The Significance and Roles Played by Accountants in the Economy
An accountant is defined as a person who has undergone training and has qualifications in book keeping, preparation, auditing and analysis of financial accounts.
Accountants have the responsibility of verifying the accuracy of all money transactions carried out and to ensure that all the transactions carried out in the business are legal and follow the rules and the guidelines on the company, business or the concerned organisation. There are different types of accountants namely: investment or portfolio and also called security accountants who deal with investments accounts such as real estates and investment funds; forensic accountants whose job deals with accounts involving disputes or issued to do with the court of law; government accountants whose main job is to deal with government accounts and fiduciary accountants whose job revolves around trustees, executors , administrators a lot anyone in position of trust.
Some of the advantages acquired as a result of having or being accountants in businesses include the following.
Business accountants even go ahead and defend the quality of the financial reports of a business when issues concerning the figures contained in the report arise, something that is very important for the smooth running of the business. Accountants also safeguard the confidential financial reports of the organisation or company which helps the company to maintain its public figure and the value of the public which is an advantage to both the public and the concerned company or organisation.
Accounting is a very well paying profession in very many countries worldwide.
Another important role played by accountants in business is the accountants ensure that all the financial records are well organised and up to date.Accountants are also very important when it comes to ensuring that your company works in alignment with the law and follows all the required rules and only carries out legit transactions and thus ends up saving the organisation or company from being fined by the law firms or the government for carrying out illegal transactions or breaking the rules in one way or the other; this is only possible if you have an accountant otherwise you will have incur the cost of charges and penalties in future.
Having an accountant in your business give the owner of the business the peace of mind they need because they do not need to worry about the tax compliance of the business and also the financial records because they are always taken care of by the accountant and on time.
Accountants are very essential in any type of business whether it is a store, a filling station, or a school because through the work they do, for instance, the business owner can be able to tell if the business is becoming successful by going through the information that is analysed by the accountant.