What services do accountants provide?

• Introduction
• What is an accountant?
• What are the 4 types of accounting?
• Qualities of an accountant
• Services that I provide as an accountant

Introduction

Upon your first glance, accounting seem like a fairly straightforward profession and you might be wondering⁠, what services do accountants provide? While it’s true that to work with financial data is a substantial part of my job as an accountant. Believe me, when I say that accounting is a critical business function that involves problem solving than you can imagine.

However, accounting is a career with impressive salaries and job growth to match here in United States. Bureau of Labor Statistics (BLS) projects that employment of accountants will grow faster than most occupations, at a rate of about 10 percent from 2016 to 2026. According to the 2019 Accounting and Finance Salary Guide that was compiled by Robert Half, accountants with 1 – 3 years of experience might earn between $51,500 and $96,500 annually. Those with five or more years of experience will earn up to $129,250 per year. Location equally plays a major role to determine an accountant’s earning potential.

Factors like cost of living and talent scarcity also influence the salary you might expect to earn in a given city or region. For instance, data from Robert Half clearly shows that individuals in all industries and professions who live in areas such as New York City, Boston, and San Francisco. Do earn an average of 34%, 40.5% and 41% more than the national average, respectively. Well, most employers do require that candidates hold at least a bachelor’s in accounting or in any related field, like Finance and Accounting Management. Additional certifications are equally preferred in most cases; holding these credentials will help improve a job seeker’s prospects. As such, most professionals in the accounting world choose to become Certified Public Accountants, or CPAs. By completing the licensing process administered by the Association of International Certified Professional Accountants

What is an accountant?

An accountant is a professional that records business transactions on behalf of a company. As well as reports on business performance to the management, and gives financial statements too. Here are several types of transactions in which an accountant can become involved:

• To give an invoice to a customer, which involves to record a sale and account receivable.
• Receive an invoice from a supplier, which will involve to record an expense or asset and n account payable.
• Pay salary or wage to an employee, which will involve recording an expense and the outflow of cash.
• Reconcile a bank statement, which will likely produce adjustments to the cash account.

In addition to transaction recordation, an accountant will give a number of reports. The key types include the following:

Financial statements are given to the owners and/or operators of company, as well as to lenders and creditors. The financial statements will include the following: such as income statement, statement of cash flows and balance sheet.

Management reports are given to the management team of a company. The reports will be highly customized to the needs of each entity, and will cover such topics like the sales of certain product lines, sales returns. As well as investigations of cost variances, and an analysis of overtime incurred while running the business.

Tax reports are reports given to different government entities. The reports will provide detail regarding the amounts paid for property taxes, income taxes, sales taxes, use taxes, and many other taxes.

An accountant may equally be involved in creating a number of processes within a business. Which will basically include different controls that will ensure that assets are properly managed. Examples of some of the processes are:

• Shipments to their customers
• Receipts from their suppliers
• Cash receipts from their customers

Understand that there are many sub fields within accounting, in which a person might specialize. For instance, there are tax accountants, payroll clerks, inventory accountants, cost accountants, billing clerks, general ledger accountants, and collection clerks. This level of specialization is highly needed in order to increase the efficiency with which certain tasks will be conducted.

What are the 4 types of accounting?

Different kinds of accounting careers exist within the financial industry, with each performing a different range of functions. Branches of accounting do vary based on the employment setting, responsibilities and daily activities, kinds of available advancement, and many other factors. We will down the different kinds of accounting and their careers into four major categories. Though various professional accounting sources might divide accounting careers into various categories The four types we are about to discuss will reflect the accounting roles commonly available. These four branches will include corporate, public, government, and forensic accounting.

Corporate accounting

Corporate accounting do involve the use, handling, and filing of a business financial data always for the purpose of external reporting and also tax compliance. To be able to accomplish their role, corporate accountants will be well apprised of some certain widely held accounting methodologies. To be able to maintain accurate records and to equally keep their financial and tax submissions in compliance with appropriate tax rules, regulations, and standards. Some of the common types of accounting principles, standards, and procedures dofollowing:

• Generally Accepted Accounting Principles (GAAP)
• International Financial Reporting Standards (IFRS)
• Internal Revenue Code (IRC).

However, the accountant will be involved in corporate accounting than in external reporting. This will include working with the financial statements of a corporation or preparing their tax filings.

Public accounting

Public accounting are largely seen in public accounting firms that serve big external clients. Clientele will range from small local company that serve individuals and medium businesses. As well as to international corporate conglomerates that often serve multi-billion-dollar companies. Public accountants will work with external clients, most often corporations, companies, or individuals. Their responsibility to clients is help in ensuring their financial statements, records, and filings are always accurate.

These public accountants often work closely with bodies in charge of tax regulations and financial reporting. These accountants help to maintain an up to date knowledge of both GAAP and the tax code as well. They will equally understand, and be able to apply accurately, industry standard accounting frameworks and best practices. You must possess strong problem solving skills and attention to detail. Excellent people skills are equally key, to be able to effectively interact with clients.

Government acounting

Government accountants do work within the context of local, state, or federal government entities. They will work within the frameworks that always differ from those employed as public accountants. Government accountants are equally often strictly vetted, and in some key positions will be responsible to keep privileged or confidential information. Government financial professionals also do perform a wide range of duties. They can audit private documentation or tax submissions. Be able to maintain the financial records of government bodies, or manage government resources.

