Key Responsibilities:
Recording & Reporting:
Accurately record all financial transactions (daily/weekly).
Prepare and present financial statements (P&L, Balance Sheet) monthly/quarterly/annually.
Manage general ledger, accounts payable (A/P), and accounts receivable (A/R).
Compliance & Auditing:
Ensure compliance with financial policies, GAAP, and tax regulations.
Compute taxes and prepare tax returns.
Conduct internal audits and reconcile accounts (e.g., bank statements).
Analysis & Strategy:
Analyze financial data to identify trends, risks, and opportunities.
Develop budgets, forecasts, and financial plans.
Provide strategic advice on cost control, profitability, and investments.
Cash & Budget Management:
Monitor and manage cash flow.
Assist with budget control and financial planning.
System & Process:
Maintain updated financial systems and processes.
Work with external auditors, suppliers, and banks.
Daily/Weekly/Monthly Focus:
Daily: Recording transactions, A/P & A/R, bank reconciliations, responding to inquiries.
Weekly: Payroll processing, invoice review, preliminary reports.
Monthly/Quarterly/Annually: Compiling financial statements, budget reviews, tax updates, audits, year-end closing.
Types of Accountants:
Management Accountants: Focus on internal reporting, budgeting, and cost analysis for strategic decisions.
Tax Accountants: Specialize in tax planning, preparation, and compliance.
Auditors: Examine financial records for accuracy and compliance (internal or external).
Financial Analysts: Focus on forecasting, investment, and high-level financial strategy.