The Importance of Accountants To A Given Organisation
Accountants are individuals who carry out the role of measuring, disclosure and providing credibility to financial records. Accountants provide useful information which is meant to be used by various users in the organization. The main users of thee financial information provide by accountants are the managers.
The Managers of a given organization use the provided information to make key decisions. Individuals who lend the organization through loans and credits are also interested in the financial information provided by the accountants. Lenders use financial information record to assess the performance of their capital and the possibility of increase in the interest recorded.The practice of tax accounting has led to this inividuals being termed as tax agents penrith.
Accounting has plays crucial services to an organization and which are very necessary and this there have been establishment of accounting organizations which provided accounting services on pay. An example of such established organizations include the tax accountant penrith. The act of accounting is practiced in almost all organizations as financial records are maintained by all organizations.
The judiciary is staffed with specialized accountants who are referred as judge accountants who are also specialized tax agents penrith and understand each and every rule in both accounting and taxation. Accountants penrith are restricted and governed by a body which is referred as the certified public accountants. The rules which govern the practice of accounting are referred as principles of accounting. The principles of accounting include prudence, consistency and materiality.
Accounting is governed by principles which are require to be adhered to. Bodies responsible for set the accounting rules included the chartered accountant, chartered certified of accountant or certified public accountant. This professionals bodies are granted certain responsibilities by the statutes which include certifying organizations and accountants. These bodies also play the function of punishing individuals who carry out professional negligence and unethical practices such as providing wrong financial information with an aim of acquiring a given benefit.
Accountants play different accounting roles which include tax accounting, cost accounting, audit and managerial accounting. Tax accounting is meant to determine how much taxes a given organization should pay as per the requirements of the law.
The second role off accounting involves cost accounting which refers to how much is used during the production process. Auditing of financial record refers to a practice carried out in order to give credibility to thee available financial information.
Accounting has been known to demand qualification through which is only proved by passing tests given by the certified institute of accountants. Accountants penrith who are not yet qualified can still work for qualified accountants by acting on minor issues. The actions carried out by unqualified accountants are the responsibility of the qualified instructor.