Home Business Accounting Types of Service to Offer in your Tax & Accounting Firm

Types of Service to Offer in your Tax & Accounting Firm

Working as a tax and accounting professional gives you the opportunity to offer different kinds of services to your clients to help them grow their business. 

Let’s start with the basics.

  • One of the services you can offer is tax resolution.
  • Tax resolution is a service that will help your clients resolve their tax debt. 
  • There are a few different ways to do that. 

The first option is to offer a compromise to the Internal Regulation Service bureau together with your customer and try to convince them to give your client a tax deduction. 

This can be done if your client claims their financial situation as insolvent, meaning that he or she has no savings or other assets. 

This can be done if your client claims their financial situation as insolvent, meaning that he or she has no savings or other assets. Almost half of those requests are usually accepted by the IRS. 

Another type of tax resolution you can do is offering to your customers to set up a payment plan. That payment plan can help your customers extend the deadline they have to pay the owed taxes.  

  • Short-term payment plans are not liable for user fees. However, not paying the taxes when they are due may result in incurring penalties.

Another type of service you can offer to your clients is bookkeeping. All types of businesses need a bookkeeping service. 

  • Offering that service will help you receive monthly recurring revenue.  It means that getting even one client will get you paid every single month, which will help you build a long-term sustainable business. 
  • Bookkeeping is maintaining records of the financial activities of a particular business – from record-keeping and classifying transactions, posting journals, managing balance sheets and cash flow analysis, producing financial statements and reports, and more. 
  • There are various types of bookkeeping services you can offer: accounts receivable, accounts payable, you can also do specific one-time jobs such as job costing or financial strategy.

Another type of service you can offer in your tax and accounting business is a CFO service. 

  • A CFO is the financial partner and strategist of a business. The main goals of a CFO are to help firms manage their finances and meet their business goals. A CFO needs to look at the client’s KPIs and help them track and measure them.

Another type of service you can offer to your clients is tax planning service. Tax planning will help your clients strategically decrease their tax debt. You need to look at tax credits and reductions and see what best works for your client so they can pay as little money as possible.

  • As a tax planner, you can do activities such as deferring income or accelerating expenses. This can help your clients save thousands of dollars from taxes or sometimes even entirely erase their tax liability. 
  • You can charge decent money for a tax planning service. At the end of the day, you bring immense value to your clients by saving them a lot of money in taxes. 

These are the four basic types of services you can offer your prospective customers. 

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