Accounting or auditing firms provide a range of services to their clients. Some companies will be required by lenders or customers to have their books audited by an independent third party. Many accountants will perform audits for their clients. “Reviews” and “compilations” are similar to audits but less expensive and the requirements are not as strict as an audit. Most startups do not hire an auditor before a significant amount of capital has been raised from outsiders.
In addition to audits, some small business accounting services will reconcile bank statements, prepare monthly or quarterly financial statements, check the general ledger for accuracy, and help a company determine how much of its accounting it can and should do itself, and how it should be accomplished. For example, an accountant can help a company decide if it is a candidate for QuickBooks or online accounting programs and if so, provide training to use it properly.