Economics is a difficult subject to gaze, so as its axioms and theorems. However, it is the requisite of every individual to know the required proportion that directly influences an individual’s life. Business is that special arm that curves and shapes up an economy to finest proportions. The stake remains high in maintaining the integrity and necessity for building a strong economy as a country’s development is directly dependent upon the strength and growth of its economy.
Every business, feels the need of maintaining updated record of the transactions made. It is the duty and legal responsibility of business firms across the world in keeping data about the business they made. The reason is that, Government depending upon the business made impose tax, and the revenue generated thereby is used in the development of the nation. The necessity thus, lay highlighted. Accountants are the key players who help you in this respect.
The role and importance of accountants is immense and the following are the tasks an accountant needs to perform:
- They need to prepare, examine, and analyze recordings related to accounting, financial dealings, and other financial reports for assessing the accuracy, completeness, conformity and credibility in reporting and procedural standards.
- Accountants have to compute taxes owed and also prepare tax returns and ensure compliance with payments, reporting and other taxation requirements.
- They need to analyze business operations, trends, revenue commitments, and obligations, so as to project future revenues and expenses or in providing advice.
- They generally have to report to management regarding the financial records of any establishment.
- Accountants also do have to establish the tables of accounts, and assign entries to proper and correct accounts.
- They have to develop, maintain, and analyze budgets, prepare periodic reports that compare actual costs to budgeted costs.
- They have to engage themselves in developing, implementing, modifying, document record keeping and accounting systems by making use of current computer technology.
- Accountants need to prepare separate forms and manuals for matters relating to accounting and supervise the work activities.
- They get to do the survey operations so as to ascertain the essential accounting needs and to recommend, develop, and providing appropriate solutions to business and financial problems.
- Accountants often work as Internal Revenue Service agents of firms operating in market.
- They usually advice the management regarding issues such as effective resource utilization, building tax strategies, and the core assumptions underlying the budget forecasts.
- They set in to provide internal and external auditing services for businesses and individuals.
- Accountants’ advice clients in multiple areas such as compensation, employee health care benefits and long-range tax and estate plans.
- They investigate bankruptcies and other complex financial dealings and prepare reports by summarizing the results.
- They represent the clients before authorities and provide the required support during litigation that involves financial issues.
- Accountants often appraise and evaluate real property and equipment, recording information such as the description of the property, value, and location.
- They also effectively maintain and examine the records of government agencies.
- Accountants also serve as bankruptcy trustees and business evaluator.
The government of United Kingdom is very strict about the laws and regulations abiding the taxation policy if the country. It is often due to the complex mismatch, the experience of the people turns out to be a forgettable one. The able and potent accountants in London however, work in making the complex activity turn into a simple one!
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