What do accounting firms do?

Some common services accounting firms provide include:

• Tax preparation and planning

• Payroll services

• Business development and valuation

• Advisory services

• Outsourced Chief Financial Officer (CFO)

Here are some of the common types of accountants that work for accounting firms and what they do:

• Tax Accountant

  Tax accountants are certified public accountants (CPAs). Their main focus is preparing and managing taxes for a company or individual. They may also guide financial planning and estate planning.

  Tax accountants can also be referred to as tax preparers.

• Actuary

  An actuary is a financial professional that analyzes data and calculates risks. Actuaries analyze the financial consequences of business risks for companies or individual clients.

  They are experts in business, mathematics, statistics, and economics theories.

  They can generate financial roadmaps for companies concerning unforeseen circumstances, creating insurance and protections. Statistics are a key component of their job, and actuaries must be data analytics experts.

• Financial Advisor

  A financial advisor is a professional that helps clients understand and improve their current financial situation.

  Financial advisors help clients with many different needs, such as figuring out ways to save for college and retirement, how to invest, and how to make money available to meet regular expenses.

  They also see clients on the cusp of major life changes like marriage, divorce, job transitions, or childbirth. In addition to financial planning, financial advisors may also help clients with investment advice.

• Auditor

  An auditor is a financial professional that verifies the work accountants do. Auditors come after accountants have performed their financial record keeping.

  They examine documents and other information prepared by accountants to ensure they are giving an accurate picture of a company's financial situation. Auditors verify that these financial statements are assembled per generally accepted accounting principles.

• Financial Analyst

  A financial analyst analyzes past and current trends to help create a better financial future for a company or client.

  Financial analysts may use financial reports created by accountants to help guide a company on how best to use its resources.

  Their main objective is to investigate data to identify business opportunities or give investment plans. Senior financial analysts focus on devising investment recommendations more than anything else.

• Chief Financial Officer (CFO)

  A chief financial officer or CFO is a high-level executive at a company or corporation. However, some accounting firms lease out CFOs to organizations that do not currently have this role on their roster.

  A CFO is responsible for a company's financial operations. They control and build a company's financial department, execute financial planning, manage financial risks, and oversee record-keeping and financial reporting.

  A chief financial officer reports directly to a company's CEO and board of directors.