The Different Types of Accountancy

Do I need an accountant if I am self-employed

Accountancy is a vital industry in today’s world! Accountancy services can help individuals and businesses both small and large organise their finances, understand their tax obligations, and develop strong financial planning. While there are countless different specific disciplines within the accountancy industry, these three major types of accountancy account for much of the industry between them: public accounting, management accounting, and tax accounting.

Public Accounting

Public accountancy firms are independent accountants who usually have a range of clients, in contrast with private accountants who work exclusively for a single corporation. Public accountants provide advice and consultation for their clients to aid them in understanding their finances or help inform company financial policy. This may involve analysing current finances, performing audits, and preparing financial statements on behalf of their clients.

Management Accounting

Management or managerial accounting is a form of accountancy where the focus is on providing businesses with internal advice to help them manage their finances. This type of accountancy has a broader focus on the wider industry alongside the finances of the individual corporation. Managerial accounting can involve preparing financial forecasts, creating company or departmental budgets, and analysing financial policy to provide actionable changes to help increase financial efficiency.

Tax Accounting

Tax accountants, as the name may suggest, focus primarily on helping individuals or businesses accurately file their taxes, legally reduce their tax burden, and comply with relevant tax laws regulations. Tax accountants will be incredibly knowledgeable in relevant national and international tax laws, allowing them to assess a client’s financial situation and offer bespoke advice on how to reduce their taxable income. They may also audit relevant documents such as receipts for business expenses to ensure legal compliance.

These three major disciplines within the accountancy industry certainly do not account for every type of accountant out there, but a huge proportion of what the accountancy industry does every day falls somewhere in one of these categories! But no matter what the financial needs of yourself or your business are, there’s guaranteed to be an accountant with all the specialised experience required to help you develop and strengthen your finances. For more information about the best accountancy services Manchester has to offer, get in touch with our expert team today.



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