Why is accounting a service industry?

Accounting is a service industry because it provides the service of accounting to individuals, families, companies, businesses, and other entities that need assistance with accounting, financial advice, bookkeeping, or tax preparation. Here are some common roles in the accounting industry and the services they provide:

• CPA

  In the world of accounting, a CPA is a tax specialist. CPA stands for Certified Public Accountant, meaning the CPA had to pass the Uniform Certified Public Accountant Examination.

  CPAs' knowledge of taxes means they can give invaluable counsel on reducing the taxes a company or client will owe each year.

• Financial Advisor

  Financial advisors help clients with many different needs, such as figuring out ways to save for college and retirement, how to start investing, or how to have more money available to meet regular expenses.

  They also see clients on the cusp of major life changes like marriage, divorce, job transitions, or childbirth.

• Financial analyst

  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.

• Chartered Accountant

  Chartered accountants keep or organize financial information. Individuals and businesses employ them to assist with tax returns, financial statements, or lending agreements.

  Other tasks of chartered accountants include conducting payroll, managing investments and expenses, and accounting for internal finances such as transaction data.

• 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.

• Auditor

  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.