Accountant job and month end

Accountant job is one of fancy title for business person.

Some people said, accountants do tax, calculation, reporting etc… Some amateurs descripted accountants are bean counter. In some case, accountants don’t know what they do for living. I overheard that “I am accountant I don’t that low skill processing transaction works, or I don’t do this admin things.” So… What exactly do accountant do for living?

Accountant’s duty supposed to service the best interest of general public, not employer not manager or other employees not major shareholders or investors.

My understand an accountant makes business running more efficient and utilises limited resources produce more positive economy return for business, that leads to ultimate wealth toward general public, as well as fairly presents financial information without bias.

I have talked to many well-known head-hunters over last 5+ years. Most of head-hunters haven’t been serviced in accountant position. That created lots of amateurs’ talking, things like reconciled profit lost balance sheet month end etc… However, I asked head-hunters what do you want to me to do month end? I got no answer because head-hunters are not accountant less likely knows what to do for month end things. I checked some head-hunters are BA graduated mean business arts degree. That is no surprised when they hunting accountant asked funny questions.

Month end captures all expensed incurred during the month, as well as recognise sale, if invoices haven’t been received accountant needs to accrual that expense proportion into count. For example, goods picked up on last day of the month, you will not get invoice immediately. It is freight expense needs to count for the month. Accountant may not know exact cost, who requires estimating that cost and reverse in month follow when actual invoice received. This estimated figure is not that accurate, it is a guess game. Reverse the estimated figure is very important the freight cost will not double count in next month. Certainly, depreciation and amortisation expense are key catch for business. The machines cars we use to generate economy return that is not free. They incurred cost over period of useful life.

Accountant needs to recognise sale, if services are completed or goods delivered. For instance, construction business recognise revenue based on progress, 50% finished by January that is 50% of total contract recognised. It slight different for exporting companies, revenue can be recognised at different stage depending exporting contract. If export contract stated deliver goods at domestic wharf without further action, revenue recognise instantly once unload at wharf before 00:00 am at the last of the month. On other hand, contract may state goods deliver to buyers’ wharf at overseas. That is very bad, accountant must wait for a while until proof of delivery present goods delivered at destination, then recognise revenue. Therefore, simply say month end is meaningless. It depends on natural of business. What do you want to do for month end? What natural of business is?

I Goolged what does accountant do. I found following interest listing:

1, Prepares asset, liability, and capital account entries by compiling and analyzing account information.

2, Documents financial transactions by entering account information.

3, Recommends financial actions by analyzing accounting options.

4, Summarizes current financial status by collecting information; preparing balance sheet, profit and loss statement, and other reports.

5, Substantiates financial transactions by auditing documents.

6, Maintains accounting controls by preparing and recommending policies and procedures.

7, Provide input into department’s goal setting process

8, Guides accounting clerical staff by coordinating activities and answering questions.

9, Prepares payments by verifying documentation, and requesting disbursements.

10, Support month-end and year-end close process

11, Reconciles financial discrepancies by collecting and analyzing account information.

12, Secures financial information and database backups.

13, Maintains financial security by following internal controls.

14, Direct internal and external audits to ensure compliance

15, Analyze financial information and summarise financial status

16, Prepare financial statements and produce budget according to schedule

17, Review and recommend modifications to accounting systems and procedures

18, Participate in financial standards setting and in forecast process

19, Answers accounting procedure questions by researching and interpreting accounting policy and regulations.

20, Complies with tax department and financial legal requirements by studying existing and new legislation, enforcing adherence to requirements, and advising management on needed actions.

21, Prepares special financial reports by collecting, analyzing, and summarizing account information and trends.

22, Maintains customer confidence and protects operations by keeping financial information confidential.

23, Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; participating in professional societies.

24, Accomplishes the result by performing the duty.

25, Contributes to team effort by accomplishing related results as needed.