The Typical Accountant Duties That You Must Be Aware About
Accountancy is a field that at present is fast gaining extreme importance. Accountancy primarily deals with the finances of a company. Accountant duties are primarily meant to keep a tack on the finances of the company and to make sure that the company does not faces any kind of financial risks. In fact accountant duties make sure that the company always makes as much profit as possible by staying well within the legal norms as well as requirements. Accountant duties have been segregated into several categories that are the financial accounting, the management accounting, the cost accounting, the tax accounting, the payroll accounting, the staff accounting etc. All these fields of accounting are meant for the purpose of different types of financial management.
To get into the details:
Financial Accounting: The financial accounting deals with the preparation of the financial reports that are meant for the external agencies like the banks, investors, the share holders etc. The financial accounting is meant for the people who are eager to know about the financial situation that the company is in.
Management Accounting: The accountant duties of a management accountant entail the preparation of the financial reports that are meant for the internal managers. It is only meant for the internal assessment of the financial situation of the company.
Cost Accountant: Cost accountancy deals with the budgeting and in calculating the actual cost of the operations that the company is indulging in.
Payroll Accounting: Payroll accounting deals with the management of the payrolls of the company. Payroll accountant duties are once again the most important part in any organization.
Tax Accounting: Tax accounting primarily deals with the calculation of the taxable income of the company. There are generally two methods of calculating the taxes that are the cash method as well as the accrual method.