Complete Guide To Corporate Finance

The Business Finance Guide

Being an accountant is no easy job. Besides the fact that accountants are the ones that assure companies with accurate financial statements, they need to check regularly all the legal implications of the taxes paid, the procedures followed and so on. An accountant needs to give one hundred percent at work, should invest time and attention into properly complete his tasks and make sure that no mistakes are being made. A small mistake in the financial documentation of a company can lead to dramatic mistakes. This is the reason why being aware of what responsibilities your accountant has is absolutely paramount. Learn more about accountants and what benefits hiring a good one has by simply visiting Check this list for the tasks that your accountant needs to take care of periodically:

Daily tasks

Each and every day the accountant has to make sure that he is aware how much money he has on hand. Without that information, he won’t be capable of properly completing the following tasks he has on hand. Plus, at the beginning of each year, an accountant should plan ahead his tasks for the following one: estimating quarterly taxes, employer deadlines, tax return deadlines and so on.

Weekly tasks

Talking about the tasks that need to be completed at the end of each week, an accountant can include here:

  • Recording all the transactions

This task includes recording transactions like customer billings, all the payments including vendor payments and so on. Why should an accountant do this every week? It’s easy: avoiding this task will eventually lead to all the transactions stacking up and being impossible to handle afterward.

  • Documenting and filing each receipt

An accountant is responsible for documenting the existent receipts. A good accountant will carefully store copies of all the invoices, cash receipts and payments of a company and add them to an organized file for easy reference. Again, doing this weekly is recommended since receipts pile up quickly and would be much harder to deal with eventually.

  • Reviewing unpaid bills

Another task an accountant should take into consideration each week would be reviewing unpaid bills. Creating records for each vendor and keeping track of billing dates is a weekly task since not respecting payment due dates can lead to serious consequences.

Monthly tasks

As for monthly tasks, an accountant should take care of:

  • Balancing checkbooks

The accountant should carefully check the cash transaction entries and see if they are accurate. A correct cash position is paramount for any company.

  • Reviewing past-due receivables

Each month, accountants should send out reminders to persons and other companies that own your company a certain amount of money. Past-due receivables are very important for the financial status of a company, so this task should not be avoided at any cost.

  • Process payroll

An accountant should withhold, report and deposit the income and the taxes report before the due date. Again, leaving behind such task and not doing it monthly can lead to problems and obstacles for a company. Yet, a good accountant won’t face issues in this direction.

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