Whose is an Accountant and What does an Accountant do?

An accountant has one of the most important roles in any business, whether it's a large corporation or a small business. Why? Because they keep track and record the flow of money.

Accountants make sure all money transactions are accurate and that all these transactions are legal by following up-to-date guidelines. They can work full-time for a company, or on a contractual basis to do the books or tax returns. They can also work for individuals to help with their financial decisions, tax returns, or other money-related issues.

What does an Accountant do?

Accountants use numbers and financial statements to paint a picture of the health of a company, organization, or individual. By using their skills in math, accounting, law, and finance, they analyze profits and losses. They provide information that investors and business owners need in order to see how a company is doing over a period of time. This information forms the basis of a company's report and legal filing reports. An accountant monitoring and recording the flow of money for a business. Here are some of the duties that an accountant may have: Determines payroll requirements; maintains payroll data; prepares and processes monthly payrolls Interacts with internal and external auditors in completing audits Explains billing invoices and accounting policies to staff, vendors, and clients Prepares and reviews budgets, revenue, expenses, payroll entries, invoices, and other accounting documents Analyzes and reviews budgets and expenditures for local, state, federal, and private funding, reviews contracts and grants Prepares profit and loss statements and monthly closing and cost accounting reports Analyzes revenue and expenditure trends and recommends appropriate budget levels, and ensures expenditure control Compiles and analyzes financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions Supervises the input and handling of financial data and reports for the company's automated financial systems Resolves accounting discrepancies Establishes, maintains, and coordinates the implementation of accounting and accounting control procedures Recommends, develops and maintains financial data bases, computer software systems, and manual filing systems

Types of Accounting:

Public Accounting - This would be an accounting service to the general public, and is thought to be more professional than private accounting. Certified and non-certified public accountants can provide public accounting services.

Private Accounting - This would be accounting that is limited to only a single firm, where an accountant receives a salary on an employer-employee basis. This term is used even if the employer is in a public corporation.

National Income Accounting - Rather than the usual business concept, national income accounting uses an economic or social concept. This type of accounting provides estimates of a country's annual purchasing power.

Fiduciary Accounting - This type of accounting is done by a trustee, executor, or administrator. The job is to keep the records and prepare the reports, which may be authorized by or under the jurisdiction of a court of law.

Fund or Governmental Accounting - This type of accountant works for non-profit organizations or branches of government. The double-entry system of accounting is used, the same as conventional accounting. Special funds accounting is also used.

Forensic Accounting - Forensic accounting looks at issues that result from actual or anticipated disputes or litigation. Forensic accountants often have to give expert evidence at a trial. All of the larger accounting firms have specialist forensic accounting departments and within these groups, there may be even more sub-specializations. Some forensic accountants may just specialize in insurance claims, personal injury claims, fraud, construction, or royalty audits.

Investment Accounting - Investment accounting, portfolio accounting or securities accounting - all synonyms the describe the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held Find more information in an investment fund such as a mutual fund or hedge fund.

Are you suited to be an accountant?

Accountants have distinct personalities. They tend to be conventional individuals, which means they’re conscientious and conservative. They are logical, efficient, orderly, and organized. Some of them are also enterprising, meaning they’re adventurous, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic.