Accountants are the professionals in charge of identifying, measuring, and communicating the economic information of the company that will serve to make informed decisions.
This is usually done through the posting of accounts payable, accounts receivable, and other financial transactions, and accounting software can now be used to keep this record.
In general, bookkeepers focus on the details, while accountants analyze the overall financial picture of the company, and prepare financial reports and design its accounting strategy, which includes projections and tax returns.
How does accounting influence the success of the company?
To build company projections, accountants rely on various formulas, called accounting ratios, which help to uncover conditions and trends that are difficult to find by inspecting the individual components that make up the ratio.
Today, an accountant is expected to be well educated and have the skills and abilities to perform good financial analyses. With help of accounting firms in Dubai, company can manage their investments to ensure or improve cash flow and promote growth.
An important activity within the responsibilities of an accountant is to present the financial information of the company in the necessary formats so that people outside the company can understand it.
On the other hand, the responsibility of the modern accountant is to prepare financial statements in a manner that corresponds to national and international accounting standards to ensure compliance with tax obligations.
The work of the accountant leads the company to success since the data and financial analysis it provides help to:
- Guarantee profitability.
- Plan ahead.
- Boost productivity.
- Set optimal production costs.
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