Accountants Don't Just Do Taxes

By: Jaden Felix

As soon as you think of taxes, you think of an accountant. But, apart from doing your taxes (which happens once a year), what else do the accountants do for the rest of the year?

Accountants are very versatile. They don’t just do taxes - either for individuals or for companies. They perform some very important tasks within the organizational framework - tasks which mean a whole lot for people like you or me. Accountant roles and the accountant’s job description also involves several other responsibilities and duties.

Accountants are primarily responsible to the stockholders, to the management, to the government and also to the public to report the financial facts about the company correctly and accurately. The accountant is also responsible to make sure that the accounts of the company are maintained properly and devoid of any mistakes. Along with this ethical responsibility, the accountant’s role also includes having to report the different aspects of a company’s transactions to the government as and when required. Thus, they also have a moral and a social responsibility towards the public at large.

Part of the accountants’ role is to ensure that all the different accounts and reports are maintained correctly. They are also involved in analyzing the information presented in these reports. Accountants are also involved in the planning, budgeting and costing aspects of organizations. Preparing and analyzing budgets, reviewing revenues and expenses, making sure the payroll functions are carried out properly are also part of an accountant’s job description. As part of the accountant’s role, they are also involved in the processes of invoicing and billing.

Accountants are now very conversant with computers and the latest trends, techniques and technologies available to them - and so are also involved with developing and maintaining financial databases. From the data so collected and analyzed, they can also be a part of trending and projecting aspects involved in the planning processes. Accountants are also involved in managing the funds flow transactions of a company. They play an important role in the cost analysis aspects in the process of financial planning within a company.

Accountants often also perform an important function of acting as internal auditors. They ensure that the accounts are compliant to the various laws and that they follow the best practices in the industry. As internal auditors, they also interact with external auditors and the government in the process of ensuring that compliance (with both standards and laws) is achieved.

Accountants are also responsible for reporting any malpractice, discrepancy or fraud that may be found in an organization’s financial records. Towards that end, they have to make sure that the accounts are maintained properly. If they discover any malpractice going on, they are supposed to report that to the authorities.

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