A Guide to Accounting Services
As a small business choosing the right accounting service is a vital business decision, you need to ensure that you’re choosing the right type of service that meets your type of businesses requirements. Most businesses state that their accountant is one of their most valued advisers in their business, and that is the way it should be. After all, a good accountant will keep your books in order, guide you when it comes to tax planning, and makes sure that you meet all your tax deadlines. This is our guide to some of the different accounting services available and how they can help you and your business.
What are the different types of accounting services?
There are many different types of accounting services – the following are some of the most popular.
Financial Accounting
Financial accountants keep track of a company’s financial transactions – this is mainly the bookkeeping side of accountancy that involves ledgers with black and red ink. There are specific procedures followed by financial accountants, in order to produce financial reports for shareholders and regulators.
Financial accountants also:
- track the company’s current financial position based on incomings, outgoings, liabilities and how money is moving through the company.
- monitor the company’s share value and make statements of stockholders’ equity.
Every company’s financial accounting process will be different, as each company has its own processes and software for keeping the accounts accurate. In large-scale companies, the process is like a production line and many people contribute to it. For smaller companies, a financial accountant may have more say when it comes to streamlining and improving the company’s accounting processes. At 3 Wise Bears, we offer a range of financial accounting services and encourage those looking for more information on financial accounting to get in touch.
Landlord Accountants
Landlords face a range of complex accountancy and tax issues, and recent changes to the tax system means that investors have had to reconsider how they can restructure their business, so that they’re not stung by any costly mistakes in the future. Landlord accountants specialise in this and help keep Landlords on top of their books and understand and meet the required taxes.
Chartered Accountants
When you hear the term ‘Chartered accountants’ it is not specific to a type of an accountant, instead it is means an accountant is accredited in the field of accounting. Chartered accountants are not confined to a specific field of work, as they work with a range of businesses. We ourselves have chartered accountants and look business’s audits, taxation, manage the general finances for a range of businesses types and sizes. Some chartered accountants are engaged in public practice work, others work in the private sector and some are employed by government bodies. In the UK, chartered accountants have to have direct registration with revenue and customs, and must be registered with one of the following organisations:
- The Institute of Chartered Accountants in England & Wales (ICAEW).
- The Institute of Chartered Accountants of Scotland (ICAS).
- Chartered Accountants Ireland (CAI).
- A recognized equivalent body in another Commonwealth country.
Tax Accountants
Tax accountants are financial experts who understand government rules and regulations that determine the amount of money owed to federal, state or local agencies. Tax accountants can find appropriate ways to save money on taxes owed, as well as advising clients about how to manage their assets to minimise tax penalties, inform them of changes in tax laws, and assist them in any legal disputes or audits that arise.
Management Accounting
Management accounting combines accounting, finance and management with the business skills and techniques that add value to a business. Management accountants are qualified to work across the business as well has financing. It is their role to advise managers on the financial implications of any big decisions and formulate a business strategy whilst monitoring risk.
How do I know what accounting service my business needs?
If you’re a freelance worker with an increasing client portfolio, then you’ll want help keeping on top of your paperwork, tax returns, and finances, just like any other business. However, you’d want an accountant who understands the taxes surrounding exactly what you do, and knows exactly how to help you – so a freelance accountant is your go to. Whether you own an e-commerce business or you’re a sole trader, you’ll want an accountant who understands the ins and outs of the industry and their are a variety of services to suit you.
Get in touch with 3 Wise Bears and we’ll provide your business with an accounting service best suited to its financial requirements.
