The most basic and most common form of accounting services is bookkeeping. Bookkeeping involves the proper recording of a company’s transactions on an ongoing basis. These records are an essential part of any successful business. Current and correct books also make all other accounting – including taxes, and auditing – much easier.
Taxes are unavoidable. In a famous quote, it is said that “there is nothing more certain than death and taxes." Today, businesses are responsible for paying a whole host of federal, state, and local taxes. These taxes have different rates, calculations, payment intervals, and due dates. In the accounting services' profession, tax specialists are able to take care of reporting and paying all taxes for a company. Not only do these accounting services save time and money. They also keep business owners out of trouble with the IRS and other authorities.
Accounting services auditing is the process of checking a company’s records for accuracy. During the accounting services auditing process, mistakes are corrected, and any mismatches are checked, and discrepancies are investigated. The auditing process is a critical step in keeping and reporting accurate financial information. What good is keeping records, after all, if they are not regularly checked for accuracy? Companies are responsible for producing correct and accurate financial statements, not only for tax purposes, but for investors as well.
In business, some transactions are much more complicated than others. These transactions include company mergers and takeovers, purchase and sale of securities, and certain types of retirement plans. The recording of complicated transactions should only be handled by a certified accounting professional.
Finally, accountants may be called in to find ways for a company to save money. When making complicated business decisions, an accountant will be able to calculate the effects of various decisions on a company, and will generally be able to relate to management the financial benefits and consequences of a particular choice.
A brief review of the types of accounting services available at Lopato & Associates.