It can be an exhilarating experience seeing your income tax returns being filed in the blink of an eye in the hands of a certified accountant or tax preparation firm. But what does an accountant in Kissimmee, Orlando and Hunters Creek really do?
Most of us are familiar with how financial analysts are invaluable for businesses in preventing any hitches or delays in operations. Most accountants are usually at the helm of many back office functions in a business.
Accountants are not only valuable in helping you file your tax returns in proper order. In other words, they are also charged with keeping an organization’s financial records in order. They are also seen working with technological systems to maintain, compute and resolve tax payments. This also involves classifying financial records. Other duties that an accountant in a business’s accounting department has to deal with includes –
Gross wages of employees have to be calculated before they can be distributed. This would involve reviewing private information in the files of the company’s personnel, income tax, earnings to date info as well as several other deductions that need to be processed by accountants. Companies that do not have accounting departments often outsource complex payroll processes.
A business owner or organization needs to write a lot of checks during the course of operations which are then signed by business officers. A company accountant is responsible for storing business documents and files in order to make it possible for the company to know when the checks should be paid. This also involves determining the amount that is to be paid as well delivering the checks for signatures.
A business might also own long term assets like property and equipment. This includes retail display, office furniture, machinery tools, buildings, land and vehicles.
An accountant would be responsible for keeping records that control the use of the assets. He/she will also be charged with keeping records for determining the correct amount of depreciation for tax calculations and accounting.
The revenue received from a company’s sales or through any other sources has to be identified and appropriately recorded. This also includes recording the source of the cash received. An accountant in an accounting department ensures that the cash received is properly deposited in pertinent business accounts as well as making sure that the business has some currency available for making changes for customers.
In other words, accountants control access to incoming cash receipts as well as balance a company’s checkbooks.
Inventory and Procurement
An accountant will also be responsible for keeping track of any purchased orders that have been included in a company’s inventory. Many companies usually purchase such items on credit. An accountant’s skill would be invaluable in keeping track of all the liabilities that would arise from credit. This ensures that all cash payments are made in time.
So the next time you need to have your taxes filed, just think of what a company’s accountant has to go through.
Freedomtax Accounting is a full service accouting firm serving Kissimmee, Orlando and Hunters Creek area. Please contact us for a FREE Consutlation. God Bless.