Accounting Services Guide

Aug 132010

A lot of people come here looking for help finding accounting services. The first thing to know is that there are several types of services that are provided by accountants. Some of these services include bookkeeping, tax preparation, audit, and consulting. We’ll discuss this subject more below.

Other people come here looking for information about an Accounting Degree. I happen to hold a couple of these degrees (Bachelors and a Masters) and am considering doing even more schooling (PhD in Accounting). While it is true that a degree in this field is a safe bet, there are few things you should know first. You can find out whether this is a good option for you be reading my post on accounting degrees (linked to above).

Back to Accounting Services

A bookkeeping service can be very helpful for many companies. Although it is hard to believe, many business owners don’t enjoy accounting. However, the smart ones realize that it is important. If you fall into this category then it might be a good idea to try and outsource your bookkeeping. This way, you will be able to spend your time working on your core competencies while the bookkeeper handles the dirty work.

If bookkeeping is the type of accounting service that you are looking for, then allow me to give you a few pointers. First of all, bookkeeping is a skill that needs to be developed over time. While it is true that it isn’t rocket science, you still need to have some analytical skills and an understanding of basic accounting principles to get the job done well. You’ll want to find someone that has some experience doing this type of work. Most accounting graduates, fresh out of college, don’t actually have any experience using accounting software (I know because I was one of them). The last tip I’d provide is to ask other businesses what they do. There is a good chance you can find a great service for a low price. Find more information about bookkeeping services.

Tax services are another very popular service provided by accountants. Unfortunately both individuals and businesses have to file taxes every year. Finding a good accountant to do this for you will save you time, money, and serious headaches. Here is some more information on tax services.

Although accountants aren’t normally considered as visionary, the truth is they can provide a lot of consulting value to your business. Many accountants have spent years tracking financial metrics. They know how to get a business on a budget that can lead to success.

Online Accounting Services

Online services are an excellent way to outsource your accounting. These services are often very inexpensive when compared to hiring a full-time bookkeeper. Prices vary depending on the size of your company, but there are some accountants that offer their services for less than $200 a month. Good luck finding a full time accountant for that much money. One word of advice is to find an online company with a good reputation.
Now you have a brief overview of some of the more common accountant services available. Whether you’re looking for help with your record keeping, tax preparation, or overall company strategy an accountant is here to help.

Restaurant Accounting Services

Aug 122010

Let’s be honest, most people who open up a restaurant don’t do so because they enjoy accounting. In fact, most of the time new restaurant owners have no idea that accounting exists. It is typically the case that they get their restaurant operations running and find out that they have to pay taxes. Soon they find out that there is more to accounting than just taxes.

A restaurant owner has to worry about several different types of accounting. Taxes are a big deal because you’ll need to calculate sales tax on every item you sale. You’ll also need to worry about taxes at both the State level and the national level (a major pain). Other tax/payroll items you’ll need to worry about include employee tax deductions and FICA. You can learn more about that at this site: http://www.tax.gov/virtualworkshop/. It’s the flashiest site you’ll ever see on taxes.

Another form of accounting that is very beneficial to restaurant owners is managerial accounting. This type of accounting is used for analysis and decision making purposes. It is an exciting type of accounting service. This is used to gather information on costs and revenues. For example, a restaurant manager may want to know how much ingredients cost and what dishes are the most profitable. Armed with this knowledge the manager can make decisions that might lead to higher profitability. Who said accounting was boring?

Now, if all of this accountancy talk sounds a bit dry to you, you may want to look for a company that offers accounting services for restaurants. The benefit of outsourcing your accounting is that you can turn all tax and compliance issues over to someone else. I wouldn’t personally recommend turning over all managerial accounting to a third party. You will at least want to be semi-involved so you can understand the information to make decisions. However, feel free to get rid of all your compliance and tax accounting services. There are a lot of different types of restaurant software and services that can help you.

Here is a list of companies that offer restaurant accounting services.

Murphy Accounting: http://www.murphyaccounting.com/

Murphy isn’t specifically geared towards restaurants, but they are geared towards small businesses. I’m assuming you’re a small business owner if you are reading this because large businesses already know the importance of accounting.

