There is the saying that accountants run the world. One way it is right because every business in the world needs an accountant. The accountant as a profession may be invisible but it is indispensable. The role of the accountant in the company is as important as the owner of the company. The role of accountants is not limited to bookkeeping in sunnybank only, but they look after many other affairs of the company, especially related to finances. Today, the businesses are operating under strict government and taxation laws. The role of accountants has become more pivotal for safeguarding companies’ objectives and finances.
This is the reason that now opting accountancy as a profession is not easy. Because it includes higher-level accountancy degrees and always be aware of new accountancy law. But the good thing is, this profession is always in demand. Small or large, every business needs an accountant. Not only one, in case of large business corporations, but they will also be requiring many to keep an eye of diverse business accounts. The prime responsibilities performed by the accountant are;
As its, the name, the accountant has to do accounting. The accounting includes all the financial and business transaction must be recorded. In other words, bookkeeping. Bookkeeping helps to keep a record of every transaction that has a financial impact. If the bookkeeping is not accurate, the business will be unable to know its precise financial state. This can lead to the wrong business and management decision. Also, the correct bookkeeping will ensure that company is safe from any financial frauds.
Every business is accountable to government revenue authorities. There can surprise audits to check the records and business activities. The accountants make sure that their account is always updated and correct. Because even in case of error, that may lead to serious financial or legal penalties. The accountant has the critical role of keeping the accounts accurate and updated.
The accountants need to have public relation skills nowadays. They will be dealing with external auditors, tax agencies and many other external stakeholders of the company. They should be aware of the current state of their company and be cautious that no working information should be shared in public. The companies may lose the trust of their investors if any misinformation gets floated. The accountant ensures that any public financial statements should reflect the actual company finances. Otherwise, if anyone gets suspected about wrong financial data, this may take the company to lawsuits
When the accountant knows the health of the company’s finance, then it means they have the best information available about the company cash status. This way they are the best advisor to the management about the future company’s health or they can influence management decision about future ventures. Any sensible management will take accountant’s input before making financial decisions.Please visit www.platinum-accounting.net for more information.