With the establishment of the first English colonies in America, accounting or bookkeeping, as the discipline was referred to then, quickly assumed an important role in the development of American commerce. Two hundred years, however, would pass before accounting would separate from bookkeeping, and nearly three hundred years would pass before the profession of accounting, as it is now practiced, would emerge.
The accountant, the accounting firm, and the accounting profession of the twenty-first century are quite different from what existed at the beginning of the twentieth century. In contrast to a bookkeeper manually recording entries in a large bound volume, an accountant is now responsible for information concerning all facets of a business and is dependent on the latest technology for processing that information. In contrast to small local firms, accounting firms now can be large international organizations with reported revenues of billions of dollars. In addition to the traditional audit/ attest information, accounting firms provide their clients with tax services, financial planning, system analysis, consulting, and legal services. At the beginning of the twentieth century, the accounting profession was just emerging. Today, the profession is comprised of thousands of men and women working in public and private firms as well as profit and nonprofit organizations as members of management teams or as valued consultants.
OliveTree mainly handles two main service types in outsourced/ offshored US Accounting: