key roles and responsibilities
an accountant's duties can be grouped into several core areas:
area primary responsibilities
financial reporting & bookkeeping 1. prepare financial statements: generate and analyze key reports like balance sheets, income statements (profit & loss), and cash flow statements.
2. record transactions: accurately record all day-to-day financial transactions in the general ledger.
3. reconcile accounts: perform bank and account reconciliations to ensure financial records are consistent and accurate.
4. manage a/r & a/p: oversee accounts receivable (incoming payments) and accounts payable (outgoing payments/vendor invoices).
analysis & consulting 1. financial analysis: examine financial data to identify trends, variances, opportunities for cost reduction, and potential risks.
2. budgeting & forecasting: assist in preparing annual budgets, financial forecasts, and monitoring performance against these budgets.
3. strategic advice: provide insights and recommendations to management on how to improve profitability, manage assets, and support strategic business goals.
compliance & auditing 1. tax management: compute taxes owed, prepare and file tax returns, and ensure proper and timely tax payments.
2. regulatory compliance: ensure all financial records and practices comply with federal, state, and local laws, as well as accounting standards like gaap or ifrs.
3. internal controls: assess and implement internal controls to safeguard assets and prevent fraud or errors.
4. audit support: collaborate with internal and external auditors by providing documentation and explanations.
payroll & administration 1. payroll processing: manage payroll functions, including collecting timesheets and calculating wages, deductions, and bonuses.
2. record maintenance: organize, analyze, and securely maintain all financial records and documents.