Checks and balances are crucial for any business which is why many financial experts are hired to manage the accounts, finance, and bookkeeping systems of companies. An accountant, who plays a vital role in the accounting department, is responsible for ensuring the accuracy of every transaction involved in the business.
Accountants perform checks and balances to ensure that the company’s expenditures are kept in check. They do this by performing many activities such as preparing journal entries, performing reconciliations, A/P, A/R, and the like.
They ensure that all these details are in order and are managed appropriately. They also ensure that all tax documents are in order and perform some auditing duties as well. Essentially, accountants are responsible for the financial health of an organization. Senior accountants are expected to perform tasks akin to financial planning and analysis.
Accountant Duties and Responsibilities
• Prepare journal entries and post to the general ledger
• Reconcile general ledger accounts and bank statements
• Perform A/P tasks
• Manage accounting for and tracking of fixed assets
• Assist with accounting for the international subsidiary
• Prepare periodic reports depicting assets, liabilities and capital account entries
• Ensure documentation of financial transactions
• Analyze accounting options and suggest financial actions to the management
• Collect information and summarize the company’s financial status by using balance sheets and profit and loss statements
• Manage payrolls and petty cash and audit transactions
• Reconcile financial discrepancies and take corrective measures
• Ensure security of financial information by managing backups
• Prepare payments and request reimbursements
• Develop and maintain financial policies
• Control income and expenditure
• Analyze periodic financial accounts
• Prepare budgets and financial statements
• Compute taxes owed by the company and employees and ensure payment compliance
• Assign proper entries to the table of accounts
• Compare the budgeted costs to actual costs
• Assist in hiring and training of accounting personnel
• Perform auditing services on company accounts
• Investigate bankruptcies and report information to the higher management
• Code invoices and close books on a monthly basis
• Manage accounts receivable and payable
The position of an accountant usually requires a degree in a related field or broad knowledge of advanced accounting. They should have the ability to understand how to deal with general ledgers, payrolls, expenditures, finances, profits, and sales.
Accountants can be separated into three different types; public accountants, government accountants, and management accountants. While they work for different kinds of organizations, the essence of their work remains more or less the same.
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