The roles of accounting and finance in business

[Starmix]

In a company, big or small, and any business establishment, there are always people who work behind the money recording and distributing. They are concerned about the following: 1. The Financial record-keeping of all transactions involving monetary inflows or outflows. 2. Preparing financial statements the income statement, balance sheet, and cash fow statement for reporting to external parties such as shareholders. The financial statements are the starting point for calculating any tax due to the business profits. 3. Payroll administration, paying wages, and salaries, and maintaining appropriate income tax and national insurance records. 4. Preparing management accounting information and analysis to help managers plan, control, and make decisions.

 

[Suba]

The role of accounting in business primarily provides valid and accurate information for both internal and external parties such as stakeholders, managers, employees, tax offices, bank shareholders. Apart from that, accounting also plays a controlling role and is the basis for decision making.

 

[Starmix]

The roles of an accountant and finance in business are defined in the company or business laws and policies that are under the legal laws. The result of their accounting must correlate with their balance statement for taxation purposes.

 

[eLdavis]

One of the main role of accounting in any business is to help manage and control the financial aspect of the business, to ensure that the money that comes in are being used the right way.

 

[Starmix]

Accountants are responsible for handling the income flow of the business. They have the control of tax payables to lessen the tax payment.

 

[Suba]

Apart from that, accounting also plays a role in helping business people make plans and make decisions. Accounting also has many branches such as financial accounting, tax accounting, managerial accounting, cost accounting, budgetary accounting, banking accounting, governmental accounting, etc. All types of accounting above have different functions and roles.

 

[King Belieal]

Accounting as a whole is a very important aspect of a business organisation. Accounting helps you to effectively manage and understand the financial resources of the business.