Fractional CFOs are usually brought in during periods of transition or growth, and their main focus is to help businesses make sound financial decisions that will improve their long-term prospects. Fractional CFO ServiceĪ fractional CFO is a top-level financial executive who is hired on a part-time or interim basis to provide strategic and financial guidance to businesses. These services can provide an independent, objective evaluation of an organization’s financial statements and their compliance with generally accepted accounting principles.Īudits can help businesses and organizations identify potential problems and make necessary changes to improve their financial reporting. There are many different types of accounting auditing services available to businesses and organizations. CPAs provide a wide range of services, including auditing, tax advice, and financial planning. They are usually employed by accounting firms, but can also work independently. Chartered Accounting (CPA)Ĭhartered accountants are professional accountants certified by a professional body. They may also help with preparing and filing tax returns. Tax AccountingĪ tax accountant is responsible for ensuring the company pays the correct amount of tax, and provides advice on how to minimize the amount of tax the company pays. ![]() This process is important in order to ensure the accuracy of the organization’s financial records.īank reconciliation can be a complex and time-consuming task, but it is essential in order to maintain accurate financial records. ![]() Bank Reconciliationīank reconciliation is the process of matching the balances in an organization’s accounting records with the corresponding information from the bank statements. Related: Best Small Business Payroll Service Providers 5. Payroll processing is a complex and time-consuming task, so many businesses outsource this function to payroll service providers. Payroll processors use payroll software to generate pay stubs and calculate payroll taxes. Payroll processing is the process of calculating employee wages and withholding taxes and benefits. Once the customer pays the invoice in full, the company will record the payment on the ledger and the account will be considered settled. These invoices will list all of the products or services that the customer has purchased from the company, as well as the corresponding amount owed. This ledger will contain all of the pertinent information regarding each customer’s outstanding balance.Ĭompanies typically send out invoices to their customers on a monthly basis. In order to keep track of accounts receivable, companies will typically set up an accounts receivable ledger. This amount is typically recorded on the company’s balance sheet as an asset. Accounts ReceivableĪccounts receivable (A/R) are funds that are owed to a company by its customers. Many accounting services handle AP for their clients. This means that the company has to keep track of how much money it owes to each supplier. ![]() When a company orders goods from a supplier, it usually pays for them within 30 days. Accounts PayableĪccounts payable (A/P) is the money that a company owes to its suppliers. Related: Best Virtual Bookkeeping Services 2. Bookkeeping services not only provide a record of all financial transactions, but can also be used to track spending, monitor income, and prepare financial statements. Without accurate and up-to-date bookkeeping, it would be very difficult to run a successful business. 10 Main Types of Accounting Servicesīookkeeping is the process of recording financial transactions and is a vital part of any business. It is crucial for business owners to know which types of accounting services are available for their business. Professionals can provide advice to small businesses on the right investments and best structure for their business to ensure financial stability. Accounting services can help your business stay on track with payments, invoices, bookkeeping, and payroll.
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