Financial reporting is an essential part of any business. In addition, accountants play a crucial role within the business to ensure that it finances are well secured and accounted for. They enhance financial accountability and transparency needed to make the business financially stable and conscious. Some of the services offered by accountants include;
Accounting and auditing
Accountants are responsible for maintaining records for all financial transactions. This makes it possible for the business to track its revenues and expenditure as well as maintain clear financial records. Properly maintained financial records or statements inform on the financial status of the business and act as a reference when making essential business decisions. Moreover, accountants maintain well-audited accounts that indicate the net worth of the business at a particular time and show the profit gained within a specific period. Additionally, accountants ensure that financial statements represent the accurate and fair representation of the business’ financial status and that they conform to the accepted accounting standards and practices.
Accountants are responsible for ensuring that a business is tax compliant. Hence, they act to file the necessary tax returns in a timely and accurate manner. Further, accountants are consulted on the range of tax services that apply to the business hence determine tax liability and undertake to make updated tax records. A qualified accountant serves in the interest of the business in undertaking tax accounting services while at the same time prepare and pay federal, state and local tax returns conveniently.
Accountants serve to ascertain the production and operations costs within the business. Within the business, accountants offer valid cost accountancy and management consulting such that the leadership of the business is well informed of the costs involved. This way it is possible to tame runaway costs or inject money into a production line that will generate more revenue for the business. Moreover, accountants have also involved in valuation of the production process such that the company can make realistic selling prices that will maximize profit for the firm’s output.
Financial investigation and accountability
Certified or Chartered Accountants have the perfect knowledge to undertake forensic accounting to ensure that all financial transactions are well kept and that the financial position of the business represents the true valuation of the assets compared to its liabilities. Moreover, they track all financial channels that are allocated to particular departments to ensure that no monetary fraud is committed by the business employees which creates great efficiency in both administration and management and increases the profits generated.