Accountants have many responsibilities, including:
Financial record keeping
Accountants ensure that financial records are accurate and up to date, and that they comply with laws and regulations.
Financial reporting
Accountants prepare financial statements, such as balance sheets and profit and loss statements, and provide insights into the company's financial health.
Tax preparation
Accountants compute taxes owed, prepare tax returns, and ensure taxes are paid promptly.
Financial analysis
Accountants analyze data to understand where the company is generating and losing revenue, and to identify potential areas of opportunity and risk.
Financial strategy
Accountants work with management to develop financial strategies, including risk minimization plans and opportunity forecasting.
Cost reduction
Accountants suggest ways to reduce costs, enhance revenues, and improve profits.
Auditing
Accountants provide auditing services for businesses and individuals.
Compliance
Accountants ensure compliance with accounting principles and regulations.
Stakeholder management
Accountants manage relationships with directors, banks, external accountants, major creditors, and debtors.
Accountants need to have a variety of skills, including:
Competency with numbers
Corporate finance
General business knowledge
Research
Management
Data entry
Data analysis
Problem-solving and critical thinking
Computer and accounting software proficiency