Menu

Financial Accountant Vacancies

The accountant is keeper of the accounts

What is accounting?

The American Accounting Association (AAA) defines accounting as "... the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information." An accountant is a practitioner of accounting (or, equivalently, accountancy).

Accountants have the primary responsibility in the organization for managing, updating, correcting, and reporting the organization's accounts.The accountant's role is, literally, "keeper of the accounts, " hence the name of the profession.

What are the accountant's roles?

In a very small company, an accountant or accountants may perform all of the accounting jobs described in this section, but in medium and large companies, different accountants will be responsible for financial accounting, managerial accounting (or management accounting, or cost accounting), and internal auditing. There are also public accountants, who perform as consultants for a number of clients.

The term financial accounting usually means providing information to those outside the entity (such as stockholders, regulatory organizations, and creditors). A main focus in financial accounting is the preparation and publishing, quarterly and annually, of the organization's financial statements, primarily the following:

In the role of financial reporting, financial accountants primarily look backwards in time, reporting financial history.

By contrast, the term managerial accounting (also called management accounting or cost accounting) refers to this information prepared for those inside the entity. The practice of managerial accounting may be concerned with

  • Preparing capital and operating budgets, administering the budget process, and reporting (internally) performance against budgets.
  • Evaluating the performance of managers and business units against other business plans and benchmarks
  • Analyzing and reporting on financial problems and business situations.
Share this Post

Related posts

Financial Accountant duties

Financial Accountant duties

NOVEMBER 17, 2017

Financial accountants work with a company s financial records to ensure that they re properly maintained and classified…

Read More
Group Financial Accountant

Group Financial Accountant

NOVEMBER 17, 2017

Financial Accountant OnApp Ltd - London E1 £45, a year An exciting venture backed software company in Tech City, London…

Read More