Accountants have many roles like; accountants role in economic development, roles of accountants in fraud fighting, roles of accountants in the face of economic meltdown. The role of accountants is pervasive in nature and this article is another proof of this. In this article are the roles of accountants in a forward looking and vibrant business operating in this harsh competitive world of ours.
ROLES OF AN ACCOUNTANT IN BUSINESS
Establishment of Epresence / ecommerce: today’s business environment requires that companies transact business on a global scale. Gone are the days when we see internet presence as luxury. Ecommerce as a matter of fact is now a necessity that every business executive and manager needs to seriously look into.
The training of accountants in recent times has incorporated a large chunk of e-business. Many schools now offer it as a full fledged course. ACCA for example have been ensuring that every accountant that they train is well equipped with the basic ecommerce skill. The new syllabus of ACCA that will be implemented from 2011 even placed more emphasis on ecommerce and internet business skill. It is hard to find business or investment opportunities in the face of economic meltdown. Having web presence helps a company scout for information from all over the world.
Safe guard of business assets: it is the duty and responsibility of the management to safeguard assets but, this burden has significantly shifted to the shoulders of the accountants. One way that an accountant does this is to ensure that accounting treatments are appropriate.
Institution of corporate governance and internal control: again, it is the duty of the accountants and other information measurement professionals to ensure that controls are in place and that corporate governance are upheld. This again is the legal responsibility of the management team. It is the role of the accountant to set up a formidable internal control system and ensure that they are being followed to the letters. This will also extend accountants role to fraud fighting. Fraud fighting is primarily the judiciary of the forensic accountants.
Investors’ relationship: accountants act as medium of communication between managers and business owners. This is usually called the financial statements. If you are conversant with the modern business environment you will agree with me that investors’ relations are even more important now than ever. The reaction of investors can either make or mare a company’s prospect. Investors can decide to withdraw their stake in a business if they feel that the right information if not being communicated to them in the right format.
If you have read this article and the other articles on the role of accountants, you will really appreciate the fact that accountants are professionals working tirelessly for the success of every business entity.