Accounting firms must conduct audits regularly as required by law. An audit is an assessment of all business aspects of a company. Companies in Australia will often employ an Accounting Firm located in Brisbane to help them manage vital financial tasks. Public organizations must adhere to accounting rules that the SEC (Securities and Exchange Commission) sets and must follow the Generally Accepted Accounting Principles (GAAP). SEC involves public firms hiring outside accounting companies to review their financial statements. Accounting companies concentrate on other areas of finance such as management consulting, forensic accounting, merger and acquisition, and tax. A company’s business and accounting needs will determine the kind of accounting firm to employ.
Public accounting companies typically hire CPAs (Certified Public Accountants) that are specialized in management consulting as well as tax, and audit. Public organizations utilize the services of public accounting firms to complete accounting tasks as required by SEC. Local and regional accounting organization take care of auditing as well as other accounting tasks for local and regional clients.
Tax accounting companies concentrate on tax planning and preparation for all sizes of companies including individuals. Just like public accounting, tax accounting companies employ CPAs. Tax accounting is responsible for keeping up with the laws concerning current tax. The body that is responsible for establishing tax laws both for individuals and companies is called the Internal Revenue Code. Tax laws are always different because of the Generally Accepted Accounting Principles (GAAP). Most tax accounting companies require their workers to occasionally take continuing courses, so they remain abreast of what is going on with the tax laws as well as the tax planning approaches and accounting software. Tax accounting companies are usually busy during the season of tax involving employees working for long hours.
Forensic accounting companies employ accounting skills as well as legal policies when it comes to uncovering illegal and fraudulent activities in organizations. Private and public organizations use forensic accounting companies to inspect financial records. Sometimes, forensic accountants work with federal and local law enforcement. In cases where a federal agency or an employer takes legal actions against people involved in business fraud, the courts usually call for forensic accountants as expert witnesses. When it comes to a court case, then the forensic accountant is required to provide evidence of identity theft, embezzlement stock price, and money laundering.
Bookkeeping companies finalize essential accounting tasks for medium-sized as well as small firms. Bookkeepers do not require any certification though they may decide to seek certifications. Bookkeeping companies are typically small organizations which have few employees. The services that bookkeeping companies offer include accounts payable, accounts receivable, reconciliations of credit sales, bank reconciliation, accounting write-ups preparation, and preparation of financial statements. In addition to this, bookkeeping organizations offer services like payroll, loan package preparation, and preparation of small business tax. Bookkeeping companies may manage the basic accounting tasks of an organization before forwarding the information to CPA companies for complicated tasks.