What Is Financial Accounting?
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
What Is Financial Reporting?
Financial Reporting is the process of documenting and sharing financial activities and performance over a set time period, usually quarterly or yearly. Companies use financial reports to organize accounting data and report on their current financial status. A financial accountant’s job duties include reviewing accounting records, analyzing the data for specific reports, and creating required reports for upper management.
What are Tax Preparation Services?
Tax preparation includes federal, state, or local tax returns including corporate information tax returns (e.g., Form 1120s with K-1 schedules). Tax advisory service includes analyzing financial and tax problems, formulating solutions and making recommendations designed to provide advice on taxation for clients ranging from individuals to small and mid-size businesses.
What is Internal Audit and its benefits?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes
What is SOX and why is it important?
The Sarbanes-Oxley Act (“SOX”) is a federal law passed in 2002 with bipartisan congressional support to improve auditing and public disclosure in response to several accounting scandals in the early-2000s. It established and improved auditing and financial regulations, and provides a greater oversight for corporations. Lawmakers created the legislation to help protect shareholders, employees and the public from accounting errors and fraudulent financial practices.