Role of Accountants in Modern Business Environment

Posted by Vijay Shah on February 4th, 2020

Accounting is the process for a business to achieve the goals by assembling, organizing and communicating information about its various activities. It is integral part of modern business era. So the role of accountants in a modern business is to ensure all the business finances are well disciplined.

Roles of Professional Accountants in Business

• Treasury management: The importance of treasury management of an enterprise's holdings, with the ultimate goal of managing the firm's liquidity.
• Business advisory function: The aim to support undertakings identifies strengths and overcome weaknesses in specific areas by the using of Business advisory services.
• Cost control: Budgeting and cost control includes the detailed estimation of costs. Cutting costs is the simplest way to improve your bottom line.
• Billing and Credit control: Billing and credit control and will able to see the whole business life-cycle.
• Investment appraisal: Investment appraisal is a process that is conducted to determine whether or not an investment is worthwhile for a business.
• Ensuring compliance with relevant laws: Compliance means conforming to a rule, such as a specification, policy, standard or law.
• Customer service function: Give customers information about products and services, take orders, and process returns and help customers with complaints and questions.
• Handling tax issues: Provide a full range of tax services including planning, working with you to help you understand the tax issues and handling with HMRC.
• Preparation of financial statements: The financial statements can be prepared using information from the ledger accounts.
• Inventory management and control: Inventory control is the portion of your inventory management system that involves what's currently on hand.
• Information system assurance: Assurance is a professional service with the aim of improving the quality and transparency of information.
• Payroll system: The payroll process refers to those steps required to pay employees, including basic payroll packages and fully featured online or cloud-based payroll.
• Writing accounting policy: Significant accounting policies - Notes to the consolidated financial statements

So the role of professional accountants in business to provide information that supports strategic, performance and risk management. When considering accounting, bookkeeping, auditing, tax planning, self-assessment tax return or business consulting get in touch with local accountant in your area to see all the difference.