There are various types of firms available to the public. However, the two most common are accounting firms and CPA firms. On the surface, they are very similar in offering similar services:
- Both: oversee/help create company budgets
- Both: oversee internal audits (accuracy of reporting financial data)
- Both: handle tax preparation and reporting documents for government audits
Accounting firms generally focus on daily accounting tasks, such as bookkeeping, payroll, preparation of financial statements, and providing financial reviews. (ave. hourly rate: $200-400)
CPA firms typically service quarterly and annual tax planning, forensic accounting, and audit services. (ave. hourly rate: $300-500)