The Role of an Accountant
Every Accountant performs financial functions related to the collection, recording, accuracy, analysis, and presentation of an organization, business or company’s financial operations. The accountant more often than not has a variety of administrative responsibilities within a company’s operation.
In a smaller business, the role of an accountant may consist of primarily financial data compilation, entry and report generation. Middle to larger sized corporate houses may utilize an Accountant in Melbourne as an adviser and financial interpreter, who might present the company’s financial data to the people within and outside of the business. Normally, the accountant can also deal with a third party such as customers, vendors, and financial institutions.
Let us throw some light upon the responsibilities and duties of an accountant:
• Management of Financial Data: The accounting structure of a particular company is a necessary component of business operations. To mention a few of the primary roles of an Accountant usually involves the collection & maintenance of financial data, as it relates to a firm or company. The accountant makes sure that the financial records are maintained in compliance with the lawful and accepted procedures & policies on the corporate level. The business’ financial information of any organization should be safely kept in a faultless system because it is an important component used in operating & managing any business. Managing the financial data of an association can also comprise more sophisticated duties such as developing, implementing & maintaining financial databases, along with establishing & monitoring control procedures.
• Analysis & Advice: As analysts, accountants may carry out certain types of analysis by making use of financial data that is utilized to assist in making business decisions. From deciding which kind of supplies to order, payment of bills to payroll, an Accountant handles many complex financial details on a daily basis. Advising on business procedures can include issues such as revenue & expenditure trends, financial commitments, and future revenue expectations. An accountant also analyses financial data to resolve definite discrepancies and irregularities that might arise. Recommendations might also involve developing efficient resources and procedures while providing strategic recommendations for specific financial problems or situations.
• An Accountant has the duty of preparing financial reports also: Accountants characteristically prepare financial statements that might include both monthly and annual accounts based upon the financial details that are compiled and analyzed. The preparation of business financial management reports can take inaccurate quarterly and year-end closing documents also. Reports compiled might be used in connection with the constant support and management of the budgetary forecast activities. The financial reports might be used by a financial officer or director for the development, implementation & operation of a company’s financial software & systems such as Excel, Hyperion, and CODA Financial Management.
• Compliance: An Accountant may also be responsible for making sure that all financial reporting deadlines are met, internally & externally. For instance, quarterly, semi-annual & annual reports all have specific deadlines, as well as certain tax implications. Monitoring & supporting taxation issues and filings is also a responsibility of an accountant. The accountant also more often than not coordinates the audit process by assisting in financial data preparation.
• External Business Affiliations: Time and again, accountants must work with financial professionals from the 4 major fields of the industry: public, internal auditing, management, and government accounting. Accountants might provide data to a public Accountant, who acts as an auditor, consultant, and tax service professional. Corporations, non-profit organizations, and governments use management accountants to document and analyze the financial information of the trades in which they are employed. They more often than not advise company executives, creditors, regulatory agencies, stockholders, and tax personnel. Accountants might also work with the government officials who are examining and maintaining financial records of the private businesses for who an accountant is hired, in connection with taxation and government rules & regulations.
• Ethics and Approach: It is the duty and responsibility of an Accountant in Melbourne to make sure that he is working within the law at all times. For instance, an accountant might give advice on how one could reduce their tax bill, but he should not be advising someone to do something illegal such as deliberately misinforming the government authority about business revenues or earnings. An accountant in Melbourn should also inform the relevant government authorities if they become aware of a particular person or business that is breaking the law within the circle of their financial affairs.
• Impartiality: It is vital that accountants maintain impartiality. Their role is to advise clients and act as they are instructed, not to try and sell services. Yes, accountants will, of course, tell clients what additional services they proffer and how they may benefit from using them, but they should not be pushy while doing so. An Accountant’s Job Role Accountancy is among the most detailed and diverse roles in the industry of finance and as such accountants are needed to be competent in a good number of areas.