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9 Out of 10 Accountants Agree, There Is A Type Of Accounting For Everyone

In today's complicated world, not very many things are generally cut and dry. From what you'll eat for breakfast to which of the thousands of films you'll stream that night, there really is no end to the endless stream of things in our lives, and accounting is no exception. In fact, accounting is such a diverse field, there are multiple ways you can choose to categorise it, and each results in entirely different sets of subsections compared to each other. Thankfully, here at the M.A.S Partners, our small business accountants can help make it clearer.

Corporate Accounting, Or, An Inside Job
Unfortunately, unlike in any action movie produced in the 90s, the phrase 'an inside job' doesn't have any exciting connotations here. However, corporate accounting is used by corporations to perform their own internal accounting tasks, allowing them to manage their records and ensure they are meeting all of their obligations, be it from payroll to taxation. Once a company reaches a certain size, this is generally the best way to handle its business accounting needs.

Public Accounting, For The Good Of The People
Conversely, public accountants work with external clients, which can be anyone in the private sector (which isn't at all confusing). This means public accountants work with entities such as companies, small corporations, or, most commonly, individuals. Much like corporate accountants, though, public accountants handle everything from legal obligations through to paying money as required, be it filing tax returns or managing debt.

Government Accounting, For The People
Once you reach the public sector, though, you'll begin working with government accountants (who, again, are not public accountants). These positions generally require more stringent vetting when compared to the previous fields, and the frameworks within which they work are usually entirely different to either corporate or public accountants. Where both corporate and public accountants perform similar tasks, just for different clientele, government accountants depart from that structure entirely to perform radically different work for any governmental body, be it on a local, state, or federal level.

Forensic Accounting And Why It's Not Always To CSI
While the term forensic accounting may sound like it's associated with the wild rush of criminal investigations, that's not always the case. Sometimes these professionals are called on to find evidence of a crime having been committed, but generally speaking, forensic accountants are called on to recover, reconstruct, or simply collect financial data where other accountants may find the task exceptionally challenging.

Not Sure What You're Looking For?
Normally, if you're not entirely sure what branch of accountants you need, you'll probably be looking for a public accountant. However, if you'd like to have a discussion with a friendly local team of business accounting experts, we would be more than happy to discuss your needs with you. To speak with our team of small business accountants in Sydney about what we can do for you, call us on (02) 9211 5000.

 
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