Accounting and Finance

Accounting and financial services includes various types of services used in business to comply with federal, state and local regulations. Services also involve consultation and planning to improve business performance and other necessary business needs.

Types

Financial Planning Services

Financial planning firms help businesses plan for the future. Business owners often consult financial planners to determine the best steps to take in order to reach their monetary goals. The financial planning process involves setting objectives, evaluating resources, and making plans to work towards those objectives.

Payroll Services

Payroll services handle all aspects of payroll processing and employee payroll tax filing. Employers submit payroll data to the payroll service provider electronically or over the phone. Payroll service companies then process this data and transfer the appropriate funds from the employer to the employees via check or direct deposit. After the payroll processing is complete, payroll service companies will provide payroll reports to the employer.

Tax Services

Tax services prepare federal, state, and local tax returns for businesses based on the company's cash flow for the given year. Many businesses choose to consult accounting tax service providers for guidance on making tax-efficient business decisions. Additionally, accounting tax services can provide consulting with regard to tax law and compliance.

Audit Services

Accounting audit service providers ensure that their clients' financial information is being managed in compliance with accounting standards and regulations. Both public and private companies often choose to work with auditors to certify that no dishonest behavior such as embezzlement or misuse of funds is going on inside the organization. This practice reassures investors and employees that the company is being managed properly. Audits can be performed by an external auditing firm or by an internal member of the accounting department. However, internal accountants cannot audit any documents with which they were involved in any way. Some companies choose to use external auditing firms to eliminate the bias that is sometimes associated with internal auditors