Accountants are professionals who organise, inspect and maintain financial and tax documents. The main duties and responsibilities of an accountant include making accounts receivable and payable, payroll, inventory management, budgeting, providing reports and financial statements, legal compliance and financial control and record-keeping, etc…. The duties of an accountant, allow an organization to obtain various benefits such as financial growth and development. So an accountant is considered an important person for the smooth and effective running of an organization. Now let us the check core duties of an accountant in each section they are involved in.
The Core Duties of an Accountant
Tax Duties
The tax duties of an accountant include preparing tax provisions schedules, returns, payments, reports and maintaining a company’s database. As a tax accountant, he or she must be able to find tax solutions to complicated tax issues and identify legal tax savings.
Assurance
Assurance service is a type of independent service provided by certified Accountants. It is the process of analysing and assessment of accounting entries and financial records. Assurance services mainly include a review of any financial document or transaction such as a loan, contract or financial website.
Auditing
Auditing is the process of evaluating the accounting entries present in the financial statement of the company. The audit checks the accuracy of the financial reports.
Financial Advisory
The main duty of a financial advisor includes preparing or interpreting financial document summaries and investment performance reports. A financial advisor is one who should stay connected with clients and provide financial advice on investments, taxes, estate planning, college savings accounts, insurance, mortgages and retirement.
Budget Analysis
An Accountant may review a company’s financial data on day to day basis. The report generated based on the financial status of the company is used to make recommendations about how best to use company resources.
Tracking of Payments to External and Internal Stakeholders
An accountant keeps an accurate record of money which is to internal, as well as external stakeholders. This is one of the main responsibilities of an accountant.
Payroll Accounting
Payroll accounting is a system of tracking business expenses related to payroll. The main duties of a payroll accountant include checking records, computing and issuing the payroll, compiling information, submitting tax reports, submission of various benefits reports and maintaining payroll records.
Bookkeeping in Accounting
Bookkeeping is an essential part of the accounting process. It is the process of recording the financial transactions of a company into an organised accounts, on a regular basis. Proper bookkeeping can help company functionalities such as operating, investing, financing decisions and detect any errors or frauds in the business.
Inventory Accounting
Inventory Accounting is the process of figuring out the value and cost of the inventory of a company or an organisation. This involves process like setting prices, getting insured, budgeting, working out taxes and selling your business. It can also help you to identify how to make a profit in most beneficial way in your business. Inventory Accounting activities typically occur periodically throughout the year.
Insolvency Process
The Insolvency process is the process of supporting companies facing financial difficulties. This helps companies to recover from challenges as well as provide a business guideline.
Forensic Accounting
Forensic accountants investigate activities such as fraud money laundering, terrorist financing and also support in legal proceedings.
These are some of the main duties of an accountant other than the mentioned above there are some other responsibilities. The responsibilities of an accountant also include handling monthly and yearly closings, calculating and filing tax returns, management of balance sheets and statements about profits and losses.
If you want to pursue this career, you should understand their roles and responsibilities in order to determine which accounting certification to complete. There are many accounting courses you can capture if you want to be an accounting professional. Capturing an accounting course can provide you with additional skills and knowledge. To capture it in an efficient way find a perfect instructor for you.
Finprov Learning a leading accounting training institute aim to help you through the process and support you to achieve your goal to be an accounting professional. Through this learning experience, we aim to build the accounting professionals of tomorrow. The accounting and financial courses provided by Finprov are PGDIFA, PGBAT, CBAT, CMA USA, CA Foundation, Gulf VAT, GST, SAP FICO, DIA, CHRPP(HR payroll processing) and more. These courses are provided to learners by the best trainers and with the best technical support. The practical training program that supports learners to achieve the best in their career. Some software is introduced using simulation software(It is a digitally enabled software providing accounting and finance learners with practical knowledge and applications of accounting software) which make you more familiar with the software. It will be more helpful when you move towards your career.
