What is Public Accounting
Public Accounting refers to a business and individual accountant who helps a client in business or individual to maintain the financial documents. They also help with taxes, audit presentations, and management financial statements. The purpose of public accounting is to assist companies when they need additional information about financial taxes, audits and provide advice to support financial decisions. And prepare tax services for their client. Public accounting is a wide range of services that provide you with financial management and tax returns, including an audit or review engagement, conducted with respect to the responsibility of a financial statement. It provides help regarding your business and guides you in understanding complicated tax laws and helps in filing taxes every year.
Services Provided by Public Accounting
There are many types of services provided by public accounting, here is a list of some services are:
- Tax accounting
- Accounting audit
- Financial control services
- Chartered accounting
- Forensic Accounting
- Payroll processing
- Management Accounting
Tax accounting is the process to maintain the tax assets and liabilities in the accounting record of a business. And individual corporation that helps the companies to fill the tax timely with proper tax calculations and documents. It also works with the business or individual client to help with financial tax records and reports.
An accounting audit is a process to maintain the record of transactions and verify the accuracy of records. It determines the integrity of the whole accounting system of a company and represents the result of the business accurately.
There are three types of Audits:
External audits: External audit is undertaken by a Certified public accountant (CPA) and it examines the financial statement and internal control of the company.
Internal audits: Internal audit is used to enhance procedures and the internal of a company and improve the effectiveness of risk management, control, and governess processes.
Internal revenue services (IRS) audits: Internal revenue services is collecting revenue from individuals and corporations by the taxpayers.
Financial control services
Financial control services control the reconciliation and long-term financial planning, as well as the responsibilities of the company. It control services ensure the responsibilities of all accounting entries are correctly made and manage the cash, account payroll, account payable, and account reconciliation. It analyses the actual result of the company and approaches the different perspectives at different times to safeguard assets, ensure accurate and authorized payment, and deliver clean accounting and accurate financial reporting.
Bookkeeping is a part of accounting in business or individual and it is the process of recording a business financial transaction. It largely focuses on recording the financial transaction of the business and also involves storing and retrieving the financial transaction records of the company. Its helps companies and individuals keep track of their revenue, monitor expenses and make financial decisions for business and also helps to prepare the financial records and statements that are involved in improving the efficiency of the accounting process. It records all the transaction day to day basics of a company.
Chartered accounting is a process to provide financial services to the business, it helps the business to grow and assists and the general management of the company. It is a recognized financier who manages the budgets, taxes, and business for a company and also provides financial advice and the company funds. The responsibilities of chartered accounting are managing the finance accounting taxation for an organization or a business. A chartered accountant also has the responsibility to prepare the financial statements and financial analysis for the business. It generates the financial statements monthly and annually which helps to make decisions regarding the business.
Forensic accounting is the investigation of financial fraud, it helps to uncover hidden assets in financial fraud, and divorce cases, and handle civic matters. It is used to detect financial fraud and misreporting like business fraud, tax fraud, security fraud, money laundering, etc. It provides an accounting analysis that is suitable for the court. Which will form the basis for discussion, debate, and ultimately dispute resolution. It is the specialty practice area where accounting, auditing and investigation skills are used to analyze. The information that is perfect evidence for use in the court.
Payroll processing is a process of paying the employee payment in a company. It constitutes the financial elements such as gross salary, net salary, bonus, daily work, leaves, etc. Basically, it is the paying salary to the employee in a company and also determining the correct amount of money to withhold for the company benefits, taxes, and other dedication. Business owners purchased payroll accounting software to help the organization and ensure payroll compliance. It plays a huge role in an organization maintaining the morale of employees and the financial stability of a company. Payroll processing is providing 99% accuracy through its team of highly qualified chartered accountants who focus on payroll.
Management accounting provides financial and non-financial data. And also advice to a company or business that will help with the day-to-day running and long-term growth. Management accounting helps to manage effective plans, policies, and strategies that will ensure the success of the business. It helps the managerial team with financial information so that they can execute business operations and activities. There are many benefits of management accounting such as decision-making, control of the business operations, and understanding the financial data.