key responsibilities and duties
the duties of an accountant are comprehensive and fall into several key areas:
1. financial reporting & analysis
prepare financial statements: compile and analyze account information to prepare accurate balance sheets, profit & loss statements, and cash flow statements on a monthly, quarterly, and annual basis.
month/year-end close: lead and execute the procedures for the monthly, quarterly, and annual accounting closing processes.
reporting: produce error-free financial reports and present the results and financial status (liquidity, growth) to management.
budgeting & forecasting: assist in the financial planning and goal-setting process by preparing budgets and financial forecasts.
2. transaction management & compliance
record keeping: document financial transactions by accurately entering account information into the general ledger.
reconciliation: reconcile accounts payable (a/p), accounts receivable (a/r), bank statements, and general ledger accounts to resolve any discrepancies.
audits & controls: substantiate financial transactions by auditing documents and assisting with internal and external audits. develop and document business processes and accounting policies to maintain strong internal controls.
tax compliance: compute taxes owed, prepare and file tax returns, and ensure all financial policies and regulations are strictly followed.
3. strategic & advisory
cost analysis: analyze financial information, identify potential risks or challenges, and recommend financial actions or cost-saving strategies to management.
system improvement: review and recommend modifications to accounting systems and procedures to enhance efficiency.
guidance: provide technical support and financial advice to management and other departments.