Accounting

CIDM 3330-70 |

Team Project Report: Accounting |

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Accountants are often referred to as “number-crunchers” or “pencil-pushers” when in reality the job they undertake is vitally important to any size business. The job description for accountants can vary widely depending upon the particular position within a company and the size of the company. Most accountants perform the accounting processes related to business operations and budgeting. They prepare and file various operating, financial and statistical reports as required to comply with state and federal laws and company management policies. Company accounting processes include: creating and submitting invoices; managing the collection process and preparing reports on accounts receivables along with collection forecasts; assist in monthly closing of books and preparing annual reports as well as management account reports. Accountants produce and maintain main financial accounting statements, including profit & loss, balance sheet and cash flow statements. They also aid in tax preparation for quarterly filing of taxes. Some accountants prepare and distribute internal financial reports company-wide to enhance management’s ability to make sound business decisions based on accurate and timely information.

Requirements to become an accountant can vary by types of specialization and can sometimes be different from state to state. In addition to the above listed qualifications, most accounting positions will require a Bachelor’s Degree in Business, Accounting or Finance as well as additional individual state certifications. Passage of the Uniform Certified Public Accountant Examination is required by all states for Certified Public Accountants. Some companies may even require a minimum number of years of work experience.

Accountants are responsible for a wide variety of duties that are dependent upon the size and type of company. Small firm accountants may be...