Areas of Practice & Tax

There are many areas within Practice and Tax to specialise in. We are often asked what the difference is between each specialty so in the most straight forward and simple way we could, we have defined key areas below.

Audit

The finance of a company and the way these funds are accounted for is integral to any business. Roles in audit are primarily focussed on inspecting a client's accounting methods and procedures - essentially rubber stamping the accuracy of these. Working in audit can also involve looking at financial controls, systems and potential risk scenarios. From this, they will then advise clients on potential paths to improvements.

Accounts

Depending on the size and nature of a company, accounts teams can vary. Essentially Financially Accounting involves thoroughly monitoring financial transactions and then preparing accounts. This means preparing financial statements at month-end, quarter-end and annual reports. You would work closely or be responsible for balance sheets, profit and loss accounts and cash flow.

Management Accounts

Where one would need intelligence and accuracy to work in accounts, a management accountant would have to add foresight. In its simplest form, management accounts use financial data to provide management different scenarios in how to proceed financially. Roles also involve preparing and controlling budgets, forecasting and financial planning.

Tax

Everyone comes across tax in their lifetime. Equally every organisation must factor in how they meet any legislation whilst being tax efficient. Tax Consultants specialise in advising clients just how to do this. They would seek to minimise tax liabilities, investigate tax issues in corporate finance and liaise with HM Revenue and Customs for best practice. Across the taxation markets we have a specialist knowledge base including; personnel, corporate, international, expatriate and VAT.

Big Four

The 'Big Four' comprises of PriceWaterhouseCoopers, Deloitte, KPMG and Ernst & Young. Considered by many as the premium providers of professional services, these firms give clients highly qualified accountants to advice on their needs. This could cover any of the areas we have explored including audit, taxation and corporate recovery.

Internal Audit

Where external auditors are Accountants from third companies rubber standing financial procedures, internal auditors are directly employed by a company and will monitor systems and accounts year long. They will work with external auditors when necessary.

Corporate Finance

Businesses can often be dynamic and diverse. This can be down to how competitive the market is. Quite often businesses will acquire another, merge resources or need to raise considerable funding. Those in corporate finance specialise in the accounting implications of such moves.

Forensic Accounts

A business does not have to be large to be complicated. However stringent an accounting system may be, accidents still occur. Be it theft, fraud or a simple system error, a forensic accountant would analyse the procedure and find the root of the problem. This could be advising on corporate finance issues or even tracing business assets.

Corporate Recovery

A company may be extremely unlucky or unstable. Working in Corporate Recovery will give employees the chance to advise on under performing businesses and help them recover. Typically, people can expect to exercise their commercial skills too.