Accountant Business Support Services

Accountant: Financial Recordkeeping and Bookkeeping Service
Accountant: Month-End and Year-End Closing Service
Accountant: Preparing Financial Statements Service
Accountant: Budgeting and Forecasting Service
Accountant: Tax Preparation and Compliance Service
Accountant: Auditing and Internal Control Service
Accountant: Payroll and Employee-Related Accounting Service
Accountant: Financial Analysis and Reporting Service
Accountant: Systems, Software, and Data Management Service
Accountant: Compliance and Regulatory Duty Service
Accountant: Client and Stakeholder Communication Service

Details:      

      Accountants are responsible for recording, analyzing, and reporting an organization’s or an individual’s financial information to ensure accuracy, compliance, and sound decision-making. Their duties vary by role (e.g., staff accountant, management accountant, tax accountant, auditor) and industry, but core responsibilities fall into several key areas.

      Accountants maintain accurate financial records by recording transactions such as sales, expenses, payments, and receipts in the general ledger. They categorize income and expenses, post journal entries, and ensure that all entries follow accounting standards (like GAAP or IFRS).​

      They also manage accounts payable (what the company owes) and accounts receivable (what customers owe), including issuing invoices, processing payments, and following up on overdue amounts.​

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      Accountants play a central role in the accounting cycle, especially during month-end, quarter-end, and year-end close. This includes reconciling bank and credit card statements, adjusting entries (like accruals and deferrals), and preparing trial balances to ensure the books are accurate before reporting.

      They also help close the books on time so that financial statements can be issued according to schedule.

A core duty is preparing key financial statements, such as:

• Balance sheets (showing assets, liabilities, and equity)

• Income statements (profit and loss statements)

• Cash flow statements

• Statement of changes in equity

      These reports must follow applicable accounting standards and are used by management, owners, investors, and regulators to assess the organization’s financial health.

      Accountants often assist in creating and managing budgets, comparing actual results to budgeted amounts, and analyzing variances. They help management plan for future periods by preparing financial forecasts, projecting revenues and expenses, and identifying trends that could impact profitability.

      Accountants calculate taxes owed (income, sales, payroll, etc.), prepare tax returns, and ensure timely filing and payment to tax authorities. They stay updated on tax laws and regulations to help clients or employers minimize tax liability while remaining compliant.​

      In some roles, they also plan for tax season, estimate quarterly taxes, and advise on tax strategies.

      Accountants review financial records and transactions to detect errors, fraud, or non‑compliance, and they may conduct internal audits. They help strengthen internal controls by recommending policies and procedures for authorizations, approvals, segregation of duties, and documentation.​

      They also support external auditors by providing documentation and explanations during external audits.

      In many organizations, accountants handle or oversee payroll, including calculating gross pay, deductions (taxes, benefits, etc.), bonuses, and net pay. They ensure payroll is processed accurately and on time, and that payroll taxes and filings (like T4s, T4As, or W‑2s) are completed correctly.

      Accountants analyze financial data to identify trends, cost drivers, profitability by product or department, and areas for improvement. They prepare management reports (e.g., KPI dashboards, variance reports, departmental P&Ls) and present findings to help leadership make informed decisions.

      Accountants use accounting software (e.g., QuickBooks, Xero, Sage, NetSuite) and spreadsheets to record, track, and report financial data. They help maintain the integrity of financial systems, ensure data is backed up, and may participate in system upgrades or process improvements.

      Accountants ensure that financial records and reporting comply with relevant laws, regulations, and standards (e.g., GAAP, IFRS, tax codes, corporate governance rules). They may also prepare and file statutory returns, regulatory reports, and other compliance documents required by government or industry bodies.

      In public practice or advisory roles, accountants communicate regularly with clients, explaining financial results, tax positions, and recommendations. In-house accountants often liaise with department heads, management, auditors, and external advisors to gather information and support business decisions.