Accountants are needed in multinational firms because of their skills, knowledge, and experience in running business operations firmly. They are skilled in keeping company records and in preparing important and accurate documents. When it comes to company tax matters, their services are highly needed.
Their responsibilities and duties in any business firm are vital functions that deal with giving clients business and accounting services that include public relations, internal auditing, management, and government accounting. Other fundamental tasks of accountants are: to prepare, to analyze, to verify, and to evaluate financial documents needed by clients.
The nature of work of Accountants is wide-ranging. Public accountants perform general accounting, auditing, and consulting services to the clients that are composed of corporations, non-profit organizations, governments and its agencies, and other individuals. However, job specification among Accountants need to be distinct so they can concentrate on performing particular matters like tax concerns, the preparation of tax returns of individuals, and the consultations servicing provided to corporations in managing their taxes.
Some Accountants perform tasks that involve plainly consultation. They provide advices to their clients that pertain to compensation or an employees health benefits, accounting and its design, the processing of data of a specific system, the giving of controls that will safeguard client or company’s assets.
There are also known Forensic Accountants who do investigation and interpretation of bankruptcies and financial transactions. The scope of their services and responsibilities extend to auditing financial statements that contain financial reports.
Additionally, there are also Certified Public Accountants that decide to have their own firms and manage their own business instead of being a corporate or government accountant.
On the other hand, Management Accountants who are also called industrial or private accountants work for corporations and companies to manage company’s budgeting, performance assessment, and assets and costs management among others. Their skills and knowledge in interpreting and analyzing financial information needed in making risky company decisions are expected to be impeccable — not because they have passed the rigorous examination for CPAs but because it is what they do.
Tax authorities, stockholders, creditors, non-management groups, regulatory agencies, and other clients that require study and interpretation of their financial records are the market of accountants—their employers. They will be hired to become part of accounting departments and company teams that will take care of financial analysis, cost accounting, and planning and budgeting.
Finally, with technological advancements and unstoppable innovations, Accountants should equip themselves in special software packages that are needed in controlling and managing the corporation’s financial systems. Most of the recordkeeping are stored and performed using the computer. Files and documents which are available in special formats should be made to correct problems. This means Accountant should also gain extensive computer skills that will enable them to create and develop software needed in data management.