What does it mean to be a full-service accounting firm?

A full-service accounting firm can assist with all your financial needs—from bookkeeping to developing long-term financial plans and preparing tax returns. Instead of hiring separate specialists for each aspect of your financial management, you can consolidate and simplify your efforts by consulting one firm with expertise in all areas of accounting.  

With the help of a team of accounting professionals, you can rest assured that all your finances are in good hands. Full-service accounting firms often have access to more sophisticated tools and software than smaller businesses, which can further improve accuracy and efficiency. 

It’s often more efficient to outsource accounting services than to try to handle them in-house. Sure, you could try to do some of the work yourself, but you’ll be taking time away from your core competencies, tasks, and goals. By leaving the accounting work to the professionals, you can focus on what you do best. 

Accounting errors can be costly, so prevent unnecessary mistakes by leaving your accounting to the experts. You may not be skilled in all areas of financial management, so it’s best to let well-trained, and technical hands ensure that your finances are managed effectively. Using a full-service accounting firm also means that you benefit from multiple services under one roof, which could be more cost-effective than seeking several different providers.  

Using a full-service accounting firm better aligns with your interests and gives the firm a holistic view of your financial position to enable them to make detailed recommendations to help you meet your financial goals. They’ll be able to provide valuable insight and expert advice on how to improve your financial performance.  

 The first on our bookkeeping duties list is reconciliation. This is the process of comparing your income and expense records with your bank statements and making sure they match. This is important to ensure there aren’t any missing transactions or inconsistencies. Sometimes errors can occur if you record multiple transactions more than once, forget to record a transaction, or fail to include any bank processing fees.  

 A bookkeeper records all the money coming into the business. This means managing a revenue account and tracking how much you make from your business operations. 

 Accounts payable includes any payments owed to suppliers or creditors by a company. As liabilities are bought on credit, you need to be sure that you keep an eye on all the due dates for these invoice payments including payment terms such as Net 30, Net 15, etc. When payments are due, they are considered invoiced.  

 Accounts receivable, on the other hand, is all payments owed to a company by their customers for a provided good or service. A customer invoice is issued after the order has been delivered or fulfilled. This is recorded as an asset on your balance sheet. Managing both accounts payable and receivable is of the most essential bookkeeping duties and responsibilities. 

A Chart of Accounts is an index of your account types (assets, liabilities, expenses, revenue, equity) that typically includes the account number, account description, and financial statements. A COA is a great tool for organizing financial data for easier viewing and reporting. You can also gain insights into your revenue and spending habits.  

Similar to reconciling bank transactions, this process involves comparing credit card statements against transactions listed in your general ledger.  

Depreciation and amortization both account for the loss of value of an asset over time. Depreciation deals with tangible assets like machinery, buildings, furniture, etc. Amortization refers to intangible assets like patents, copyright, trademarks, etc. You need to calculate the cost of these assets by the amount of time these assets remain useful. These are recorded as debits.  

 Reporting and analysis are also essential parts of your accounting job duties. These reports can show you the essential metrics you need to track the performance of certain strategies and provide crucial insights to inform the next business move.  

Cash flow management is one of the most basic tasks on this accounting services list. Naturally, you need to keep an eye on all the money coming in and going out of a business. This includes business expenses, invoices, donations, funding, sales, salaries, etc. This is important because it shows you how much working capital you have to keep the business running.  

If you work with physical products and store them in warehouses, you need to track how much product you have sold and how much you have left. When ordering more materials from suppliers or manufacturers, you need to know which products are selling and how fast they are selling. This is so you know what exactly to order and how often. Accounting software can help you with built-in inventory management tools and automation for creating purchase orders. 

Performing budget vs actual variance analysis allows you to compare your forecasted or planned outcome to your real results. If the results of the analysis show you are performing worse than expected, you can use this to develop new budgeting and forecasting strategies.  

The term “bookkeeping” and general ledger are practically inseparable. When we talk about maintaining a general ledger, this is among the accounting job duties that encompass a variety of other tasks. The general ledger is like the master book that contains your COA, and sub-accounts like accounts payable and accounts receivable. This ledger includes your journal or transaction entries and journal descriptions.  

 Whether a multi-location franchise, a medium-sized LLC, or a two-employee business, our diligence and business expertise are the same. From gathering last years business tax return to evaluating partnership agreements and payroll reports, we will ensure your business is in total compliance and is not overpaying. 

For income, estate, entrepreneurial business owners, and planning for business succession, we know precisely how to handle each unique client’s needs in total compliance. 

When preparing and filing taxes for a non-profit, it is important to understand the many idiosyncrasies therein. From the taxes you’re exempt from, to the specified paperwork needed for compliant filing, we know it all and have years of hands-on experience.