Many business owners are great at providing the product or service that is the backbone of the business. But business owners aren't always experts at the financial aspects of running a business. Accounting firms can assist with this. Copies of business bank accounts can be sent to accounting firms that work with bookkeepers to maintain accurate cash flow records. Accounting firms also create profit and loss statements that break down key areas of costs and revenue streams.

Accounting firms also may assist with accounts receivable and manage outgoing monies that include vendor payments and payroll processing. Accounting firms can also help ensure that required federal paperwork for on-boarding employees and independent contractors is completed so that the company can issue year-end payment documents properly.