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Accounting firms do more than compute numbers. They analyze financial data to give business owners, shareholders, banks, and managers a clear financial snapshot of the present company situation and future forecast. For example, accounting firms create budgets, forecast financials, are knowledgeable about business trends, and know the best tax advantages. Their scope of services goes beyond bookkeeping and preparing reports on a monthly basis. 1. Analyzing Data - What Accounting Firms do for Businesses When an accountant analyzes financial data, the information can then be used for many different purposes, such as: • Provide monthly financial reports to see where a business can improve in different aspects of the business. • Prepare reports for loan applications • Provide business owners with the information needed to make financial decisions such as investments. • Use financial history to see when a business revenue increases in different months over the year. • Set goals – every business needs to set goals. They can’t just blindly exist if they want to be successful – trends, consumer information and technology play a big role. Once goals are set they need to be prioritized. As you can see, accounting firms are much more like business advisors than just number crunchers. 2. Software Programs Don’t Replace the Need for Professional Accounting Firms Accounting programs are awesome, but they can be complicated and don’t replace the expertise of an accountant. They know how to set it up for a specific business, can teach business owners how to use it and can troubleshoot problems. Accounting software programs can’t be helpful if you don’t know how to maximize your benefits. 3. Accounting Firms Organize Tax Information If a business was just going to use an accounting firm to prepare their taxes, they need to have everything organized, if they don’t want to spend a fortune. Accounting firms charge for their time, so if a business owner just takes in a bunch of receipts and bank account information in a shoe box, the accountant has to organize it. Having an accountant manage the books can save money at tax time. Running a business means more than having money in the bank. It’s about whether the company made money, or lost money in a tax-year. An accounting firm is better equipped to figure this out than a business owner. 4. Some Accounting Firms are Full Service Firms Full-service accounting firms provide a variety of services. Even if a business starts out small it can grow because you never know what the future will bring. Here is a list of other services you probably didn’t know accounting firms also provide: • Employee Benefit Plans • Entertainment • Labor Organizations • Licensing and Royalties • Media • Non-profit Organizations • Real Estate • Technology Accounting firms also offer national and international standards for businesses who invest, or do business overseas. Laws, and in particular tax laws, are different in other countries than in the United States. A firm that is experienced in this area of accounting can ensure businesses do not run into tax problems on an international level. As you can see, accounting firms do much more than compute numbers. They provide accounting, audit, tax, business management and advisory services. As well, they have diverse client base ranging from start-ups to Fortune 500 companies. Miller Kaplan is a top rated certified public accounting firm in the US providing accounting services ( http://www.millerkaplan.com/about-us/ ) to a wide range of het net worth individuals, family offices, healthcare, entertainment, real estates, food and beverage industries and tax exempt organizations. Learn more on accounting firms here Forbes.com.
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