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Exploring The Job Duties &Responsibilities Of An Accountant

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Are you now faced with a big career decision? If so, you are in for a lot of work because your options are unlimited. There is no doubt, career moves are some of the most difficult life decisions humans must make. This is a decision that will impact your life in more ways than one. Unfortunately, too many people make the wrong career decision, resulting in a dissatisfying and unfulfilling job. When high school graduates are trying to decide which career route to take, they are oftentimes left scratching their heads. In fact, some high school graduates choose a post-secondary education program without little to no effort just to make their parents happy. This is definitely the wrong approach, but when the pressure is on, there is little time for research.

If you are good with numbers, an accounting career maybe your best option. However, you will never hear an education coach tell a high school graduate to go into accounting because they know their numbers.

An Accountant Career

Accounting is all about numbers and arithmetic functions – subtraction, addition, division, and multiplication. Every high school graduate should be familiar with the aforementioned arithmetic functions. However, not every high school graduate is an expert in arithmetic operations. Do accountants need to be proficient in these operations? Absolutely, every accountant is responsible for solving mathematical questions. Even a minor mathematical error could result in tens of thousands of dollars in financial losses. Do you think a small business, even a corporation could not possibly sustain such a loss?

Who Hires Accountants?

Professionals, entrepreneurs, taxpayers, small businesses, for-profits, nonprofits, corporations, LLCs, and companies of all sizes hire accountants. Accountants are hired to help these individuals and entities manage their books and other financial documents. Of course, it is possible to manage your books without the help of an accountant. However, the risks are just too have for some taxpayers to accept the responsibilities of their own bookkeeping.

Avoid IRS Audits

Did you know a minor mathematical error could be a red flag for the Internal Revenue Service “IRS”? An extra number could give the IRS representative, handling your case the impression your annual revenue is much higher than the facts support. The mishap could also do the exact opposite, making it appear as if you are reporting lower annual revenue than the previous year. In this case, the representative may believe you are trying to avoid paying taxes. What do you think will be IRS’s next move? The representative will most likely order an audit of your books.

IRS audits are stressful for all taxpayers. Just knowing the odds of finding a mathematical error are a possibility is enough to cause extreme stress, anxiety, and depression. An accountant could have prevented your business from becoming an IRS target.

Knows IRS Tax Documents

Every taxpayer is required by law to report their annual revenue that must be spot on. Experienced accountants know exactly which documents are required for their business clients to file tax returns. IRS tax documents, such as Form W-4, Form 1040-ES, Form SS-4, Form 941, Form W-9, Form W-2, Form 4506-T, and Form W-7 are just a few examples.

An accountant is responsible for filling out the necessary tax documents for their clients.

Manages Invoices

Every business utilizes unique invoices to manage its sales and services. Every customer is provided an invoice for the services and/or products you render. While small businesses have fewer invoices to deal with than large corporations, these documents are an important component of your bookkeeping. Every licensed business, operating with the US borders is responsible for filing tax returns. Every จดทะเบียนบริษัท is responsible for keeping track of their sales and services, with the help of paper or digital invoices.

Regardless of the number of invoices you are left dealing with at the end of the fiscal year, your accountant will handle them organized and ready to go.

Handles Bill Payments

Businesses have both credits and debits. Credits are accounting entries that increase a business’s revenue while debits are the exact opposite. Every debit decreases the business’s profit. Unfortunately, it is impossible to run a business without debts, such as a business mortgage, utility bill, supplier invoice, payroll, maintenance expenses.

An accountant will ensure your bills are paid in a timely manner.