Functions of an Accountant in Business

Honestly, the functions of an accountant within a business make all the difference between success and trying. Learn about the role of an accountant in a company and some essential tips to continue growing your business.

Why is it essential to have an accountant in your business?

When it comes to our company, it is necessary to include in our business figures that are key to the development of specific activities. Which consist of the role of an accounting professional, who will be in charge of ensuring the financial status of our business.

This person in charge of developing the accountant role will set the tone for the financial health of our company. It will help us make strategic decisions that allow us to continue growing as a company. Because of this level of importance, we speak of an accountant’s ability.

Functions of an Accountant in Business

Main Virtues of a Public Accountant

Among the functions that an accountant must fulfill in your business, we can mention some such as:

Management of Accounting Books

Your accountant must fulfill their obligations with the excellent order of the data recorded in the accounting books. Since any disorder can significantly alter your financial stability.

Control of Financial Statements

Another of the functions of the accountant in a company is the preparation and timely delivery of documents, financial reports and accounting records. Such as receipts, vouchers, promissory note checks and income statements, cash flow statements and variations in stockholders’ equity

That is, all financial resources.

All this is to group your business’s information in the same place and to serve in making any decision.

Accounting Software System Monitoring

One of the many tasks that can correspond to an accountant is managing the information registered in the accounting software

Accounting Transactions

Within the functions of the accountant in a company, we find that they can also take the payments that correspond to your business. Which can range from paying taxes to paying suppliers, payroll of employees, payments for services, purchases, etc. 

However, this must be specified among the functions it must fulfill since some can even be carried out by yourself. Although having the help of a specialist is always an advantage.

Mentoring and Supervision 

Although it is not an obligation of accountants, if you are in their services or have a good working relationship with your accountant, you can get mentorship from them.

For example, once a week, the accountant can evaluate how the growth of your business is going and give you advice on what path you should take to continue growing. 

What are the Functions of an Accountant in Business?

The functions of the accountant in an accounting company can vary and must be established in the contract signed between both parties, as we have been commenting on throughout this article. They will also be subject to international standards.

This contract must establish the functions, obligations and deliverables to which the accountant commits.

By way of example, the functions of an external public accountant when hired to provide their services may be:

  • Fill out and keep updated the accounting books (auxiliary, daily, ledger and balances, inventories).
  • Keep the accounting information up to date with all the supports through typing in accounting software, also known as an accounting system.
  • Prepare and present the financial statements with their respective notes, with the frequency agreed in the contract, at least once a year according to the requirements of the accounting regulations.
  • Certify general-purpose financial statements.
  • Prepare reports for the management, board of directors, board of directors or other similar bodies with the frequency agreed between the parties.
  • Prepare national and territorial tax returns with the respectively related annexes.
  • Preparation of exogenous information destined for the tax authorities.
  • Issue the required certifications based on the accounting books.

In addition, it is essential to keep in mind that accounting, depending on your business’s tax burden, can be handled by a permanent accountant or a freelance accounting services contract. 

Everything lies in evaluating which of these two options is more convenient for your business. What other functions of an accountant do you know?

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