Posted by Ma. Jessica Paula Florita
Jul 16, 2021
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Whatever your requirement is, there is a right type of accounting firm for your business needs.
Explore the different types of accounting firms- their functions, and how they can help you with your finances.
What are the Different Types of Accounting Firms?
Full-service accounting firm
This type offers the full suite of accounting services from bookkeeping to advisory services.
Specialty accounting firm
Specialty firms provide specialized accounting services, each focusing on different areas of F&A.
For the different types of specialty accounting firms, we’ll be discussing the 6 of them and elaborate their differences.
1. Bookkeeping firm
SMEs account for the majority of Australian businesses, which makes it a good move to go with a bookkeeping firm since they’re the main market of this type of entity.
What they do:
Bookkeeping firms focus on basic accounting functions such as data entry, bank reconciliations, accounts payables, accounts receivable, and payroll management, among others.
2. Audit firm
Audit firms are most needed by public companies, multinational corporations, and foreign-controlled organizations since they are subject to the rules of the Australian Investment and Securities Commission (ASIC) regulations.
What they do:
As the name implies, this type of accounting firm does annual audits, investigates accuracy of financial reports, and ensures a company’s compliance with the regulatory policies.
3. Tax firm
Tax firms have a pretty big market since both individuals and companies need to settle taxes.
What they do:
Services of tax firms include tax planning and preparation, and tax compliance.
4. Assurance firm
External investors, creditors, and executives are the usual clients of assurance firms. They aim to give the management a sense of relief on their decisions by making sure the information they have is accurate and reliable.
What they do:
Assurance services cross-check and improve the quality of information for the executives and analysts doing the decision-making for a company.
5. Forensic accounting firm
Forensic accounting firms mostly cater to employers and law enforcement agencies that need an expert who resolves financial misconducts.
What they do:
Forensic accounting firms are responsible for uncovering financial frauds, and illegal activities, and setting up of fraud detection and prevention systems.
6. Business advisory firm
This type of accounting firm yields a big part of the small business market as the majority of organizations today need professional insights on their finances.
What they do:
Business advisory firms offer consulting services to companies who need insights on financial planning, insurance, mergers, and other related areas.
Knowing the business tax obligations before settling your entity in Australia will help you prepare for what will come ahead, and find out what are your dues during the course of your operations.
Carefully assess your business- what finance and accounting support would you need and what would your resources allow you to get. With a variety of accounting firms to choose from, make sure you pick the right type you need to set you up for success.
Looking for an accounting firm for your growing entity in Australia? We can lend a hand. D&V Philippines is an esteemed finance and accounting organization with in-house experts who are adept in Australian compliance and wide experience in handling professional services firms.
You can download our latest whitepaper Finding the Right Talents: D&V Philippines’ Solutions to Modern Accounting Firms to know how we can build a high-end back-office for your organization.
