Role of Accounting

Role of Accounting
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The role of accounting can be described:

Preparation
Auditing

Accountants working both in businesses and self-employed accountants will spend a large amount of their time, preparing accounting information.

In the UK, under the Companies Act 1985 (and subsequent amendments) certain reports need to be produced, which are done by accountants, these include accounts preparation for both the Inland Revenue (in terms of company taxation) and Customs and Excise (for Value Added Taxation).

Accountants will also ensure all the financial information within a business is monitored and controlled. The accountant will play a key role in the survival of a business.

Accountants will also be involved in major purchasing decisions to ensure they do not undermine the financial stability of the business.

AUDITING

The auditing aspect of accounting, put quite simply is when one accountant will review accounts prepared by another accountant for different businesses. The whole idea is to end up with financial accounts for a private/public limited company which are a fair and true reflection of financial performance.

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