There’s a lot that goes into accounting: from taxes to laws and regulations to ensuring a healthy cash flow. It’s important to companies and their financial success that it’s done right. But many business owners simply don’t have the time, expertise, or desire to do it all. That’s why it’s not surprising that over one-third of of small businesses use third-party accounting experts, like freelancers or firms that offer the option for fullservice accounting services, to help make quick work of the complexities of accounting.
If you’re interested in getting assistance with your company’s accounting and financial tasks, it’s important to understand what options are out there and which of those options is right for your business.
This article will explore the answer to the question “what does a fullservice accountant do?” In short, full service accounting firms provide a suite of full accounting services, including accounting and bookkeeping, financial statements, taxes, 401K audits, and consulting. Keep reading to get the full picture.
What does Fullservice Accounting Mean?
Full service accounting refers to companies and firms that offer a comprehensive suite of financial services for business owners. So, rather than business owners having to handle some of their accounting or bookkeeping themselves—or worse yet, piecemealing it out to different firms—they can create a sustainable and long-lasting partnership with a full service firm that handles all of their financial needs.
At the highest level, full accounting services tasks can be divided into five categories: gathering business financials, keeping financial records, making records more useful, informing financial decision-making, and encouraging financial integrity.
- Gather business financials to get a full picture of the operations and financial health of a company.
- Collect and maintain financial records like receipts, purchase orders, and invoices to maintain books, track payments, and maintain a healthy cash flow.
- Improve the usefulness of financial records by restructuring, organizing, summarizing, and providing insights to improve processes.
- Inform financial and data-driven decisions by sharing reports, insights, and other consultation services based on industry expertise and knowledge.
- Establish controls for financial accuracy, ethics, and honesty amongst employees, customers, and any third-party vendors or firms.
What is a Full Service Accounting List of Services?
For those looking for a more comprehensive view of the kinds of functions offered by full service accounting firms, it is important to note that different firms will provide different packages or suites of services depending upon their expertise. As a full service firm, we are proud to provide the following functions here at Delta Wealth Advisors:
- Bookkeeping: Managing the books, monitoring financial accounts, and tracking payments made and received.
- Accounts Payable: Managing the outgoing financial transactions of a business.
- Accounts Receivable: Managing invoicing and the incoming financial transactions of a business.
- Payroll Processing: Managing a company’s payroll and benefits in addition to ensuring compliance with payroll law.
- Bank Reconciliation: Ensuring transactions are documented on the business side and match bank statements.
- Tax Accounting: A year-round service that assists with corporate tax services, including tax reporting and compliance, planning, projects, preparation, and filing.
- Forensic Accounting: Locating missing funds.
- Financial Controller Services: Preparing the budget, payroll, tax compliance, and other functions.
- Accounting Audit: Performing an audit to validate recording keeping for accuracy and transparency.
- 401K Audit: Assisting business owners with providing retirement plans that are fair and compliant with federal regulations.
- Financial Consulting: Operating like a trusted business partner and providing consulting services to enhance financial stability.
How Much Does Fullservice Accounting Cost?
The cost of full service accounting can vary greatly depending upon factors such as geographic region, accountant experience and education, business size, and the scope of work. Some full service accountants charge by the hour, and others may work on a fixed-fee or proposal-based scale.
Most full service accountants are CPAs (Certified Public Accountants), which means they passed an exam to certify that they may perform all accounting duties. CPAs generally charge somewhere between $100 to $200 an hour. While this may seem like a large expense initially, remember that maintaining accurate financial records, having assistance with taxes, and having a financial expert for consultation purposes are important aspects to running a successful company.
Delta Wealth Advisors is Here for your Fullservice Accounting Needs
At Delta Wealth Advisors, we’ve built our firm by supporting hardworking business owners who understand the importance of putting their financial needs in dedicated, savvy hands. Our team of experienced tax and financial planning experts provides a full suite of accounting services, in addition to investment management, financial planning, and private real estate. If you’re ready to find out how Delta Wealth Advisors can meet your business and personal financial needs, reach out to us today.