Accounting services examples

Accounting firms offer an alphabet soup of services that help business owners stay financially organized, compliant, and prepared for business growth. Business owners shouldn’t see an accounting firm solely as an outsourced job to stay compliant. Instead, they should see an integral business partner. 

Not all accounting firms offer a variety of services. Business owners may need to do extra research to decide the most suitable fit for the company’s specific business needs.

While some outsourced accounting services are specific niche services, others will offer several types of core accounting services, such as bookkeeping and payroll services, fractional CFO, and accounting systems support. Let’s take a look at a few accounting services examples, so you’re informed on the key benefits you need for your business. 

What are the key services offered by accounting firms?

Although accounting firms can offer many types of services, here are a few key services to look out for when choosing an outsourced accounting firm. 

Bookkeeping

Bookkeeping—the most basic accounting function—involves tracking and maintaining a company’s financial records, including revenue and spending. Bookkeeping provides the foundation of good information that the rest of your accounting will be based on.

Monthly Accounting

The step-up from bookkeeping is monthly accounting. It involves all the monthly steps to track financial health and provide insights properly. Accountants use their expertise to review the record to help prepare reports, build budgets, analyze steps required to make good business decisions. 

Cash Flow Forecasting

Cash is the driving force of any organization. The ability to foresee your cash flow can determine the difference between success and failure. An outsourced accounting provider helps business owners avoid shocking bills or shifts in income when reviewing a company’s inflows and outflows. They also leverage the latest technology to help business owners gain a firm understanding of projected cash flow.

Outsourced CFO

For businesses that are finding success, experiencing rapid growth, resolving a challenge, or requiring project-based expertise, an outsourced Chief Financial Officer (CFO) or Fractional CFO is an ideal option. An outsourced CFO is a highly educated financial advisor and strategic consultant who provides extended company services, such as more detailed guidance and additional support for larger accounts. 

Operational Support

Making smart decisions based on numbers and data doesn’t happen by accident. Accounting firms offer operational support to assess current practices, implement new systems, and build processes to optimize your financial operations. An excellent outsourced accounting firm implements a roadmap to help businesses plan a journey and reach targeted goals.

These essential services are just a few offered by accounting services. Our list of accounting services blog posts provides a more in-depth guide on the types of accounting you might need for your business. 

Tally your numbers with Milestone 

Have you been searching for a “business accountant in the USA?” If so, then you’ve come to the right place. Milestone Business Solutions is an Indianapolis-based outsourced accounting services firm with a national footprint. Milestone is a direct response to small businesses and nonprofits that are looking for a true business partnership.

Milestone offers bookkeeping, monthly accounting, Chief Financial Officer support, cash flow forecasting, and other operational consulting services. With the combination of the latest cloud-based technology and experienced accountants, we give you the information you need to make smart decisions so you can have the time to run your business.

At Milestone, we reimagined your back office so you can focus on other business needs, all the while making your business thrive.  Click here to learn more about the Milestone difference and unleash your back office.