What does an Accountant do?
An accountant monitoring and recording the flow of money for a business.
By using their skills in math, accounting, law, and finance, accountants analyse profits and losses. They provide information that investors and business owners need in order to see how a company is doing over a period of time. This information forms the basis of a company’s report and legal filing reports.
Here are some of the duties that accountants may have:
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.
Analysing and reviewing budgets and expenditures for local, state, and private funding, reviewing contracts and grants.
Preparing profit and loss statements and monthly closing and cost accounting reports.
Analysing revenue and expenditure trends and recommending appropriate budget levels, and ensuring expenditure control.
Compiling and analysing 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 data bases, computer software systems, and manual filing systems.
Types of Accounting:
Public Accounting
This would be an accounting service to the general public, and is thought to be more professional than private accounting. Certified and non-certified public accountants can provide public accounting services.
Private Accounting
This would be accounting that is limited to only a single firm, where an accountant receives a salary on an employer-employee basis. This term is used even if the employer is in a public corporation.
National Income Accounting
Rather than the usual business concept, national income accounting uses an economic or social concept. This type of accounting provides estimates of a country’s annual purchasing power.
Fiduciary Accounting
This type of accounting is done by a trustee, executor, or administrator. The job is to keep the records and prepare the reports, which may be authorized by or under the jurisdiction of a court of law.
Fund or Governmental Accounting
This type of accountant works for non-profit organizations or branches of government. The double-entry system of accounting is used, the same as conventional accounting. Special funds accounting is also used.
Forensic Accounting
Forensic accounting looks at issues that result from actual or anticipated disputes or litigation. Forensic accountants often have to give expert evidence at a trial. All of the larger accounting firms have specialist forensic accounting departments and within these groups, there may be even more sub-specializations. Some forensic accountants may just specialize in insurance claims, personal injury claims, fraud, construction, or royalty audits.
Investment Accounting
Investment accounting, portfolio accounting or securities accounting – all synonyms the describe the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund.
