The Role of Accountants
If a company makes it and is receiving revenue it is advisable to seek financial assistance. The responsibility of an accountant is not only to follow the income transactions but there is a lot more. It is responsibility of an accountant to see to it that taxes are paid, statements are accurate and that a business is efficient. Adhering to these discussed areas then a company is bound to succeed.
Reduce Cost Guidelines
Strategies to reduce costs are provided by an accountant so that a company can be successful. Accountants are able to analyze spending habits and budgets just like financial advisors do. Some expenditures can be suggested on how they will be handled by an accountant after he studies the income expenditure books.
A judge’s records can be studied by an accountants with the result of having used up large amounts on charity. It is the role of the judge’s accountant to compare the income being received versus the expenses. By so doing a judge is advised accordingly on the expenditure which he has to eliminate or reduce. If the judge is found to be having expenditures that are not properly accounted for, then it becomes the responsibility of the accountant to advise him to adjust accordingly.
Honoring Tax Remittances
If taxes are remitted late then a penalty is attracted hence an accountant is hired to ensure this is done in a timely manner.
The well-being and reputation of the judge benefits greatly because by not doing the same then a judge’s credibility can be damaged in case they are not found to be paying taxes. The accountant once again has the role of properly calculating and disbursing these taxes.
It is advisable to have statements that are accurate. You find accountants being contracted to professionally assist. With records that are correct it is easy to pick out a transaction that could not have been easily detected before.
If finances are abused the judge can be left in jeopardy and in a financial mess. CNN.com in 2001 reported the Enron scandal that perfectly shows how a judge who does not keep their books properly will be messed up. This was a company that was once ranked top ten with million in revenue income.
Funds were embezzeled by some officials in the business. The reputation of Enron was badly damaged and till now the company is struggling and still said to be defunct.
A company can be affected by the errors found in the financial records. In the case of a new company that acquires a property due to the income that they are receiving. But it soon realizes after the purchase that they miscalculated the value of the assets. This is a situation which such a company finds itself in.
In a business an accountant is a very vital employee. Financial statements and bookkeeping is responsible for the break or make of any business.