The general functions of an Accountant are record, collect, analyse, and report on financial data. In some cases, accountants use the financial records compiled by bookkeepers to prepare financial statements and reports.
Duties And Responsibilities Of An Accountant
In this article, we will explain some of the duties and responsibilities of an accountant. Some of the duties of Accountants are:
1. Financial Data Management
The way that a company structures it's accounting is an essential component to business operations. One of the main aim of an accountant usually involves the collection and maintenance of financial data, as it relates to a company or firm. An accountant makes suure that financial records are maintained in compliance with lawful and accepted procedures and policies on the corporate level. The financial information for any business organization should be kept in an uncorrupted system because it is a key component used in operating and running any business. Managing the financial data of an organization can also include more complex duties, such as developing, implementing and maintaining financial data bases, as well as establishing and monitoring control procedures.
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2. Analysis And Advice
Accountants are analysts, and they may perform certain types of analysis using financial data that is used to assist in making business decisions. Some of the duties range from deciding which kinds of supplies to order, payment of bills to payroll, the accountant handles many intricate financial details on a daily basis. Advising on business operations can include problems such as revenue and expenditure trends, financial commitments and future revenue expectations. The accountant also analyzes financial data to resolve certain discrepancies and irregularities that may arise.
3. Financial Report Preparation
Accountants prepare financial statements that may include monthly and annual accounts based upon the financial information that is compiled and analyzed over a period of time. The preparation of financial management reports can include accurate quarterly and year-end closing documents of all financial activities of the firm. The Reports which are compiled may be used in connection with the continual support and management of budgetary forecast activities.
4. Regulatory and Reporting Compliance
It is the responsibilities of accountants to ensure that all financial reporting deadlines are met, internally and externally. For instance, quarterly, semi-annual and annual reports all have specific deadlines, as well as some tax implications. Supervising and supporting taxation issues and filings is a responsibility of an accountant. The accountant also usually coordinates the audit process by assisting with preparing financial data.
5. External Business Affiliations
Accountants often work with financial professionals from the four major fields of the industry: public, management, internal auditing and government accounting. Accountants also provide data to a public accountant, who acts as a consultant, auditor and tax service professional to the government. Corporations, nonprofits, organizations and governments employ the service management accountants to record and analyze financial information of the businesses in which they are employed. Accountants usually advise company executives, creditors, stockholders, regulatory agencies and tax personnel. Accountants can also work with government officials who are examining, inspecting and maintaining the financial records of the private business for whom an accountant is employed, in connection with taxation and government regulations.
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6. Ensure That The Company Financial Comply With Laws And Regulations
By analyzing financial data to provide feedback that will assist in decision-making, accountants are also able to make strategic recommendations regarding specific financial situations of a business organisation.
Other Essential Duties and Responsibilities of an accountant include:
- An Accountant helps to Compiles and analyzes financial information to prepare entries to book of accounts, such as general ledger accounts, documenting business transactions
- Standard journal entries
- Analyze daily banking transactions and journal entries
- Reconcile sub-ledger accounts (such as inventory).
- Payroll reconciliation
- Prepare monthly sales reports into excel spread sheet for analysis
- Verify and reconcile contracts, orders, and vouchers, and prepares reports to substantiate individual transactions prior to settlement.
- Monitor compliance with generally accepted accounting principles and company procedures.
- It is the duty of a accountant to carryout Reviews, investigates, and corrects errors and inconsistencies in financial entries, documents, and reports.
- Provide advice and assistance and early warning of such problems as cost over-runs, excessive charges, and potential penalties.Accountants develop models to depict financial and related activities tailored for specific operations.