The primary role of an accountant is preparing and examining financial records. An accountant makes sure that the financial records are accurate and that the taxes are all paid on time. Accountants also audit and perform an overview of the financial operations of the business so as to help in running it efficiently. Other roles can include, but are not limited to bookkeeping, business planning and tax preparation.
Some accountants are usually directly involved in preparing the organization’s financial statements which can include maintaining the general ledgers and supervising certain employees. There are other accountants who work with the corporation’s management to analyze the costs of operations and various special projects; this usually involves budgeting and preparing the reports. There are certain CPAs and accountants who choose to have their very own accounting firms and tend to focus on assisting small businesses with financial statements, accounting systems, tax planning, income tax returns, investment decisions, among others.
Most accountants perform a wide range of finance related tasks, most of which involve mathematical figures and statistics. Math might be at the very core of any accountant’s job, but making sure that financial documents are completely accurate is basically the primary role of any accounting professional. Generally, an accountant’s specialization and job sector is what determines his/her duties and what he/she does daily.
Duties of an Accountant
- Bookkeeping: Bookkeeping refers to the task of maintaining the financial records of a company, and it’s an essential duty of nearly all accountants. This task involves handling the accounts payable, the accounts receivable, the payroll, creating the balance sheets, and doing other various tasks, which relate to debits and credits.
- Tax preparation: Preparing taxes is another key role of an accountant. Apart from figuring out just how much a company or a person owes the government in terms of taxes, and preparing actual tax returns, an accountant will also make sure that the taxes are properly filed and on time so as to ensure no legal penalties/fees are incurred. An accountant might also develop some strategies for decreasing the overall amount of taxes that you owe as long as they’re ethical and compliant with the law.
- Auditing: Many businesses hire auditors to help in monitoring their monetary resources. An auditor will not only check for oversights, mistakes but also for intentional misuse of funds. Many auditors will also come up with various methods of reducing unintentional wasting of the company’s resources. An experienced accountant can also act as a financial advisor by offering useful strategies to help cut costs and increase profit.
In general, accountants
- Examine statements to make sure they are accurate
- Ensure that records and statements comply with law
- Compute the taxes owed, prepare the tax returns and ensure prompt payment
- Inspect the account books and keep the accounting systems up to date
- Maintain and organize the financial records and financial statements
- Help in improving businesses’ efficiency wherever money is concerned
- Suggest ways of reducing costs and improving profits
Benefits of Having an Accountant
Having an accountant such as Wilks CPA will not only help in keeping your business on track, but they will also help in growing it. An accountant will help you with all the different aspects of business finance, regardless of how big or small your business is. If you’re a new business owner, a good accountant will provide you with valuable advice to guide your business operations. An accountant will also show you how to reach the maximum and cost effective efficiency in all of your regular business routines and procedures. Here are some of the benefits of hiring a professional accountant:
- Saves you time: Your time is obviously best spent doing what you are good at, thus employing an accountant, who’s au fait with tax laws and understands what format the HMRC require, can save you lots of time which you can use to grow your business. The accountant will complete all the appropriate forms for your business on time, leaving you free, to focus on earning money.
- Saves you money: A good accountant will ensure that your business takes full advantage of the ever changing tax laws and will ensure you pay as little tax, as possible. A good accountant, such as Wilks CPA, understands how to save you more money and will able to give you the right counsel when it comes to the most tax efficient ways of running a business.
- Helps you grow your business: Apart from doing your paperwork and minimizing your tax bills, a good accountant will also provide solid financial strategies to help you increase the value of your business.
If you are interested in taking your business to the next level, it’s time to contact Wilks CPA.
Don’t Delay!! Take action today and call Andy Wilks CPA at (405) 670-3150!