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Accounting Roles And Responsibilities

Accounting Roles and Responsibilities

Accounting roles entail many responsibilities that must be carried out with absolute accuracy to ensure your business remains compliant with financial regulations, taxes, and reporting. Conducting critical functions within your organisation, it is vital to stipulate the role’s responsibilities, especially when creating job descriptions and job ads.

Here we look at accounting jobs and the roles and responsibilities of those who undertake them.

Roles of an Auditor

An Auditor plays a risk aversion role by improving controls and monitoring their effectiveness. A job for the analytically-minded, Auditors oversee your company’s policies and procedures.

Auditor roles and responsibilities:

  • Introducing strategies to eliminate or minimise errors and non-compliance
  • Researching errors and irregularities to determine operational problems
  • Implementing and evaluating the effectiveness of new controls
  • Generating reports for senior management or external bodies
  • Raising awareness of industry changes
  • Ensuring the company’s legal obligations are met

View a complete Auditor Job Description here.

Roles of an Accountant

The duties of an Accountant include working with your business’s financial data to ensure legal compliance and reporting on taxes, budgets, projections, profits, and losses.

Accountant roles and responsibilities:

  • Complaining financial data and conducting analysis
  • Creating balance sheets and profit and loss statements
  • Assisting management with financial forecasting and budget setting
  • Calculating taxes and maintaining accurate records
  • Presenting figures and financial performance metrics to stakeholders and investors
  • Conducting audits and investigating discrepancies, errors, and omissions 

View a complete Accountant Job Description here.

Roles of a Bookkeeper

Bookkeeper duties include managing daily financial tasks and overseeing payroll, bank account management, and accounts receivable. They also work with accountants to ensure legal compliance and accuracy.

Bookkeeper roles and responsibilities:

  • Processing accounts payable and receivable
  • Recording daily financial transactions
  • Reconciling banking, payroll taxes, and sales taxes
  • Maintaining the company’s ledger
  • Processing checks to ensure accuracy
  • Assisting the accountant in preparing reports and any tasks as directed

View a complete Bookkeeper Job Description here.

Roles of a Management Accountant

A Management Accountant is responsible for forecasting budgets, recommending where the business should invest, and introducing financial and risk management strategies. They conduct research and advise management on accounting processes.

Management Accountant roles and responsibilities:

  • Conducting financial analysis of inventory, partnerships, and investments
  • Interpreting and presenting cost-to-benefit data to senior managers
  • Recommending cost-effective solutions for ongoing and future projects
  • Auditing projects and accounting procedures 
  • Carrying out extensive research and proposing budgets
  • Implementing plans to low financial costs and risks

View a complete Management Accountant Job Description here.

View all job descriptions here.

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