The role of accountants is centered on providing useful advice as appertains accounting policy to individuals, business and companies. Every individual who earns income or business that generates income has a duty to keep proper books accounts. Accountants assist businesses and individuals in preparing the different accounting books. The accountant offers advice to businesses on taxation and capital generation.
Tax laws and tax regulations in Ireland and all over the world change every year. Due to the dynamic nature of laws relating to taxation, businesses should hire firms specialised in taxation so that they can offer advice to the business concerning how to deal with new taxation legislation. By strictly following new tax legislations, a business or a person will be able to be compliant with all taxation law stipulations therefore avoid entering into problems with local authorities.
The professional also offers advice to businesses concerning ways to generate funding for carrying out new developments in the business. A business will time and again need funds for purchasing new capital equipments, purchasing land, building new units or offsetting debt. When raising the funds to carry out a particular expenditure, the accountants with a thorough knowledge of accounting principles will advice the business on how to stay within accounting guidelines when raising the funds.
They also prepares books of accounts for business enterprises and individuals. Accounting books should be prepared by a person with knowledge on accounting and should be prepared in a manner stipulated in accounting principles. After preparing the accounting books, the accountant submits the books to internal auditors.
Advice appertaining to depreciation of business property or personal property is also offered by the accountant well versed with depreciation policies. The depreciation to be charged on property such as plant and machinery and motor vehicles ultimately affects the amount of tax to be paid by the business or by an individual. The accountant will offer advice to a person or a business concerning depreciation.
Stipulations of tax laws concerning depreciation do change every year. The accountant traces changes in tax laws concerning depreciation that are likely to benefit the business in a positive way. In light of all the changes in the taxation law, the certified accountant calculates the depreciation of every asset owned by the business. The total figure for depreciation is normally transferred to the Profit and loss account of the business as an expense.
Another role of accountants is to record all business accounting information in the computer databases of the business. Accounting information includes the various accounting policies, recently introduced taxation policies and budgets. When all accounting related information is stored in a central computer database in the organization, it will be easy for employees and managers of the organization to access the information when they need it.
The major role of accountants is to offer advice to business organizations and individuals on accounting matters. This advice is usually centered on dealing with accounting policies, new and existing taxation legislation and generating budgets. The accountant also helps individuals and organization in preparing accounting books and in performing calculations like depreciation value for assets.