Find the best Accounting services in Queens
Accounting refers to the methodical and comprehensive recording of financial transactions related to any business. It covers activities such as basic bookkeeping, summarising and reporting of transactions to Government and tax agencies. Maintaining a flawless account has numerous advantages, such as evidences during court proceedings, settlement of taxation liabilities, selling of business, etc.The four basic functions of accounting services in Queens are:
- Systematic recording of business transactions
- Complying with legal requirements
- Communicating the results to interested parties
- Protecting the business properties
Firms/Companies providing accounting services in Queens take care of the following:
- Bookkeeping
- Preparing financial statements with compilation reports
- Calculating net asset value, and administration, performance and management fees
- Preparing management reports
- Advising on taxation matters
- Providing on-site assistance and consultations
Accounting principles are the rules and guidelines that companies follow during reporting of financial data. The common set of United States accounting principles is the Generally Accepted Accounting Principles (GAAP). It is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. It improves the clarity of the communication of financial information. Call 347-434-5000 for more information.
While a bookkeeper handles the basic accounting functions, Certified Public Accountants (CPA) handle advanced accounting. Accounting services in Queens have several sub fields or subject areas, such as financial accounting, management accounting, cost accounting, auditing, taxation and accounting information systems.
- Financial accounting: It reports an organisation's financial information to external users of such information, such as current and potential investors, and creditors. It calculates and records business transactions and prepares financial statements for the external users.
- Management accounting: This branch focusses on measuring, analysing and reporting information that are helpful for managers in making crucial business-oriented decisions. The calculations are based on cost-benefit analysis, and do not usually follow the generally accepted accounting principles
- Cost accounting: It helps businesses in taking decisions about costing. Essentially, it considers all of the costs related to producing a product, based on which the market price is fixed by the owners.
- Auditing: It is the unbiased examination and evaluation of financial records of an organisation
- Accounting information system: It forms a part of an organisation's information system that focuses on processing accounting data.
- Tax accounting: It focuses on the preparation, analysis and presentation of tax payments and tax returns.
Queens, home to myriad businesses and companies, houses numerous multi-national consultancy firms providing accounting and taxation services, such as Ernst & Young (E&Y), Price water house Coopers (PwC), KPMG, etc. They provide support in the following fields, apart from the standard accounting services:
- Deferred tax validation
- Support in preparation of tax basis balance sheets
- Assistance in remediation and restatement
- Support in preparing financial statements
- Consulting for uncertain tax position (FIN 48)
- Consulting for issue-specific tax accounting, including valuation allowance assessments, business combinations, Intra-period allocations and accounting for stock-based compensation.
Their services address the procedural and the technical aspects of the following:
- Income and Expense recognition
- Cost recovery of capitalised items
- Inventory accounting
- Mergers and acquisitions
- Earnings and profits
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