Accountant — a professional responsible for the company’s accounts. Accountants may work independently or as a part of a department. The responsibilities of an accountant may vary depending on the organization. The most common duties of an accountant include the following:
- analysis of financial statements;
- payroll calculation;
- conduct of audits;
- preparation of tax return;
- maintaining the financial reports and documents;
- forecasting and assessment of the financial risks.
Specializations of Accountants
There are several types of accountants. They differ in the fields they work in and in their responsibilities. Each specialization requires both widely accepted accounting principles and industry-specific practices.
Certified Public Accountant (CPA). This professional has wide-ranging responsibilities. CPA works with taxes, accounting records, and financial standings. Also, they may conduct the audits and reviews, consult the clients on the financial questions and manage other accountants.
Forensic Accountant. A forensic accountant works in the legal field or litigation support. He examines the financial records to check if there are any short payments, wasteful spending, errors, or discrepancies with the state or federal laws. Also, they may act as an expert in court proceedings.
Auditor. These professionals conduct annual audits of various organizations to check the state of their financial documentation. Auditors access accounting statements, salary statements, fiscal records, and reconciliation reports to ensure that the company follows the financial legislation. If the auditor finds any deviation from the current regulations, he provides the recommendations for a business.
Management Accountant. The main task of the management accountant is to analyze the financial statements of the organization and provide information concerning its future based on this data. His responsibilities include budgeting, risk assessment, profitability analysis, and consulting.
Cost Accountant. This accountant analyzes the costs related to the supply chain profitability. He assesses the production costs, labor costs, shipping costs, and the costs of materials to identify the fields where he can optimize the expenditures.
Government Accountant. This professional oversees the disposition of the taxes and helps the governmental bodies plan the fiscal year. Also, they are responsible for the audit of the businesses for compliance with the tax legislation.
Investment Accountant. This accountant works with brokers and assessment management firms. They need to oversee the client’s investment portfolio in following the state regulations. Also, investment accountants help to develop the financial strategy.
Staff Accountant. A staff accountant is the most common job in the accounting field. He creates the financial reports, manages the payable and receivable accounts, and reconciles the bank account. Also, he is responsible for the preparation of financial statements, payroll distribution, and supervision of clerical employees.