Question

Discuss the kinds of accounting specialists that participate, and those that may not participate, in preparing those statements.

Answer 1

General functions of an accountant specialist are collection, recording, reporting and analysis of financial data of a business’s or companies financial activities, with accuracy. They play major role in preparing financial statements of the business as they are involved end to end from generation of financial information to their recording. An accountant specialist not only handles administrative roles in the company but also as a financial adviser, financial interpreter and also acts as front face for presenting the company’s financial performance to people within and outside the business. The role taken up by the accountant specialist depends upon the business’s requirement and size. Following are fundamental roles performed by an accountant specialist:

1. To ensure that collection and maintenance of financial data is as per compliance with lawful and accepted procedures and policies on the corporate level. Developing, implementing and maintaining secure financial data bases
2. Analysis of financial data to advice on making business decisions including studying revenue and expenditure trends, financial commitments and forecasting future revenue of the companies.
3. Financial Report Preparation including monthly, quarterly, annual and year end closing statements
4. Regulatory and financial reporting as per the compliance and on time.
5. Meeting and reporting tax implications.
6. Working with 4 major fields of the industry: public, management, internal auditing and government accounting for meeting external Business Affiliations

Types of accountants:

1. Certified Public Accountant

They are considered top level experts in an organization’s accounting records, taxes and financial analysis. They work as trusted advisors helping their clients improve financial performance basis the study of their financial statements. They also advise on audits and reviews, forensic accounting, consulting and litigation matters.

1. Forensic accountant

They analyse financial statements and records to check for if they are compliant bylaw and as per accepted standards and procedures. They play major roles in uncovering financial fraud.

1. Auditor

They analyse financial statements and records to check for if they are maintained and recorded with accuracy. They play major roles in conducting audits of financial statements of a company

1. Management accountant

They study the organisations financial health and identify the information that may affect the performance in future. They help the organisation in making sound financial decisions.

1. Cost accountant

They study the expenses of the business (Profit & Loss statements) to conduct a profitability analysis and also play major role in budget preparation.

1. Government accountant

They work for the government and help it to plan out all its activities as per financial feasibility. They also ensure that money received from Taxes is used in beneficial and effective manner.

1. Project accountant

They work for a project end to end looking after all its financial needs and ensure that money is used in prudent manner. They keep a close watch on the overall cost and are involved in preparing and collecting invoices, approving expenses, verifying employees’ billable hours, planning and maintaining budgets and ensuring the team is meeting project deadlines.

1. Staff accountant

They perform all general accounting functions for the firm. They prepare financial statements, maintain a company’s general and subsidiary accounts, perform account reconciliations, maintain payroll records, cash management and also act as supervising clerical employees.