Role of Accountants in the Finance Industry

Accounting is the art of recording and reporting on financial transactions. Accountants are concerned with tracking and reporting the financial transactions of a business. They are responsible for managing general ledger, cash flow management, collections, recognizing revenue, analysing profitability, reporting earnings, managing debt, and paying taxes of course. Financial services firms need to fill roles like financial reporting accountants, auditors, bookkeepers, accounts receivable clerks, accounts payable clerks, controllers, treasurers, and tax accountants. Typically, the entire accounting organization will report to a Chief Financial Officer as well.

• An accountant will identify potential deductions throughout a fiscal year and advise on how to make strategic decisions for year-end deductions.
• An audit can easily be avoided if you get the guidance and counsel of an expert accountant year-round.
• Investing in and engaging a professional accountant as an ongoing tactical business advisor will assist owners in maintaining focus on long-term goals.
• A collaborative approach toward an accountant allows make decisions based on data and takes advantage of a consultative relationship that will help make business decisions in a timely fashion.
• The biggest benefit of hiring an accountant is getting advice on how to plan for the future. They can pull reports from the past and examine the seasonality of a business. This helps determine the best time to buy inventory, and budget for big investments so that it can stay competitive and viable.