An accounting firm is the financial institution that provides various accounting and financial services like financial reporting, auditing, taxation, legal services, consulting, etc. Top accounting firms like Ernst & Young, Price Water House Coopers, etc are reputed accounting and financial services companies that handle the needs of the majority of the reputed multi-national companies worldwide.
Some of the different types of accounting firms based on the nature of the services they provide are as follows.
Audit accounting firms
Auditing is a one of the accounting services were the auditor would scrutinise all the various financial information and documents to check for the accuracy of these statements. Audit firms are the accounting firms who provide solely the auditing services. Their services include internal auditing, government auditing, auditing for non-profit firms or for the Securities and Exchange Commission.
Tax accounting firms
Tax firms are only concerned with the tax-related requirements of their clients. These involve individual income tax, business and corporate tax, tax filing for various non-profit and charitable organisations, etc. Some of them specialize in a specific area where they have the expertise like corporate tax or real estate tax. Such firms will have the sufficient knowledge about the various state and federal tax laws, the various tax filing requirements of the IRS, etc.
Full-service accounting and financial services firms
The top accounting firms in the world, referred to as the Big4 (PwC, Deloitte, Ernst & Young, KPMG) are all full-service accounting firms. They provide all kinds of accounting and financial services that their clients require. These include legal services, taxation, business consulting, risk management, auditing, etc.
Bookkeeping is slightly different from accounting and involves keeping record of various transactions for documentation and taxation purposes. These types of services are especially useful for small firms and businesses and the self-employed.
Outsourced accounting firms
There are firms that provide accounting service for the various companies. The companies, who need to get their accounting done, hire the services of such firms on a contract for a fee. The accounting firm will do all the paperwork, prepare the required financial reports and does all the tax-related work.
Risk management accounting firms
The risk management firms provide specific services like business evaluation, internal auditing and advices the company on how to maintain its financial health. These firms help the company to identify the various risks associated with their business and suggest ways to control them.
These are some of the various accounting firms and the different types of services provided by them. Approach one of these firms to help with the accounting needs of your firm.