An accountant is a must have for any organization. Without a finance department with specialized and qualified accountants, the money of the organization cannot be handled smoothly. The main functions handled by an account could be named as recording and collecting the business’s financial activities; these functions can be further broken into other functions, but in summary, this is the job of an accountant. The following will give you a much clearer picture on the role of an accountant in any company in a brief manner.
Data managementAs mentioned before, an accountant’s role in an organization is highly compulsory for them to function, and therefore a company will have a special place for their accountants. The primary tasks of accountants are considered to be data collection and maintenance; these data will be anything that has to do with a financial interaction. The accountant or financial manager ensures that these financial data is always readily available for situations where they need to prove the transparency of their firm to other parties; mainly to the auditors.
AnalysisAnother significant role of an accountant is acting as an analyst for the company. He/she will need to analyse the financial information of the company in order to assist the decision making procedure for the future. Certain strategic decisions need to be based on these data and several operational advises will need to be given by them regarding financial trends, revenue and expenditure expected etc. Therefore, accounting services in Singapore are highly mandatory for an organization.
Preparing ReportsData collection is one thing, but they also need to ensure that these data are piled up into information so that other parties will understand when they look at the books. The can get the assistance of a accounting software to prepare these. These financial statements are usually are usually for a given time of period, usually for the specific accounting year of the company. These also include the statement of financial position where the assets and liabilities of a company will be calculated. These information will be helpful when taking major decisions like purchasing other fixed assets.
Dealing with the external environmentThese financial professionals are obliged to deal with the external environment of the business as they have the important financial date of the company, which will help them in their dealings and strategic plans and decisions that could be made with those parties.
Therefore, the accountant of a company plays a much larger role than you can give them credit for, as their job is quite a tough one.