What are the 5 Roles of an Accountant in Your Organization?
In general terms, the job of an accountant seems quite easy and simple. One might think that all an accountant does is work with numbers. Although this is true that dealing with financial data is the major part of an accountant’s job but there is a lot more than just that. It is a critical business function that involves a lot more reasoning and skilful analysis than one might think. So what exactly does an accountant do? We will be discussing in details the job, roles and responsibilities, and basic skill set of an accountant in an organization.
Job of an Accountant
Simply put, an accountant is responsible for keeping a track of all the financial records and interpret them when needed. Most of the accountants are responsible for comprehensive tasks that have everything to do with the finances. It can be for individual clients as well as larger businesses such as corporate organizations. Often people get confused about whether or not an accountant and a bookkeeper is the same thing. These designations tend to be used interchangeably when in reality, there are a lot of substantial differences between these job titles. The main difference is that bookkeepers have at least an associate degree and their area of expertise is keeping a track of financial transactions. Whereas, accountants have a bachelor’s degree in accounting at least and are responsible for not just gathering the records but interpreting them as well. In short, an accountant can do a bookkeeper’s job but a bookkeeper cannot necessarily do an accountant’s job. There are three main types of accountants:
- Public accountants
- Management accountants
- Government accountants
Now that the job description of an accountant has been explained in detail, moving on to roles and responsibilities
Roles And Responsibilities
Like every job, the work of an accountant also varies by organization and position, but the common tasks and duties remain the same throughout. Here’s a list of tasks for an accountant in accounting firms in UAE:
- To ensure the accuracy of all financial documents and their relevancy with laws
- Preparation and maintenance of all financial reports
- Managing the tax returns and ensure the timely and proper payment of all taxes
- Evaluate financial operations in order to recommend the best practices, identify the issues and come up with solutions to help the organization run efficiently.
- Offer counsel on subjects such as cost reduction, profit maximization and improvement of revenue.
- Conduct risk analysis assessments
Furthermore, accountants are legally obligated to practice with utmost honesty and not be negligent in their practices at all. They are responsible to ensure that nothing suspicious takes place in relation to any fraudulent activities. The practice should be compliant with the state’s laws enforcement.
Basic Skill Requirements
All accountants need to have a basic skill set in order to be efficient at their jobs. Here are some fundamental skills that make a good accountant:
- Attention To Minor Details: An accountant should monitor everything very closely and never miss even the minutest details. This is important to keep the data accurate and well-organized. It is only human to make mistakes but one simple error can later cause huge problems if not tended to.
- Strong Business Acumen: In order to prove to be an efficient accountant, one must possess strong business acumen. Knowing and understanding the basic functions of a business are extremely important to analyze and interpret the data as well as solving the problems when they present themselves.
- Digital Literacy: In today’s world, it is essential for an accountant to be computer literate. This is important to be able to use advanced accounting software and other digitalized tools.
- Communication Skills: An accountant must be a strong presenter with excellent communication skills. They must be skilled enough to not just present their data but also have the capability to grasp the facts provided by clients, managers or stakeholders.
- Mathematical Expertise: Being a maestro at mathematics is a prerequisite in the field of accountancy. A sharp and diligent mind is extremely necessary for a person to be an expert at accountancy because, at the end of the day, it’s all about numbers. Leave a Reply
