Accountants in Somerset 

What are accountants? 

An accountant is responsible for recording business transactions on behalf of an organization, reporting on company performance to management, and issuing financial statements. Here are several examples of the types of transactions in which an accountant may become involved: -Recording and reporting on sales -Recording and reporting on purchases -Recording and reporting on payroll -Recording and reporting on financial statements 

An accountant not only records transactions, but also produces a number of reports. This includes: 

• The financial statements issued to the owners and/or operators of a business include the income statement, balance sheet, and statement of cash flows. These statements are also issued to lenders and other creditors.
• Management reports are issued to the management team on a regular basis. These reports are highly customized to the needs of each entity, and may cover such topics as the sales of certain product lines, investigations of cost variances, sales returns, and an analysis of overtime incurred. 
• Several government entities receive tax reports detailing the amounts paid for income taxes, property taxes, sales taxes, use taxes, etc. 
  
  

Accounting Processes 

As an accountant, you may be responsible for creating and overseeing various processes within a business, which typically include implementing controls to ensure that assets are properly managed. For example, you may be responsible for overseeing shipments to customers, receipts from suppliers, and cash receipts from customers. The processes need to be updated regularly to reflect changes in the way the company does business, such as when a new product line is introduced. 

Areas of Accounting Specialization 

There are a variety of sub-fields within accounting where individuals can specialize. For example, tax accountants, cost accountants, payroll clerks, inventory accountants, billing clerks and general ledger accountants can all develop expertise in specific areas. Additionally, collection clerks often specialize in a certain type of account, such as accounts receivable or accounts payable. This level of specialization is required to improve the efficiency of certain tasks. These specialized areas all report to a controller. 

Accountant Certifications 

Pursuing a certification is one way an accountant can choose to further their career. The most prestigious certification is the certified public accountant (CPA) designation. In order to audit the books of a client organization, a CPA license is required. Additionally, the certified management accountant (CMA) designation is available for those interested in enhancing their management accounting and financial accounting skills. The Certified Internal Auditor (CIA) designation is designed for individuals who perform auditing tasks within a business.