Have you ever wondered what accounting is all about? One of the most important parts is setting business and running it successfully is developing a working accounts department or record keeping section (www.tet.no) . Most small businesses do accounting or like big businesses, they can employ accountants to all the accountancy tasks for them.
For small businesses, entrepreneurs may not realise the needs for qualified accountants in running their businesses. But as the business grows it becomes apparent importance since no business can literally survive without a working accounts department.
So, what is accountancy all about? Or what do accountants do?
A competent professional accountant in a business or organisation is a precious gift for any operational organisation. Their importance comes when a business starts its bookkeeping and keeping basic records that pertain the finances of the organisation/ business.
Accountants record the day to day running expenses of the company. This includes everything right from the sales made, the expenses incurred, adjusting invoices, making payments, keeping payment receipts and other general paperwork that involves business transactions.
Many people view accounting as a number-crunching something done by people who are good at numbers (https://www.tet.no/regnskap/inkasso) . However, accounting is a wide field that involves the business owners and the accounting officers. Accountancy professional, in any case, assists business with the corporate strategy where they provide financial advice, help a business cut down of losses, improve their top line and mitigate risks in the business.
The role of a professional accountant goes beyond the definition of the word business (https://www.tet.no/xledger) , accountants are bestowed with the authority of protecting public interest so professional accountants should strive to maintain high standards in helping businesses and organisations act ethically. Lastly, accounts play a role in ensuring quality financial reporting thus, in the long run, a public accountant should provide the public with reliable financial information.