The role of accountants in today's society

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.

The Importance of Cost Accounting

Managers rely on cost accounting to provide an idea of the actual cost of processes, departments, operations or product which is the foundation of their budget, allowing them to analyze fluctuation and the way funds are used socially for profit. Cost accounting is used in management accounting, where managers justify the ability to cut costs for a company in order to increase that company's profit. As a tool for internal use, versus a tool for external users like financial accounting, cost accounting does not need to follow the GAAP standards (Generally Accepted Accounting Principles) because its use is more pragmatic.