Forensic accounting

Forensic accounting is the branch of accounting that will collect, recover, and reconstruct financial data when it is very difficult or impossible to obtain. In addition to be able to understand accounting principles and practices. Forensic accountants are believed to be more resourceful, creative, and are able to solve often complex problems. Forensic accounting positions will vary widely. Some forensic accountants gain employment in larger law firms while others are in legislative entities. Government agencies such the FBI, the IRS, and beyond equally employ forensic accountants. Still, while other forensic accounting professionals do prefer to be self-employed and work on a contract basis for insurance companies, corporations, insurance companies, and other private bodies.

Qualities of an accountant

Excellent organization

A good accountant must be able to keep up with all data, paperwork and figures in their daily jobs. They use a system that quickly help them to find information they need. Accountants must be able to organize their own work to maximize productivity and also allow time for more undisturbed research and analysis.

Killer time management skills

Today, accountants do play an increasingly crucial role in contributing to strategic decision making. So their schedules are always full to the brim. They will need to take care of tasks beyond financial management. And has the ability to prioritize them to make the most of their time at work.

Attention to detail

These traits are clearly relevant in the daily reality of good accountants. Who need to be sure that numbers are correct and working as well. They have an eye for details and due diligence for accuracy are part of their modus operandi, not something they must be reminded of.

Focus on the client

Being a good accountant means that they don’t only deal with numbers, but with their clients as well. This is the reason accountants must have a strong orientation towards meeting client requirements. They need to fully understand their industry, the sector, and client in full detail. Only this will help them to decide which accounting rules or economic measures will fit a particular business. An accountant’s advice is always of great value. And because they know their way around a sector is best means to make it more actionable and relevant.

Creativity

That’s right! Great accountants have a amazing creative minds as well. They’re the ones who will practice out of the box thinking to be able to come up with fresh solutions. Some client problems aren’t textbook cases and thus require special attention and a high degree of creativity.

Commitment to the sector

Accountants should be able to commit themselves to a particular industry and be very passionate about it. This is what really makes them attractive hires. Companies are always looking for accountants for long term employment and won’t stop at nothing to always motivate such talented accountants to join in. Probably because to replace an accountant do cost a lot of time and effort, seriously affect the productivity of employees during the dreadful transition period.

Extreme trustworthiness

The kind of information accountants deal with every day is extremely confidential in nature. One of the major important characteristics of great accountants is that they’re always professional. And will never give out any knowledge to third parties. It is the ethical way for an accountant to conduct an accounting business. As well having a reputation for trustworthiness will only help them in scoring great jobs.

Great communication skills

We don’t need to say, accountants should be able to communicate and collaborate with their colleagues from different departments. They must equally be able to communicate key insights to nonfinance staff, this they will understand what is being said. Accountants might use different data visualizations form to assist their communication effort to ensure that they are properly understood. Communication is equally key to develop successful relationships with their clients.

Partnership

This is something not many professionals do expect. We all cherished this idea of a lonesome accountant busy number, crunching in a small office. But this very image is totally inaccurate. In fact, accountants that do work in teams and provide support to various departments. That’s why they will be able to impart their expertise to clients and decision makers efficiently. They must feel what other are longing to know and support the goals of the entire team, working with various kinds of professionals and personalities.

Flexibility

Accountants who always embrace challenges and effectively respond to changes in their working environments. Always make up for valuable members of any organization. In this digital age, offices are changing at an accelerated pace and accountants should be able to adapt and take due advantage of those alterations. A high degree of agility is equally necessary to be able to respond to regulatory changes in their industry. It’s only then they will be to provide quality service.

Services that I provide ad an accountant

Let’s answer the question: what services do accountants provide.

Tax returns and strategy

As an accountant, you will do tax returns for your company. That’s just common sense, right? But being an accountant, you will do much more than that. You will do tax returns for hundred of businesses so you have to know the tax code, inside and out. Working with many companies you have know what’s changed, what’s in for a particular year and out the next. And, even more than this, you need to know how that will affect your clients. So when there is any change to the tax code, you should know about it first and help plan accordingly.

Debt planning and reduction

Key areas where an accountant help companies are in debt planning, credit card management and debt reduction are other key areas. Understand that one of the biggest challenges today for any most businesses, is able to obtain cost effective financing, and then manage that debt. The great advantage you have as an accountants is that you have a working knowledge of many financing services that are available on the market. And been able to help choose the financing model that will work best for your clients.

For some of your clients one of the first things you need to do is advise them to adopt a debt restructuring strategy. This will drastically reduce their monthly payments to service their debt, which then will free up their cash flow.

Operational bookkeeping and payroll management

You will find out that one of the biggest challenges for many businesses today is ability to manage their payroll. Especially when the business has only recently started to employe people. So that’s another major area that you will get to provide consulting and advisory accounting services to a business. In fact, it’s a good thing you first talk to your accountant before employ anyone. This is ascertain that your business is in line with the current employment legislation. Secondly, to make sure you will take all the associated costs for a new employee into account. When deciding on salaries and benefits for the employee.

Management consulting

Management consulting for any business will includes all of the items we mentioned above. But it’s important to mention here to provide an important context for an experience that is very common to many business owners, especially those that doesn’t do marketing or use marketing agency. They always struggle to find someone to whom they will turn to when they are in need of advice. That’s where you are needed as an accountant to help out with this advice.

Business development and valuation

There will come a time for most business owners when they be think of selling their business, probably as a result of technological developments. Either because they are now reaching retirement, or because it’s one of their business plan and they are now ready to move on to their next project. Again, remember that you are not the first person that would be offering this service. So know how and were to go to build up your client’s business’s value. So that when it is time to sell all or a part of it, maybe you will be ready to take on a new partner. By then, you have all the information you need.

Conclusion

We have answered the question: what services do accountants provide along with qualities an accountant should possess. You will be able to work with any business owner and should take advantage of to stay financially organized. As well as tax compliant and help your clients grow.