Accountants manage financial records and monitor financial transactions in an organisation. They help organisations understand their financial processes and provide advice on how to increase their financial capability. While you may think that all UK Accountants offer the same services and benefits to their clients, you are wrong.
Accounting is, in fact, a very extensive professional sector with people working in multiple capabilities. When you are out searching for a good accountant, it helps to know about the different services they can offer to you. Before we understand the services, let us understand the sectors of accountancy in which these professionals operate.
Public Accounting
Public Accounting also refers to assurance services. The scope of public accounting is very broad and includes many types of services. The accountants who operate in the public accounting sector provide bookkeeping services as well as financial analysis services. An accounting firm in UK that provides public accounting services also offers account management services. Public accountants are well educated on taxation law and provision. Such professionals help in tax preparation and provide tax advice. These professionals also take part in account system design for organisations.
These accountants advise organisations about employee compensation and payment models. Public accountants also help in tax auditing and filing. UK chartered accountants can also be working under the public accounting sphere.
Management Accounting
Accountants who work in the Management sector operate closely with different companies. Professionals in the management accounting sector deal with the financial data of many business organisations and help them with financial analysis. Accountants in the management sector help companies in asset management, budget analysis and management, and cost management.
Management accounting services are also used during the planning phases of the new product line launch to monitor the budgeting part. The advice of a managing accountant helps cut costs without hampering the quality of the product. Chartered accountants in UK help companies prepare their taxes and file taxes with the government. Accountants help businesses evade any kind of legal or financial trouble. Professionals in the management accounting sector help a company plan its financial projections after analysing present and past financials.
Governmental Accounting
Governmental accounting is a sector that relates to accounting under government agencies. The bulk of work in government accounting is high because there are many public initiatives and programs for which the government is accountable. The responsibility of a governmental accounting professional is to create budgets and keep finances in check according to the law. Governmental accountants do asset management on behalf of the government and the public.
Internal Auditing
Companies and large scale organisations are frequently in need of internal audits. Internal audits reveal any fraudulent financial practices and financial mismanagement inside the organisation so that the financial infrastructure can be improved and brought back on track. Companies that undergo frequent internal audits perform high in revenue and profits. Accountants that specialise in internal auditing do so with regards to financial laws and regulations so that the company is legally and financially functional.
These are the few sectors in which accountants work every day. Even though these sectors are very different, the bottom line of accounting services converges on financial management services for people and organisations.