The Importance of Accountants To A Given Organisation
The term accountant is used to refer to a personnel who play the role of measurement, disclosure and providing credible financial information to the managers of a given organization. Accountants provide useful information which is meant to be used by various users in the organization. Managers of organizations have proved to be the main users of financial information.
Manager have been classified as users of financial records by making decisions which are based on what the financial information portray. Lenders and creditors who finance the organization are also users of financial information. Lenders use financial information record to assess the performance of their capital and the possibility of increase in the interest recorded.The practice of tax accounting has led to this inividuals being termed as tax agents penrith.
There have been establishment of organizations which are staffed with accountants who are hired at a cost in order to provide accounting services. Tax accountant penrith is an example of organization which provide accounting services by hire. All organizations require accountants as financial information is required in all aspect of decision making whether it is based on capital, stock and labor is all very much related to financial records.
The judiciary is staffed with specialized accountants who are referred as judge accountants who are also specialized tax agents penrith and understand each and every rule in both accounting and taxation. Certified public accountants is a body which has been established to control and govern the practices of accountants to prevent misconduct or abuse of powers. The certified public accountants penrith are responsible for setting principles of accounting which govern how the practice of accounting should be carried out and to ensure that no given accountant is violating the already set rules. The principles of accounting include prudence, consistency and materiality.
The practice of accounting calls for compliance with the already set rules and principles. The chartered accountant, chartered certified of accountant or certified public accountant are bodies established in order to ensure compliance with the already principles of accounting. This professionals bodies are granted certain responsibilities by the statutes which include certifying organizations and accountants. The bodies set also play the role of carrying out corporal punishment to individuals and organizations which carry out unethical practices and abuses accounting power with the aim of gaining advantages in terms of cash and bribes.
The practice of accounting involves carrying out tax accounting, cost accounting, managerial accounting and auditing of financial records. Tax accounting is meant to determine how much taxes a given organization should pay as per the requirements of the law.
The second role off accounting involves cost accounting which refers to how much is used during the production process. Auditing of financial record refers to a practice carried out in order to give credibility to thee available financial information.
Accounting calls for qualifications by proving to be professionally competence through passing given tests. Accountants who have not yet qualified in accounting can also work under the guidance of qualified accountants in a given organization. The liability of the non-qualified accountant are handled by the qualified accountants.
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