How Accounting Firms Can Benefit Your Business

accounting firms, you may be surprised at the unique scenarios you could be involved in. There are several services that you will provide for high-end clients, and you can potentially help their company grow and become more efficient. It is recommended to specialize in a certain niche. It will give you the opportunity to become a leader in your chosen specialization and it’s a smart career move for anyone who would like to expand in their field, but it requires someone who is knowledgeable and a skilled problem-solver.

The Niches

There are nine major niches that you can work for accounting firms in Coquitlam, and the first one is the entertainment niche. You will act as the personal CFO for entertainment professionals and their shareholders. You could potentially work for top clients in the film, television, and music industries. Some of the job duties you will have are cash management and financial planning, business entity formation, international business and tax consulting, tax planning and preparation and implementing retirement/pension plans. In addition, you will also be in charge of bookkeeping/check writing, real estate and large asset purchases, as well as insurance coordination (personal, commercial, and health). You will also be completing banking, payroll, investment guidance as well as trust and estate planning.

The next niche is family wealth, which will help you maintain the wealth that took you a lifetime to build. This niche includes family office services such as payroll and cash flow management. The accounting firms’ services also include trust and estates such as accounting and administration, and estate and gift tax returns. You will also receive services in income tax such as tax planning and compliance preparation of tax returns.

Helping Various Industries

The third niche is helping non-profit organizations. They will need the assistance of accounting firms, so they don’t have complications with government regulators, donors, and funding sources. They need to know everything about financial and compliance reporting, as well as professional governance by boards of directors and their audit committees. The fourth niche is real estate, which is always changing. You will provide assistance with audit, reviewing and compiling financial statements, tax projection and return preparation, as well as bookkeeping and accounting just to name a few.

The fifth niche is the middle market sector, where you would provide services with private companies such as architecture and engineering. The sixth niche is international tax, where you will provide services in tax consulting and compliance services to American companies who have foreign projects, or who are planning to expand. The seventh niche is the law firm services group, where you can become an expert in specializing consulting, tax, and accounting firms’ services in the legal sector. The eight niche is the franchise services group, which helps people take control of their future. You will provide services for franchisers and franchisees in areas such as tax planning and preparation, as well as implementing cloud-based computing. The ninth niche is royalty and contract compliance services, where you will assist clients with attaining the royalties that they are entitled to.

Accounting firms are highly trained in working with business with tax, assurance, accounting, business consulting, and business management. You will be able to share your insights with clients from an array of industries.