Updated: May 4
As a business it can sometimes be difficult to know what type of accountant you need, so what are the different types of accountancy and what does each one do?
Tax accountants help business with the filing of their tax returns and make sure that you are within the law. They can also advise you on tax planning to help you and/or your business save money.
Auditors are specialists and they review the accounts to ensure that your company or organisations financial records are valid and legal. They can also advise on any risk and suggest measures and cost savings that can be put in place. Often they are brought in to large companies where they suspect some unusual activity is going on.
A financial accountant supervises the organisation of financial records, maintains records, helps with finance planning and assists with VAT returns etc.
A Management Accountants role is to analyse, budget and plan. They'll produce reports to help the business owners understand how they are performing and help them plan for the future. They essentially manage the risk and advise the business on their performance and how they can improve and have growth.
A Forensic accountants role is all about investigation. They will look through a companies accounts for errors etc when looking for evidence of crimes such as fraud. They will also give expert testimony in court cases.