Finance

Types of accounting firms in NC

A business can require the services of an accounting firm in order to handle various tasks that are important to their businesses. For instance, most companies will need to hire external accounting firms in order to audit their financial statements. Nevertheless, there will be other kinds of tasks and activities for which you might require an accounting firm, namely tax, management consulting, mergers and acquisitions and forensic accounting. Therefore, it is obvious to see that the type of accounting firm could depend on, among other things, the business and the services they provide. Additionally, the kind and type of firm to contact will obviously depend on what you need help in.  

These accounting firms in NC do follow standards and accounting rules set by Securities and Exchange Commission (SEC) and following Generally Accepted Accounting Principles (GAAP) when completing these tasks. 

It is only advisable to look for a firm that is qualified, certified and experienced in offering the services you are looking for in order to assure quality services.

Therefore, for those looking for accounting firms in NC, below are some of the types of accounting firms.

1. Public accounting: These firms employ services of Certified Public Accountants (CPAs) who work in the areas of audit, tax and management consulting. Most companies are already familiar with the Big Four largest companies in public accounting industry: Ernst and Young, PricewaterhouseCoopers, Deloitte,Touche, Tohmatsu, and KPMG.

They are popular among large firms who want auditing and other accounting tasks done and services for regional and local clients.

2. Tax accounting: These firms focus on tax preparation and planning for companies of all sizes although they also take requests from individuals as well.    

Like any other accountancy and accounting firms in NC, they are required to adhere to laws set by the Internal Revenue Code, for instance, for individuals and businesses. Their accountants must be well-versed with the various local laws as they change in order to do tax preparation and planning based on these rules. Tax laws are different from the Generally Accepted Accounting Principles (GAAP).   

3. Forensic Accounting: These are called upon when there is need to uncover fraudulent and illegal activities. So a firm might be in need of their services when they need to investigate records. They may engage the services of local and federal law enforcement officers. These types of accountants might be called upon by a court of law to testify as expert witnesses when an employer or federal agency takes legal action against people involved in or accused of corporate fraud. During this time, they may need to present evidence of embezzlement, identity theft, money laundering and stock price manipulation.

4. Bookkeeping: Like the name suggests, the work of these firms is to help small and medium-sized firms to do bookkeeping although they may seek certifications. Other services provided by these firms include accounts receivable, accounts payable, bank reconciliation, credit sales reconciliation, financial statement preparation and preparation of accounting write ups.

They also provide other services such as payroll, small business tax preparation and loan package preparation.