For a compilation, your accountant will simply take the financial general ledger and create financial statements from it. Business consulting Business consulting is one of the more specialized services, so the rate or fee may reflect that. If you're exploring a specific aspect of your business, for example looking to cut costs and improve your profit and loss statement, it's a good idea to look for an accountant who not only has experience in business consulting but one who is also familiar with your industry and market. Business valuation Business valuation is also a specialized kind of service, so as with consulting, you can expect the costs to go up. Business owners might want a business valuation if they are looking to sell the company or if they want to do some estate planning.
Business valuations are also useful when applying for a loan.
In any case, you'll want to find an accountant who has experience dealing with companies in your industry and market. An accountant with this kind of background will have more insight into your particular situation than one who is just stepping in with no frame of reference to draw from. Financial planning Financial planning has really taken off in the past five to 10 years for accountants. This service turns the focus from the business to the business owner. The need for financial planning becomes more pressing when a business owner starts to look at long-term care insurance, wills and trusts, and estate planning.