An accountant is responsible for monitoring and recording the flow of money through an agency, business or organization. The accountant also verifies the accuracy of all monetary and cash transactions and makes sure that all transactions are legal and are following current local, state and federal guidelines. The accountant may work directly for the company or business or may work privately and just be contracted or hired to complete books or tax returns for the agency. Some accountants may work directly for private individuals to help with tax returns, financial decisions, investments or other money related matters.
Accountants are formally trained and usually are chartered or certified accountants, enrolled or public accountants, or hold some other designation that indicates that they have met all training requirements as an accountant. Some accountants specialize in business or personal finance, tax preparation, estate planning or even investments or money markets. Accountants may use a variety of computer programs and different types of software to keep ledgers and to prepare the different types of forms and financial statements. Tax accountants may also be able to electronically file tax returns and to set up payment plans through customer accounts with the various taxation departments.
Common work activities of Accountant
Entering data regarding taxes, sales, profits, bills payable and other transactions in a timely fashion.
Preparing and paying local, state or tax returns for large corporations or preparing and discussing tax returns for private individuals.
Balancing accounts on a daily, weekly or monthly basis.
Preparing financial statements on either a regular schedule or when
requested.
Ensuring all financial practices are legal and within guidelines as
outline in federal or state laws.
Participating in budget and planning meeting with individuals or
business to provide necessary information and recommendations for
investments or financial opportunities.
Check out all of the online accounting degrees offered by a variety of
schools offering programs online in accounting.
Scope of Accounting Profession
Accounting jobs are easily available in the market for professionals who
are experienced in this field. Small shop owners and small companies do
not employ permanent accountants. Some big multinational companies also
outsourcing accounting work to experts to get quality work at reasonable
cost. Business of Accounting Jobs can be started in different Business
Models. The following business forms can be used to start accounting
work.
A Proprietorship can be started by single person with the following facilities:
Office
Rented or own office
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Proprietorship can be opened by giving the following documents:
The documentation will be different in other countries according to the law of land.
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Minimum of two persons can form a Partnership firm by creating partnership deed.
Registration of Partnership Deed
In India, it is not compulsory to Register a Partnership deed. But an un registered partnership have some disadvantages in the eye of law. So it is better to register the deed with the Registrar. A Registered partnership firm has all the right to sue in a court of law in India. But in other countries there may be differences in rule.
Office
Rented or own office
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
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Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.
A Private Limited Company can be registered by minimum of 2 person and maximum of 50 persons. There are many advantages of registering a private limited company. A Private Limited company can be registered with limited liability, which will protect the personal asset of the business man in case of failure of business.
Registration of Private Limited Company
In India, it is compulsory to Register a Private Limited Company. It can be registered with the help of a Practicing Company Secretary, Advocate or A Chartered Accountant. Facilities required for Business are:
Please refer to Registration Procedure of a Private Limited Company for more information related to Registration of Private Limited companies.
Office
Rented or own office
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
ID Proof of Directors
Address Proof of Directors
Photograph of Signatories
Copy of PAN Card of Company
Copy of Memorandum and Articles of Association
Address Proof of Company
Any other document which may be asked by the bank
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Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.
Public Limited Company
A Limited Company can be registered by minimum of 7 person and there is no maximum limit of members. There are many advantages of registering a Limited company. A Limited company can be registered with Limited liability, which will protect the personal asset of the members in case of failure of business.
Registration of Limited Company
In India, it is compulsory to Register a Limited Company. It can be registered with the help of a Practicing Company Secretary, Advocate or A Chartered Accountant. Facilities required for Business are:
Please refer to Registration Procedure of a Public Limited Company for more information related to Registration of a Public Limited company.
Office
Rented or own office
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
Advertisement
Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.