Indevia Accounting: http://www.indevia.com/

Indevia is another company that can handle all of your accounting. They are based in California, but you don’t have to live in California to work with them. You just send them the numbers and they do the rest. However, it should be noted that they outsource most of the work to India.

RAS: http://www.restaurant-accounting.com/

RAS is another great option for those owners who just don’t want to manage all of the tax and compliance issues. The good thing about RAS is that they are specifically designed to handle restaurants. Knowing the industry helps.

If you know any other services that should be added to the list or any companies that offer restaurant accounting software, please let us know by leaving a comment in the box below.

Different Types of Accounting Services

Feb 272010

Are you looking for accounting services? Well the truth is you will probably need to be a little more specific in what you are searching for. Contrary to popular opinion, there are a lot of different types of services that accountants perform. Most people think that all accountants hold a pencil, wear a funny visor and use a huge calculator. This post will attempt to outline some of the accountant services that are available and give other useful information

Accounting Tax Services

If you know next to nothing about accounting, then you probably believe that the only service accountants offer is taxes. Some accountants do specialize in tax, but fewer than you might think. In other words, if you are looking for a tax accountant, make sure to ask the accountant if they do/specialize in taxes. It can be offensive to those of us who aren’t in taxes if you ask us to do your taxes at the end of the year!
Another item to focus on when you are looking for accounting services that deal with taxes is to ask the accountant if he/she specializes in individual taxes or corporate taxes or both. Some accountants may be experts in individual taxes, and they may not have the foggiest idea about corporate taxes and vice versa. Make sure you know what you need, when hiring/looking for tax accounting services.

Accounting Audit Services

Contrary to popular belief, accountants do something besides tax. In fact, brace yourself; the auditing field of accounting is probably larger than the tax field. Accounting services in this field consist of making sure that the financial information that a public company releases is in accordance with Generally Accepted Accounting Principles. Note that private companies often want their financial information audited as well.
Why would anyone want to be audited?

For public companies (companies that trade stock publicly) this is a required accounting service. These companies release financial statements and believe it or not, they are not always honest. A lot of people use these statements to decide which stock to buy and sell. In fact, people who don’t use and understand these statements are at a huge disadvantage. If the company is not honest, then a lot of people’s livelihoods suffer. Hence the need for auditing accounting services. The auditor/accountant comes in and does his/her best to ensure that the financial statements are for the most part accurate.

Are you a private company looking for this type of accounting service? A lot of private companies need auditing services as well. Banks will often require the private company’s financial information to be audited before they feel good about lending money. In addition, potential purchasers of a company will often want the financials to be audited.

Accounting Bookkeeping Services

A lot of people who are searching for “accounting services” are often looking for someone to take care of their “books.” This type of service usually consists of the accountant keeping track of purchases, sales, investments, cash, etc. These services can be performed with a pencil and paper or they can be performed with accounting software (more common nowadays). Not trying to slight bookkeepers, but it doesn’t require a lot of effort to do this type of work because the software keeps track of everything for you. If you are looking to hire an accountant for this type of service, don’t offer to pay too much and consider doing it yourself if you are really on a tight budget.
Managerial Accounting Services

This type of service provides a lot of value, but it is often overlooked. Management accountants work within the company trying to track important information that will help upper-management make key decisions on how to run the company. After years of staring at financial information, it turns out that accountants are pretty good at dissecting the information and making good decisions for the company. This type of accountant can often offer consulting services that may spice up your business.

Internal Auditors

These accountants offer a lot of different types of services for the company. Their roles may include bookkeeping, decision-making, taxes, and more. However one of their main roles is to work with the auditors that come in to make sure that your company’s financial information is correct. They try to keep the company honest all year and they work with the Board of Directors and the external auditors to ensure that the financials are presented fairly.

I’m sure that there are more accounting services out there, but that should get you a pretty good idea of what to look for when searching for accountants. Remember that not all accountants perform the same services and not all accountants are alike.

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