Types of Accounting Consulting Firms

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Types of Accounting Consulting Firms

By | December 2010
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Types of Accounting Consulting Firms

There are several different types of accounting firms in the United States. Accounting firms can be classified in several ways such as: the number of staff employees, the number of offices, revenues, services provided or whether they are domestic or international. This article will break accounting firms down by specialty or the services they provide. The different types of accounting firms include: full service firms, tax firms, audit firms, risk management or internal control firms, outsourced service firms and business development firms. Full-Service Accounting Firms

1.Full-service accounting firms provide a wide variety of services. Ernst & Young (E&Y) is one of the Big-4 accounting firms, referring to one of the four largest U.S. accounting firms, that provides multiple services. E&Y provides tax, audit, risk management, business development and executive coaching services. The firm has a presence on every continent, with exception of Antarctica. There are many firms, both large and small, that operate multiple departments. All of the large multinational firms operate in this manner. Many of the larger domestic firms offer a variety of services as well. These firms tend to do better in a recession due to the diversified group of services that they provide and the broad sector of clients that they service. Tax Firms

2.Tax firms provide tax services only. These kinds of firms usually choose to specialize in one niche market. Tax firms can be sub-categorized into firms that offer individual tax services, business tax consulting, and high net-worth tax consulting. Many tax firms even have a division that works within the tax-specific areas of estate planning. H&R Block is a tax firm that primarily provides tax compliance services to individual tax filers. Although the company does complete business returns as well, that is not what they are known for. Specialty tax firms, like Margolis, Phipps & Wright in Houston,...

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