Question

18. What are the requirements it is essential to ensure that you clarify and comply with Competency? in the context of bookkeeper and accountant.

Answer 1

Hello there. Hee is the answer. As the question is more of a general one, I am answering keeping in mind the roles and responsibilities of an accountant/ bookkeeper.

Competency means an ability to do something properly or efficiently. In the context of accountant or bookkeeper, to be a competent person in his/her job, the person should have the following skills:

1. The person should have good knowledge and understanding of accounting principles and concepts.

2. The person should be well-versed with data entry in the computers and manually too.

3. The business in which the person is working, he should have a good knowledge of the processes and the transactions undertaken, so that he properly understands how and where to record them.

4. The person should also know how to check and verify the closing balances, to double-check the recording of transactions.

5. The person should also have knowledge of the tax rules applicable to the business, so that timely and correct payments of taxes can be done by the business.

6. As the work of accountant or bookkeeper is voluminous, the person should be good in maintaining records and time management.