Functions Of An Accountant

The main functions of a chartered accountant are preparing monthly financial reports, responsibility for implementing accounting systems and processes, ensuring compliance with the state revenue service and controlling the master data of the general ledger. Chartered Accountants working in practice provide professional financial services to businesses. Taxation, auditing, accounting, risk management, financial analysis and advising on financial structures, are only some of the wide-ranging services provided by Chartered Accountancy Firms. Chartered accountants come with an extremely important role in the proper implementation and success of the business laws passed by the government, generally the Insolvency and Bankruptcy Code.

Some job roles and responsibilities are essential and one of them is the function of an accountant. This article throws light on the functions of an accountant and we have discussed some of them below.

Maintaining the book of account
Maintaining the book of accounts is one of the primary functions of an accountant. An accountant can keep an efficient record of each monetary transaction of a company. It helps the company to prepare financial statements that will assist them to evaluate the loss or profit.

An accountant also helps a company to determine its financial position. Maintaining the books of accounts helps the company management to take corrective decisions for evaluating plans.

Internal auditing
Internal auditing professionals or accountants are also responsible for internal audits to check the operational efficiency of a company along with its financial stability. A statutory audit is periodically done for reviewing the internal system and the account of a company.

It is the responsibility of an accountant to safeguard the company from any misappropriation or fraud. Besides this, an accountant also helps and improves the functions of the accounting system efficiently to help the founders gain better control over the company.

Statutory audit
Some companies need to be mandatory audited by the accountant according to the law of statute. If any company exceeds the turnover limit prescribed, it must maintain a statutory audit.

The accountant holds the responsibility of studying the financial records of the organization. They make the best use of financial judgment to provide a fair view of financial statements that may help ascertain their financial position.

Cost accounting
An accountant also works as a cost accountant for a company to find out its cost-effectiveness. They record, classify and summarize the financial information associated with the cost of doing so. They analyze the data in detail and prepare a strategy to manage the excessive cost of a company.

Taxation
An accountant is also responsible for managing tax assessment matters for an organization or an individual. When it comes to chartered accountants, they can represent their clients in front of courts and tribunals to settle the charge liabilities.

An accountant can also work as a tax specialist as he has the required information and knowledge to prompt his clients on how they can save money on taxation.

Apart from these functions, an accountant also has experience and board information in numerous businesses and fields. They will be there in the company to provide their clients with the necessary advice about finances and professional advice during the time of company expansion.