The general public often associates accounting with checks and balances or tax filings but the truth of the matter is there is so much more to the practice. Depending on its application, the type of accounting methodology necessary for deciphering the figures available varies considerably. While many of these different areas combine similar practices, the details of each make administering the appropriate branch of accounting key to its completion.

Accrual Accounting and Cash Basis Accounting are the two main modes of operation but these are not to be confused with the various styles and applications. Each of the different methods will utilize one of the two modes but each situation will determine which branch of accounting should be implemented for the desired results.

Corporate Accounting

Business practices associated with the financial records are all utilized in corporate accounting. Tracking cash flow and creating reports for upper management to make decisions about the direction and financial future of an entity are all part of this accounting practice.

Cost Accounting

Similar to corporate accounting but with a specific focus, cost accounting captures the overall price of production and manufacturing. Able to be used for determining future purchases and where cost saving initiatives may be applied, cost accounting is an essential operation for businesses of any size.

Governmental Accounting

Civil responsibilities and duties are actively calculated in governmental accounting. Typically the results of these practices help provide values to various types of funds which may be associated with different projects.

Tax Accounting

One of the main areas many associate with accounting in general, this particular method deals with the preparation, filing, and payments associated with all taxes. From quarterly estimates to annual business/individual returns and everything in between, this is a common area of accounting.

Public Accounting

While not all accountants hold a CPA (Certified Public Accountant) license, those dealing with the public nomenclature will. Typically associated with a firm who handles the accounting practices for both individuals and businesses, public accounting casts a wide net capturing a variety of different applications.

Forensic Accounting

Forensic Accounting is usually associated with some type of inquiry into the practices of either an individual or business. These types of activities are used to analyze the monetary actions of a subject and may involve criminal activities such as fraud, tax evasion, or theft.

If you’re in an accounting situation and needing guidance, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!