The role of an accountant in a business firm whether small or large is very important and deals with different aspects of accounting both simple and highly complex. An accountant is the one who takes care of all the financial reports, records and most importantly filing tax returns for the company in an appropriate manner.
The main duty of an accountant to put in simple words is to collect all financial data, analyze and summarize the information in proper format; they help the firm to manage their finances well. All of this vast data has to be accurate to the last penny and all of the records prepared by them have to be in compliance with the laws, rules and regulations laid down.
Accountants also take care of internal auditing and their duty is to provide records with high accuracy. A qualified accountant ensures that the company he/she works for file their tax returns on time and accurately abiding by all the laws that are in force. The relatively smaller firms engage accountants to give them sound advice on how to organize their assets efficiently.
Other jobs like planning are also undertaken by the accountants; they offer proper advice on expansions, how much investment can be made and how much returns one can expect owing to this expansion and whether it is actually the right time for expanding the business.
A well-qualified accountant will be able to offer advice on where to invest and how much to invest to ensure you reap good returns on it. They make sure the business is run on sound financial principles and this in turn helps to run the business venture in a highly profitable manner.
Though a bachelor’s degree in accounts is a basic requirement to be in this field, to be selected as a qualified accountant there are a lot more certifications that they need to get. The basic qualification that helps a person to be accepted as an accountant is a bachelor’s degree in commerce and accounting. But some companies prefer hiring the services of accountants who possess a master’s degree.
And if within their role the accountants must file with SEC or the Securities and Exchange Commission they are required to be a CPA or Certified Public Accountant and for this they need to pass exams as required by the state.
And for those who wish to possess specialization they must go in for the advanced accounting courses and exams that give them an edge over the others. For example the Certified Management Account, in short, CMA certification is offered by the Institute of Management Accountants likewise, the American Institute of CPAs offers the Accredited in Business Valuation.
The salary of the accountant varies as per the qualification and skill they possess; the more experienced and the better qualified definitely stand a better chance. Finally it can be said that the role of an accountant is most crucial to any of the corporations or businesses.