The role of accountants in today's society

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When we think of accountants, we think of people in black suits armed with a calculator, surrounded by numbers and receipts. But what is the exact role of an accountant? An accountant is a practitioner of accountancy, whose main role is to keep, audit, and inspect the financial records of individuals or business concerns and to prepare financial and tax reports.


People seem to misunderstand the importance of accountants in setting up and the maintenance of a successful business. They are just not people in the background who worry about your finances. They have many tasks at hand to ensure the smooth running of your entire business. They help you make decisions about resource allocation within the company.

Here are some of the roles accountants play in a company or business.

General Bookkeeping
Accountants have to ensure that all the financial records of the business are in order. They are responsible for generating standard financial reports and documents and provide assistance in all aspects of the business such as filing bank accounts of the business, tackling a payment system to client and a salary system for employees. So, accountants pretty much have a say in the running of all aspects of the business.

Tax Planning
One thing we are sure of in life is taxes. No matter what business we set up, this is something that needs the tedious experience of an accountant. Accountants provide the business with a comprehensive tax plan, to maximise business tax exemptions (thus maximise profits). So accountants help you save a ton of money actually! Also, all the work of dealing with taxes is far too cumbersome and troublesome for a non specialist to take care of. By hiring an accountant to look into these matters, you will spare yourself the time and worry, which will make you focus more on running the business.

Strong rapport and technology savvy
A good accountant must have strong links with major sectors in the business community.  One must be able to perform such functions to be able to make a positive difference in the overall performance of your business organization. An accountant should also have the working knowledge and understanding of various accounting and financial software applications and business solution, which are most suitable to your business.


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2 comments :

  1. Thanks for this. Refreshing thoughts. I think this are the same roles of Filipino accountants in Embassy FS at Dubai.

    ReplyDelete
  2. When it comes to being a professional, my idol are the accountants. They are genius and very good in thinking.
    Accountant Paisley

    ReplyDelete

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