What Does A Good Accountant Do?

Isuri

Professional accountancy services can aid businesses both small and large in a wide variety of ways. Accountancy is a broad industry that includes many subdisciplines and areas of expertise for accountants to branch into. But what exactly does an accountant do? If you’re unsure of the ways an accountant could help streamline your internal processes and improve your company’s finances, check out our short list below of just some of the many ways a specialist accountant can aid your business.

Auditing

Conducting an audit involves assessing company documents and ensuring that financial accounts and statements are accurate, up-to-date, and correctly handled. An accountant completing a financial audit will review all relevant financial documents, along with internal financial management processes, to check accuracy and ensure compliance with local laws and regulations. An auditing accountant may also initiate an investigation into any discrepancies or irregularities they find during their audit in order to uncover any potentially unlawful or fraudulent activities.

Bookkeeping

While an auditing accountant is responsible for checking over company financial records, a bookkeeping accountant is the person responsible for maintaining those records in the first place. So if your auditor finds an error, your bookkeeper may be to blame! Bookkeeping accountants must maintain an accurate records of a business’ expenditure, income, sales, and orders, while ensuring legal compliance in how those records are kept, stored, and used.

Financial Planning

Financial planning is essential for businesses all of sizes that wish to complete an effective long-term plan for the management of the company finances. An accountant engaged in financial planning will provide the business with advice and consultation regarding all aspects of financial management, including potential investments, savings, debt management, and estate planning.

Forensic Accounting

Forensic accounting is the use of accountancy to identify potential cases of fraud, embezzlement, or other suspicious activities in a company’s financial management. A forensic accountant will conduct an audit specifically designed to find any potential criminal activity. After identifying any irregularities, it is the forensic accountant’s job to uncover and document any evidence that could be used in court proceedings or criminal investigations.

Payroll Services

Payroll services are responsible for managing the payment of wages and salaries to employees. This is a core aspect of any business and thus is a primary function of in-house accountants. Payroll accountants cover all areas of payroll management including issuing pay cheques, preparing pay slips, calculating deductions, and filing taxes on behalf of the company.

These are just some of the myriad ways that an accountant or professional accountancy services can aid your business, improve your company finances, and ensure relevant legal compliance. If you’d like to hear more about what the best accountants Manchester has to offer can do for your company, get in touch with our expert team today!

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