My Accountant Can Do That?

Everyone knows that accountants do accounting—after all, it’s in the name. But it might surprise you to learn that most accounting firms offer many services beyond the scope of traditional tax and audit work. We’ve compiled a (non-exhaustive) list of the various types of advisory and other services that one can expect from an accounting firm in 2019—read on to learn more.

Business Advisory

Are your business worries keeping you up at night? Most accounting firms offer a team of advisors devoted to providing insight and innovative solutions for business owners. Common service offerings in this area include:

  • Budgeting
  • Profitability analysis
  • Strategic planning
  • Outsourced CFO
  • Implementation of financial, cash, and risk management strategies

Business Valuation

As organizations grow and evolve, situations can arise which require them to obtain a reliable valuation of their business. Here are some of the business valuation services that many accounting firms offer:

  • Price negotiation (on the sale or purchase of a business)
  • Legal dispute settling
  • Gift & estate planning implementation

Emerging Business Advisory

This type of specialty practice caters to startups and growing businesses by helping them gain momentum and make key decisions in the early stages of their business development. Their objective is to put entrepreneurs on the path towards achieving long-standing success. Services in this area include:

  • General management consulting
  • Internal control design & review
  • Start-up and growth planning
  • Legal entity structuring
  • Shareholder/partner agreement facilitation

Financial Planning & Wealth Management

For both individuals and businesses, sound decisions today make for future well-being. Most accounting firms offer some sort of financial planning and/or wealth management advisory services, including:

  • Financial plans
  • Retirement projections and planning
  • Personal CFO services
  • Insurance services
  • Investment management & advisory services
  • College funding
  • Business continuity
  • Income preservation
  • Wealth accumulation

Forensic Accounting & Fraud Prevention

With corporate fraud impacting more than half of all U.S. businesses, this is a great area of need for many. Accounting firms offer services to business looking to create a prevention plan to minimize fraud risk, as well as to those who have already fallen victim to fraud and need help identifying their exposure and recovering. Common forensic accounting and fraud prevention services include:

  • Fraud examination (including employee embezzlement, frauds by unrelated third parties, frauds by vendors, financial statement fraud, and corruption)
  • Damage calculation
  • Expert witness testimony
  • Internal control design, implementation, & review
  • Risk & vulnerability assessment
  • Litigation support (including financial valuation of a loss, expert witness testimony, and opposing report critique)

Human Resources Consulting

Your employees are pivotal to the success of your business. Many accounting firms offer a variety of key human resources services, including:

  • HR program development, training, and consultation
  • Compensation and benefits consulting
  • Recruitment
  • HR outsourcing or support
  • Strategic alignment
  • Retention strategies

Information Technology Services and Consulting

Many firms offer customized technology solutions that enable businesses to benefit from the promise technology offers while simultaneously protecting them from the risks that technology presents. Common service offerings in this area include:

  • Network setup and design
  • Paperless system design
  • Security system review & implementation
  • Software selection
  • Software support & installation
  • Hardware setup

Litigation Support

Accounting firms can help in a variety of capacities, when it comes to litigation support. Some of the most common service offerings in this area include:

  • Assistance with the preparation of document requests
  • Depositions
  • Examinations under oath
  • Settlement negotiations
  • Financial investigations
  • Analysis of damage claims
  • Preparation of financial models

Mergers & Acquisitions

The purchase or sale of a business is a big deal. It requires extensive data gathering and analysis, as well as the review of complex issues. Accounting firms offer a variety of services in this area, including:

  • Business valuation
  • Due diligence
  • Offer evaluation
  • Tax planning & preparation
  • Financing
  • Income statement review
  • Agreed-upon procedures
  • Post-transaction cash flow & earnings analysis


Many accounting firms employ professionals who have developed a QuickBooks specialty and earned a variety of QuickBooks certifications. These specialists understand the needs of businesses and are equipped to help in utilizing the technology strategically, securely, and effectively. Services in this area include:

  • Accounting system review
  • QuickBooks installation
  • Customized program set-up
  • On-site training
  • Phone support
  • System performance improvement
  • General accounting instruction
  • Year-end closing support

So, what do you think? Did anything here surprise you? Perhaps it’s time to reframe your image of your accounting firm from an office full of compliance officers to a varied and talented set of knowledgeable advisors. Reach out to your valued advisor today to learn about the various advisory and specialty services that your accounting firm has to offer!