Question

Discuss the role of an accountant in the modern business world.

Answer 1

The important role of an accountant is:

1. Record keeper: The accountant maintains a systematic record of financial transactions.
2. Provider of information to the management: The accountant assists the management by providing financial information required for decision making and for exercising controls.
3. Protector of business assets: The accountant maintains records of assets owned by the business which enables the management to protect and exercise control over these assets.
4. Financial advisor: The accountant analysis financial information and advises the business managers regarding investment opportunities, strategies for cost savings, capital budgeting, provision for future growth and development, expansions of enterprise, etc.
5. Tax managers: The accountant ensures that tax returns are prepared and filed correctly on time and payment of tax is made on time
6. Public relation officer: The accountant provides accounting information to various interest users for analysis as per their requirements.