What are the roles of accountants and in business operations?

An accountant is a job profile in every business done by a professional who works for maintaining records of all the financial operations done every day. They are responsible for a large number of tasks related to financing which may be done for a single client, wide business, and the company who is paying for them. An accountant executes all the functions related to finance operations that may include money collection, correctness, analysing and presentation of the company’s financial operation data. The work of an accountant varies when he is doing a job for a small or big company. If he works for small business his role is only to collect the primary financial data and create a report that includes every transaction. In large businesses along with all the given work they also play the role of a financial advisor and interpreter for a company. In other words, we can say that they handle both the accounting and financial planning section of a company. They are asked to deal with the third party that may involve sellers, consumers, and financing institutes. The role of an accountant for a business is very important as they serve much in the company’s growth. Some of their roles in business are:

accounting and financial planning

  • Maintaining financial data: Accounting is a very important component of business transactions. The basic role of an accountant is to collect and maintain the data related to financial operations for a firm or company. They store all the data records with lawful and follow pre-defined systems and policies at the corporate level. All the information associated with finance should be kept in an old structure for any company. This should be done because it is an important element for any business’s operation and management. The financial data of any business is confidential so it is a duty of an accountant to keep all data secure.
  • Work as an analyst and advisor: All the company’s decision in terms of financing is done after discussing with the accountant. They play the role of analyst and advisor for a company. This is because the financial data tell the exact position of the business. An accountant enters all the operations including supply order, Payment of bills, and each money transaction on a daily basis. They understand well about the company’s revenue and expenditures. Any financial commitments are also done after discussing it with the company’s accountant.
  • Preparing financial report: This is also a key role of an accountant. They prepare their financing report monthly or weekly basis. The annual report is prepared by analysing the monthly reports.
  • Preparing a report of all fixed assets with monitoring the stock accounts is also a work of an accountant.