalties and fines for businesses that may not pay their taxes on time. They also work with you if you’re currently going through bankruptcy proceedings.
As your business grows, you will likely have questions about how to keep things operational. Consulting services are great because these accountants offer businesses support in areas like management, finance, risk assessment, and more; they also provide information on complying with government regulations (such as tax laws).