From big organizations to small-scale businesses, everyone needs an accountant. Accountants help with the financial record of the company so that everything runs smoothly. However, when it comes to hiring an accountant Strathmore, there are different options to consider depending on your needs and preferences. Keeping that in mind, let’s discuss how these types of accountants differ and which type will suit you the best.
Every organization, company and even the government needs someone to make sure that they are tax compliant. And for that particular reason, auditors are hired. They can be hired both externally and internally. However, more preference is given to external auditors as they are not employed by the organization or the company and are unbiased. Once it is time to pay taxes, an auditor will review and go through all the documents to make sure that the taxes paid are accurate and paid on time.
Post-auditing, the auditors will also make certain recommendations in order for the business to run smoothly in the future as well.
2. General or Staff Accountants
General or Staff Accountants handle and manage the day to day finance and accounts related responsibilities. They manage the financial statements of the business and cash and pay roll of the management as well. The financial transactions taking place on a day to day basis are done under their supervision and not without their permission.
3. Forensic Accountants
Forensic accountants as you might have had an idea from the term itself are hired to determine fraud. They are responsible for investigating if a company or an organization is using malpractices to avoid taxes. Just like auditors, forensic accountants also comb through the documents and financial accounts of the company to look for violations related to compliance.
In addition to that, they are also hired to rebuild accounting records that were lost, stolen or proved fraudulent. The only difference between forensic accountants and auditors is that forensic accountants are hired for civil court or criminal investigations and proceedings.
4. Cost Accountants
Cost accountants keep an eye on expenses and costs incurred by the company. They will observe and analyze where the company is spending and incurring expenses in addition to making recommendations to leaders and managers as to how spending could be made more efficient.
5. Management Accountants
Management accountants have a 360 degree of the financial standing of the company. By analyzing the financial health of the company, they are able to provide information, which allows the leaders to make well-informed decisions. Furthermore, they are responsible for projecting future risk, making recommendations regarding budgeting and developing financial reports.
6. Project Accountants
Project accountants are much similar to general accountants but differ in terms of working style. Project accountants will work on one project at a time such as expense approval or budgeting, as opposed to general accountants managing everything related to accounts of a company on a daily basis.
Hiring a particular type of business accountant Moonee Ponds totally depends on your preferences and needs. If you run a small-scale business, then a general accountant will suffice. However, if your company is rapidly growing, then you will need to hire someone to make sure that your finances are not just in the right place but are being tax compliant as well.