The role of an accountant is to check, summarize, present, analyze and interpret the accounts for the benefit of the owner and other interested parties. Key responsibilities of an accountant are the preparation and analysis of financial reports which include income loss statements, tax return issues and balance sheets. They may also offer services to the public in need of financial advice and expertise. Accountants also act as management and corporate caretakers, taking care of small business matters. Accountants perform a wide range of tasks like tax advice and assistance in order to complete your tax returns. Financial Accountant
A financial accountant looks at past business transactions, everything from what the company has bought to what it has sold throughout the year. All the information is needed to create profit and loss balance sheets which are called the final accountants.. “Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders”. (www.businessdictionary.com) This means that a financial accountant looks at all the double entries that have been recorded, covers previous years trading in short looks backwards and then provides a true and fair view of financial affairs of the business.
A management accountant looks at the future of the business and also preforms tasks such as budgeting, forecasts through costing and calculation preparations. He also prepares a time and motion study and also is in charge of preparing a budget actual variance report; this will show where the company is making a loss or profit. “The process of preparing management reports and accounts that provide accurate and timely financial statistical information required by managers to make day-to-day and short term decisions.” (www.businessdictionary.com) This means that...