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What Does An Accountant Do?

What Does An Accountant Do?

Interested in becoming an accountant or looking for an accountant job? It is only right to find out about the job description of an accountant. What does an accountant do? In this post, we will give you all the relevant information you need about the job of an accountant.

Who Is An Accountant?

According to investopedia, an accountant is a professional who performs accounting functions such as account analysis, auditing, or financial statement analysis. Accountants work with accounting firms or internal account departments with large companies. They may also set up their own, individual practices. After meeting state-specific educational and testing requirements, these professionals are certified by national professional associations.

An accounting job is ideal for someone who is detail-oriented, organized, and like working in a structured environment. An accountant has one of the most important roles in any business, whether they work in large corporations or small businesses. As the financial backbone of a business, they prepare and examine financial records, ensure all money transactions are accurate, and that taxes are paid on time.

In an organization, the primary duties of an accountant include:

  • Managing financial reports, records, and accounts
  • Conducting billing processes (e.g. tax, revenue)
  • Maintaining the general ledger

Accountants ensure that the financial records are accurate and organized. They frequently work under a certified public accountant for guidance as they carry out their responsibilities, which include creating budgets and submitting documentation to government bodies. Accountants are in charge of creating and examining financial records, statements, and reports. In addition, they provide basic financial advice while supervising all accounting procedures. Such information can be used throughout the business as needed, for example, in budgeting or cash flow management strategies.

Qualities Of A Good Accountant

A good accountant must be able to make choices and communicate effectively. They must also keep their organization at a high level. In their line of work, they will come across a lot of private records, such income statements or balance sheets for business accounts that require careful management.

What Does An Accountant Do?

Below is a detailed job description of an accountant

  • Determining payroll requirements; maintaining payroll data; preparing and processing monthly payrolls
  • Interacting with internal and external auditors in completing audits
  • Explaining billing invoices and accounting policies to staff, vendors, and clients
  • Preparing and reviewing budgets, revenue, expenses, payroll entries, invoices, and other accounting documents
  • Analyzing and reviewing budgets and expenditures for local, state, federal, and private funding, reviewing contracts and grants
  • Preparing profit and loss statements and monthly closing and cost accounting reports
  • Analyzing revenue and expenditure trends and recommending appropriate budget levels, and ensuring expenditure control
  • Compiling and analyzing financial information to prepare entries to accounts, such as general ledger accounts, and documenting business transactions
  • Supervising the input and handling of financial data and reports for the company’s automated financial systems
  • Resolving accounting discrepancies
  • Establishing, maintaining, and coordinating the implementation of accounting and accounting control procedures
  • Recommending, developing, and maintaining financial databases, computer software systems, and manual filing systems

Types Of Accountants

Accounting is a very broad field. Hence there are different types of accountants with each type having its areas of specialization.

Public Accountant

This is an accountant that serves the general public. This type of accounting is thought to be more professional than private accounting. Certified and non-certified public accountants can provide public accounting services.

Private Accountant

The services of this type of accountant are limited to only a single firm. The accountant receives a salary on an employer-employee basis. 

National Income Accountant

National income accounting substitutes an economic or social notion for the customary business term. A country’s annual purchasing power is estimated by this type of accountant.

Fiduciary Accountant

A trustee, executor, or administrator is in charge of this kind of accounting. It is the responsibility of the employee to maintain the records and draft the reports, which may be ordered by or fall under the purview of a court of law.

Fund or Governmental Accounting

These kinds of accountants work for government agencies or nonprofit institutions. Similar to traditional accounting, the double-entry approach is employed. Accounting for special money is also practiced.

Forensic Accounting

Investigative accounting examines problems brought on by recent or pending legal disputes or litigation. Expert testimony from forensic accountants is frequently required at trials. There may be even more sub-specializations within the forensic accounting divisions that are present in all of the larger accounting firms. Some forensic accountants may only focus on certain types of audits, such as royalty audits, fraud, construction, or personal injury claims.

Investment Accountant

Investment accounting, portfolio accounting, or securities accounting are all terms used to refer to the process of accounting for a portfolio of investments held in an investment fund like a mutual fund or hedge fund, including securities, commodities, and/or real estate.

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