Global accountancy networks provide professional management services that support many firms in handling accounts, do the audit and other financial activities and provide advice in exchange of fees. These firms give overall protection to client firms. Accountancy networks operate in different countries. Each firm has got a membership but has a distinct legal entity.
The core functions of professional service network:
Audit:
Public limited companies need to audit their firm as required by the security exchange commission to verify the ethical codes, finances, and other functions of the companies to ensure that the shareholders are not deceived in any way. Global accounting networks work for reputed companies and do audits for them to submit.
Taxation:
Accountancy networks work for their client’s taxation. Public limited companies need to pay taxes twice, one on corporate tax and the other one is the tax from the owner's income. Calculating taxes for public limited companies is quite intricate. Professionals handle the tax file of the big giant companies and try to earn some rebates.
Negotiation:
Sometimes the government imposes extra taxes on certain businesses. Insurance companies deny the claims for the demurrage or dispute with the competitors. Network firms try to negotiate with other entities and try to resolve the issues.
Management consulting:
International accounting firms have worldwide operations from different industries. Companies have issues with mergers and acquisitions, joint ventures, or expanding business abroad. These firms help out their clients with expert advice keeping the information confidential.
Handling legal matters:
Often companies are in dispute with other business entities. There is hardly any business without being subjected to any litigation. Accountancy networks provide legal advice and support their clients.
Create Brand values for the companies:
Global accounting networks consolidate numerous companies under one umbrella and share the umbrella name with clients. Ultimately other companies also become part of the same accountancy networks that give them specialized brand value and prestige.
These firms guide client firms well and work as the protector of multiple companies.