by Rishabh Chaturvedi
January 10, 2020
An accountant is a professional who records business transactions on behalf of the organization, provides financial information to the management of the company by researching and understanding accounting data, prepares financial reports, records the assets, liabilities and capital of the company and prepares a financial statement. An accountant is an important part of the company, as, without proper assessment, analysis and recording of the financial data, a company cannot run efficiently, cut costs nor properly pay taxes. Accounting is a high-level skill and requires skilled people on board to deliver this function.
- Prepare various types of accounts for the company by checking and arranging accounting information, such as asset, liability and capital accounts.
- Record financial transactions by entering accounting information.
- Recommends financial action based on accounting data.
- Summaries the current financial status of the company by collecting information, preparing a balance sheet, profit and loss statement and other reports.
- Checks financial statements by auditing them.
- Maintains accounting controls by preparing and recommending policies and procedures.
- Guides the clerical staff by supervising them and giving proper instructions.
- Ensures financial security by following the internal rules.
- Prepares payments by checking the documents.
An accountant is required to have these following qualifications:
- A bachelor’s degree in Commerce or Accountancy (B. Com)
- For Chartered Accountants, they need to pass the ICAI (Institute of Chartered Accountants of India) Exam.
Other than the educational qualifications, the accountants are required to have the following knowledge, skills & abilities (KSA):
- Understand the principles of accounting
- Good with numbers & calculations
- Attention to detail
- Ability to use accounting software, MS-Excel sheet
- Ability to prepare balance sheet, profit & loss & cash flow statements
Do’s and Don’ts
- Pay attention to detail and develop analytical skills.
- Have a calm mind while doing the job.
- Be diligent with your job.
- Be in a hurry while doing the job.
- Miss out on a minute of detail.