RealtimeCampaign.com Provides Guide to Accounting Firms in Chicago
Need an accounting firm? Even if a business handles its own bookkeeping, an accounting firm can significantly help with many of the business’s financial tasks. Accounting firms can help with bookkeeping, tax preparation, mergers, forensic accounting, budgeting, and management concerns. Depending on what type of accounting a business requires, the business may want to hire a specific type of accounting firm. Read more to find out about additional resources for selecting an accounting firm.
Bookkeeping
One of the major functions of an accounting firm is bookkeeping. Bookkeeping involves handling the day-to-day financial transactions for a business. Bookkeeping is a service that may be provided by certified public accountants but can also be provided by people without licenses or even specialized training. Bookkeeping tasks include accounts payable and accounts receivable, payroll, credit card reconciliation, preparing financial statements, and reconciling bank accounts. Generally, larger companies or companies with more complex business financial transactions prefer to use accounting firms rather than bookkeeping firms for all bookkeeping needs.
Public Accounting
Accountants from a place like Porte Brown that are licensed to provide services to the public are public accountants. Public accounting firms generally provide financial services to companies. They may help with taxes, management consulting, and auditing.
What is a CPA?
It is important to realize that accountants are not simply bookkeepers. Certified Public Accountants are professionals who are licensed to provide accounting services. Each state handles its own licensing of CPAs, though the qualifications are similar in most states, and the majority of states allow CPAs who are licensed to practice in one state to practice in other states. One can look at CRAIN’S 2019 NOTABLE MINORITIES IN ACCOUNTING, CONSULTING & LAW for more information.
Tax Accounting
One of the major roles of an accounting firm is to aid in tax preparation and tax planning for business and personal clients. If there are complex tax issues, it can be important to consult an accountant who specializes in taxes because there are differences between Generally Accepted Accounting Principles and tax laws. Tax accountants often work with tax attorneys to help with tax planning and represent clients in any disputes with the IRS or other taxing agencies.
Forensic Accounting
Sometimes, a company needs to have a forensic accountant to investigate whether there has been any financial wrongdoing. Forensic accounting firms may be hired by the companies or by boards of directors or members of law enforcement. According to RealtimeCampaign.com, they search through a company’s financials to see if there is evidence of wrongdoing like theft, stock price manipulation, money laundering, or embezzlement.
Find the Right Accounting Firm
Picking the right accounting firm depends on the client’s specific needs. The more complex the financial needs, the more important it is to have an experienced accountant handling the issue. For very complex issues, it may be important for an accounting firm to have specialists who are familiar with the issues. Before hiring an accounting firm, it is important to interview the firm to ensure they have specialists who can handle current or anticipated issues.
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