Accountants play a critical role in every organization. The business may not be in a position to operate effectively without an accountant. He keeps track of the company’s money. Stakeholders, including the shareholders, potential investors, creditors, the government and managers, read the prepared reports to make decisions. The shareholders in particular study the accounts prepared by the accountant to determine whether to purchase or sell their shares. The government start a new ltd company read here scrutinizes the financial reports to verify the amount of tax payable while creditors scrutinize the financial reports to determine whether it is safe to lend money to the company.
The main types include government accountants & auditors, internal auditors, management and public accountants. The public ones work for public accounting companies. They play an important role in performing accounting, tax, auditing and consulting work. The majority of the public ones run their own businesses. The roles of the limited company accountants include:
· Prepare proper books of accounts
They play an important role in keeping records of the transactions performed by the organization. They first supervises the handling of financial data as well as reports of the business’s automated financial data. It is important for every business to keep tract of the transactions it makes. This way, the stakeholders will know how the profits or losses were made over a stipulated time. Having good knowledge of the financial position helps with future planning; in case the organization makes losses, the management can take the necessary measures to remedy the situation.
· Monitors & reviews accounts
Accountants monitor and review accounts and the related system reports to determine their accuracy and completeness. He also interacts with internal and external auditors to analyze the financial statements. Furthermore, he helps to explain the billing invoices to the staff, vendors and clients. In addition, the accountant seeks to resolve the accounting discrepancies.
· Prepare profit & loss accounts
They analyzes and compiles the financial information to prepare entries for the accounts such as the general ledger accounts. They also plays an important role in preparing the profit & Loss statements, cost accounting as well as monthly closing reports.
· Auditing accounts
They play an important role in inspecting the accounts to determine the accuracy and reliability of the financial statements. The accountant assists the external auditors to report whether the financial statements, which include the profit & loss account, the balance sheet and the cash flow statements show a true and fair position. Furthermore, the accountant assists the internal auditor to institute proper internal controls.