The Main Types of Accounting

1. The main types of accounting. Accounting is a vast and dynamic profession which constantly adapts itself to varying needs of the user. Accountants take care of the financial business. The duties that an accountant provides ranges from income earnings to outgoing payments. They are in charge of the figuring of payrolls, tax deductions, and payment of distributors, implementing cash and maintaining the books of accounts. The duties of an accountant vary depending on the type of services they offer. Below are the different types of accountants out there: 1. Certified Public Accountant (CPA) Certified Public Accountant (CPA) constitutes the upper division of accountants who are recognized as the experts of an organization accounting records and financial understanding. CPA accountants form a big portion of tax advisors near you in Cannock as some of their work does involve the taxes and an involvement tends to be in-depth than simply just working on taxation of business. The role of a CPA's is that of a trusted business advisor, helps their clients plan and meet their financial goals and also assist in other fiscal matters revolving around the business. This includes services such as auditing, forensic accounting, consultation and litigation services. 2. Forensic accountant These are the "FBI" of the accounting world. They typically analyze financial records to ensure that they follow the law of a particular jurisdiction. Forensic accountants are brought in business to uncover accounting errors, omissions, and fraud or embezzlement of funds. A forensic accountant must possess a specific skill set combined with the mind of an investigator. The typically work with the investigation and can serve as a technical expert witness in the court proceedings. To earn such a title, you'll need to have a degree in accounting. 3. Auditor An auditor is the accuracy expert in business. Many businesses from profitable businesses to non-profitable are required by law to do an internal audit. External auditors are brought in to analyze the books of accounts and produce unbiased reports. The accounting professionals are often tasked with the examination of financial statements, inspecting the books of accounts, organizing and maintaining fiscal records as well as providing recommendations for the general improvement of a business. 4. Management accountants When making strategic business decisions, the managers of the business needs to know the financial health of a business. It's the responsibility of management accountant to provide the necessary information so that sounds decisions can be made regarding the future of the company. Other common duties of a management accountant include planning and budgeting, risk management, profitability analysis and much more. 5. Taxation accountant

2. Tax accountant refers to the services provided for tax-related matters. A tax accountant works on the rules that are prescribed by tax laws of a certain jurisdiction. Often these laws are not similar to the laws that govern the preparation of financial statements for public use. A tax accountant will be required to follow the law and adjust the financial statements that are prepared by under financial accounting principles. The information is finally used by the tax professional to estimate the tax liability of a business and for tax planning processes. There are plenty of qualified tax advisors near you in Cannock that will give you the services above.