A Brief Guide To Public Accounting Services

What services are offered by public accountants? Accounting is a very broad area, and it is vital to understand the services you need from a CPA. Please read below for more.

This is also important for young accountants who are fresh from university and need to find a path to specialise in. 

Public accounting services include a plethora of things, and this article will briefly look into some of them to help you understand what you need and what you do not. 

Audit and Assurance Services

These are services that allow an auditor to give an independent opinion on whether the financial reports are prepared in the right way and according to the set standards. 

Companies are required to publish audited financial reports every year for people to check how they are doing. 

Assurance services give the auditor an opportunity to determine whether the audited reports have been done as per the applicable financial reporting framework.

Bookkeeping

These are services that entail keeping financial transactions, maintaining and evaluating them. 

The financial transactions included are sales, purchases, cash journals, and ledgers among others. 

Statutory returns are also an essential part of bookkeeping since companies must show that they remit them as required.

Consumer and Commercial Credit Services

This entails advice and services associated with credit that an individual takes in their private capacity. 

They include those taken for personal reasons and business reasons for sole proprietors. 

They include home loans, personal loans, credit cards, consumer leases, and overdrafts among others. Other related credit types are those taken to improve and renovate residential properties.

Financial Planning and Reporting

This entails giving consumers advice in regards to their financial affairs, especially wealth management, retirement planning, risk management, and estate planning among others. 

This service is given explicitly to individuals with huge finances that require proper planning.

Financial reporting consists of compilation, preparation of financial statements, and other calculations needed by accounting standards.

Management Accounting and Consultancy

Management accounting refers to the provision of both financial and non-financial information advice to an organisation for their development. 

This entails compiling and formatting these management reports in a way that managers can derive useful conclusions from them. 

This includes business planning, forecasting, budgeting, cash flow, and cost accounting.

Management consultancy means contacting a consultant and having them interpret, evaluate, analyse, and report commercial activities that give the management a basis for making the correct decisions.

Taxation

This refers to a collection of services that relate to a client’s tax entitlements as specified by the taxation laws or as dictated by the business circumstances they operate in. 

They include preparation of proper returns or statements that need to be presented to the revenue authority, making the right tax calculations to be used as the financial basis for the entries in their financial statements and tax planning advisory services.

Valuation Services

With these services, an expert is engaged to provide a correct valuation procedure of an asset or a business. 

This includes preparation of valuation reports, engagements and limited scope valuation engagements among others.

Conclusion

Some of the services offered under the public accounting umbrella have been mentioned above. 

Most CPAs can offer the mentioned services, but it also helps to look into the reputation of a particular organisation before choosing them. 

For individuals who want to become public practitioners, there is a whole process for them to undergo if they need accreditation. 

They can always download the application forms on the CPA websites and check if they meet the requirements needed for you to become an accountant. 

If you are looking for a reliable and trustworthy accounting firm, look no further than Dillon & Elbourn Pty. Ltd. 

We will provide you with the security, confidence and individual attention you and your business deserves. We’re experts with numbers, but we’ll never treat you like one!

Please call us today on 02 4987 2294 or contact us through our website.