Accounting is one of the most important and vital tasks in the business. When you are busy running your business, it is important to take care of your finances as well. Studies have shown that a good company is the one which maintains its financial information up-to-date. This not just involves around the regular bookkeeping – it also involves regular paying of taxes, profit loss statements and calculation, future business predications and forecast and last but not the least, growing business model.
The person who maintains all the financial information of the company is called an accountant. The job of an accountant is not just to maintain the money statements. It is much more than that. Read on to find out more about the duties of an accountant and why your business needs one:
1. Business model: A profitable company is one which has a good business model. The business model helps the company to get focus and grow further. An accountant will help the company during the preparation of the business model. He/she will have an overall big picture of the financial statements and conditions of the organization. You can use the expertise of an accountant in obtaining a strong business model for your organization.
2. Budget and predictions: It is important to have business finance predictions at the start of the year. It is also important to have a budget and work according to the same. An accountant would be of help in providing such budget and financial predictions for the year.
3. Bookkeeping: This is one of the primary responsibilities of an accountant. An accountant would take care of the daily bookkeeping. Apart from this, he could also take care of recoding the regular cash flows, profit-loss statements and other financial information of the company. Provident fund transactions, VAT services, Income tax management and regular petty cash flows are all managed efficiently by an accountant.
4. Performance oriented: Regular and effective bookkeeping produces a large amount of data throughout the year. This data can be used to understand the performance of the company. An accountant could use all this data and understand the current performance of the organization and provide feedback to make the company move in the direction it is supposed to.
5. Academia: The role of the accountant is a very ethical one. Since they are dealing with the most important finances of the company, they have a moral responsibility towards the assets and liabilities of the company. Any compromise on the ethical aspect of the accountant would have long fringing ripple effect on the company. Hence an accountant has a very high responsibility. An accountant not just takes care of all this, but also grooms the juniors and related employees about the skills and ethics required for this job.
To do all this work for you and your company, you could either hire a full-time in-house accountant, or you could outsource this job. This depends on the size of your business and the type of finances that you are dealing with.
Actaeon Consulting based in Alpharetta, GA offers accounting services including outsourced accounting & bookkeeping, financial analysis, back office support, and tech consulting to businesses in Atlanta, Norcross, Roswell and neighboring areas. For more details, visit ActaeonConsulting/services.