Role of an accountant in an organization. Introduction. Accountants are the persons who practice the art of accounting. Accountant is very important person in any organization.
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Role of an accountant in an organization
1. Maintenance of books of accounts: This is done to portray true and fair view of the results of the business and its financial position. Advantages derived through maintenance of a systematic record are:
2. Auditing of accounts: Accountant is concerned with verification of accounting data for determining accuracy and reliability of accounting statements and reports.
3. Taxation: Assists the clients in reducing tax burden and making proper tax planning.
4. Financial services: Advise the firms with regard to managing the financial affairs. For instance – advise on selection of an investment policy, expansion etc.
5. Information giver: Gives the information to his employer about the revenue and financial position of organization.
6. Use cost accounting: To show actual cost over periods of time of particular services or departments. This is done to look for improvements, profitable areas as well as for finding areas that are not efficient and are loss making.
7. Act as management consultant: Provide services regarding the financial planning of the business to provide opinions about the current state of monetary policies etc affecting business and suggest changes that should take place.
8. Formulate strategies: They also look for cost effective strategies to save the business money as well as make decisions on labour, and current and capital expenditure.
9. Reporters of fiscal reports. They analyze financial data and report back in understandable language the areas of good and bad financial performance and offer solutions to the business.