How Are Accountancy Firms Structured?
October 11, 2017
You might have wondered before how your accountant Kent, or elsewhere, was situated within their accountancy firm. Or perhaps you are considering a career in accountancy and wonder where you will fit in in a large firm. While generally speaking, each firm differs in their individual structure, most do follow a simple organisational scheme:
Large finance and accountancy firms generally handle several different services, such as tax accountancy,auditing services, and investment advisory services. As such, depending on the size of the firm, it will most likely be divided into departments that handle differing aspects of the financial services. Of these departments, some do and must communicate frequently with each other, depending on the context or the cases that are being worked on.
Within each department you will find associates. These associates are often the first port of call for clients and they may be new associates who have just finished their Bachelors training or they may have been with the firm for a year or two. Overseeing the associates, you will find senior accountants and managers, followed by firm partners: somewhat like the internal structure of a legal firm.
- Corporate Structure
In addition to the above structuring considerations, accountancy firms may also be structured or organised as; a sole proprietorship, a public company or as a partnership. That is, they could be the venture of a single accountant entrepreneur or a partnership, or be a public or governmental organisation. Again, much like the corporate classification or organisation of legal firms.