core responsibilities and duties
the duties of an accountant can vary based on specialization (., financial, management, tax, or internal audit), but generally include:
1. financial record-keeping and transactions
recording transactions: accurately record and classify all daily financial transactions, including income, expenses, assets, and liabilities.
managing ledgers: maintain the general ledger and other financial registers.
reconciling accounts: perform monthly bank and account reconciliations to ensure internal records match external statements, resolving any discrepancies promptly.
accounts payable/receivable: manage timely payments to vendors and suppliers (ap) and ensure timely collection of customer invoices (ar).
2. reporting and analysis
preparing financial statements: prepare and publish accurate and timely financial statements, including balance sheets, income statements (profit & loss), and cash flow statements.
closing procedures: oversee and manage the month-end, quarter-end, and year-end closing processes.
financial analysis: analyze financial data to identify trends, variances, risks, and opportunities for improvement.
budgeting and forecasting: assist in preparing annual budgets, forecasts, and financial projections for management.
3. compliance and auditing
tax management: compute taxes owed, prepare and file tax returns, and ensure compliance with all relevant tax laws and regulations.
regulatory compliance: ensure all financial records and reports comply with accounting standards (like gaap or ifrs) and legal requirements.
internal controls: develop and maintain strong internal financial controls and accounting policies to safeguard company assets and data accuracy.
audits: coordinate and support internal and external audits.
4. strategic guidance
advising management: act as a strategic advisor to management by presenting financial reports, interpreting data, and providing actionable recommendations on financial strategy, cost reduction, and profitability.
system improvement: review and recommend modifications to accounting systems and procedures to enhance efficiency and accuracy.