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Role of an accountant
1. bookkeeping - make sure transactions (payroll, receivables, payables, etc) are recorded correctly by considering classification of assets, liabilities, equity, income and expenses.
2. taxation - make sure financial records are kept in systematic form to enable easily retrival of required information for tax decision, i.e deductibility of expenses, qualification of capital assets etc.
3. auditing - ensure financial statements (b/s, p/l, cash flow, statement of changes in equity) of company are prepared based on accepted accounting principles for external reporting.
4. budgeting - assist in planning, forecasting, control and monitoring operation process of company, e.g. whether company has enough cash flow inflow to pay suppliers
5. management - assist manager in decision making by analysing financial and non financial information available.
Future of an accountant
1. corporate governance - ensure administrations are complied with underlying rules and policies, e.g. integrity of director's report. ensure company's goals are satisfying relationships with stakeholders, i.e. customers, suppliers, government authorities, public etc.
2. corporate social responsibility - company takes more social responsibilities like producing environment frienly product, organising charity activities etc.
Accountant is also required to brush up soft skills like, communication skills, leadership skills etc. Change management, strategic planning, understanding of organisation - risks, controls, governance and compliance are important for account to take up more responsibilities.
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