Corporate Accounting: Read Below The Job Description Of An Accountant

Posted by Rishi Roy on December 30th, 2020

In countries like India, there are various start-ups and established businesses striving to manage their financial operations. Companies must perform accounting operations to keep a record of their daily transactions. These operations are carried out to identify the financial position of a business. Accounting involves the collection, analysis, classification, verification, interpretation and presentation of financial information. 

Specifically, it is a branch of accounting which deals with financial transactions for any types of businesses. Furthermore, it is beneficial to outsource these operations for your business.  Several firms provide services in corporate accounting in India. Outsourcing not only helps save your money but also offers a team of trained professionals straight out of the industry.  

What Is Corporate Accounting? 

Corporate accounting deals with preparing cash flow statements, financial records, balance sheets and more. It can be used to handle corporate business processes such as absorption, amalgamation and the creation of consolidated documents. 

It mainly focuses on analyzing and interpreting the company financial results. To meet the financial goals of the company, an efficient and well-planned working structure must be established. With the help of corporate accounting, it is all possible.

Corporate accountants specialize in business accounting and maintain financial records to ensure compliance with laws, regulations and the company policies.  Budgeting and allocation of funds and resources for various expenses are executed by corporate accountants. Apart from the financial works, a corporate accountant also executes auditing that specifies if the organizational goals are fulfilled or not. 

Duties Of A Corporate Accountant 

Accounting System

An accountant creates, installs, manages and maintains the accounting system of a company. Today, much of the work is completed by using software that is built specifically for such operations. Further, the accountants create separate accounts to handle business elements such as equity, assets, income, liabilities and expenses.

They prepare and consolidate financial statements and general ledgers of the organization. They collect these ledgers and financial reports from divisional offices and prepare corporate financial statements for company executives. 

In addition to that, advanced accounting involves the preparation of a variety of reports that are used internally. These reports are made based on current data and information. Moreover, financial statements for the company are also produced for verification by regulatory bodies.

Payroll of staff 

The calculation of staff salaries falls into the purview of corporate accounting. The accountant calculates wages for the company staff according to their work period. It can be weekly, bi-weekly or monthly. The employees receive payroll checks or are directly deposited into their banks' accounts due to a well-planned accounting process. 

Other expenses 

Companies make special payments to stay compliant with business regulations. Corporate accountants handle responsibility such as payments such as employee-related taxes, garnishments for wages, distributions for retirement accounts, bonuses for performance and overtime fees. 

Managing payable accounts

The accountant handles the responsibility of receiving and processing invoices that come into the company. They proceed to make payments to contractors or suppliers according to the invoice. It includes, bank transfers, checks, credit-card payments and electronic wire transfers. 

When handling accounts payable, corporate accounting generally focuses on inventory flowing into the firm. However, they also focus on loan payments, taxes and premise maintenance costs.

Managing client accounts 

Corporate accountants also handle accounts receivables. They process payments that regularly flow in from clients. Moreover, they also overcome any defaults or mistakes that occur in recording and interpreting information. 

Conclusion 

Corporate accountants play an essential role in running a business. They help companies track income and expenditures and ensure statutory compliance. If you are looking for corporate accounting in India, get in touch with Business Guru. They provide full-fledged services in accounting and financial management for your business. Visit their website for more information on their services. 

For further queries, get in touch with us.