12 types of accountants you should know. Finding the right accountant is difficult. And it’s not just about finding an account for your taxes. The best way to find someone who fits your needs is by finding out what kind of accountant they are. There are many different types of accountants, each with their specialty and set of services in which they specialize.
Forensic accountants examine complex transactions, reconstruct financial data that has been destroyed or unjustly reported, and apply their knowledge to predict future outcomes.
They work within law enforcement agencies and government bodies to investigate fraud or get a handle on the full extent of complexity around a particular event. Forensic accountants are best suited for work with complex financial transactions or situations in which fraud is suspected.
Investment accountants, or corporate accountants, are responsible for keeping track of the massive amounts of data associated with an investment corporation. These accountants prepare reports about earnings and losses that reflect the state of a company in its entirety as well as help to decide how to spend company money.
They examine budgets and cash flow and can identify areas where money can be saved or, conversely, areas where more funds should be allocated. Investment accountants need to have a broad knowledge of business practices and a clear head for numbers.
Tax accountants are responsible for filing taxes on behalf of their clients with the government bodies responsible for their jurisdiction’s tax policies and procedures.
Tax accountants prepare various reports for their clients, including an income statement and balance sheet included with the client’s tax return. They also gather information from various sources to include with their returns. Tax accountants are responsible for ensuring that all items related to taxes have been accounted for.
Project accountants are usually assigned to a particular project or client and create reports about that project or client’s financial health. They perform regular audits of the data and make sure that everything is accurate and up to date. Project accountants work with time frames that end with the completion of a particular project, after which they have no more duties for their clients.
Management accountants perform detailed research and analysis of financial records, as well as improve organizational efficiency. They are responsible for evaluating the performance of a business and making recommendations to their client on what they can do to become more profitable.
Management accountants work with fixed budgets, and their reports and recommendations carry great weight in decisions made by a company’s board of directors or shareholders.
Cost accountants are responsible for examining an organization’s financial data to determine what the company is spending money on, how much it is spending on these items, and whether it should spend any more on them at all. They look at budgets and determine where to make cuts and what expenses should be eliminated to best ensure a company’s financial well-being.
Payroll accountants work directly with companies to ensure that they have all the necessary information to be able to pay their employees correctly.
They create reports on these employees and ensure that they are paid on time with proper deductions for taxes, insurance, and retirement accounts, among others. Payroll accountants are responsible for ensuring that there is a designated person within their company who is in charge of payroll duties.
Most credit accountants are employed by banks, credit unions, and mortgage companies. They are responsible for keeping track of the past and current state of a client’s accounts and ensuring that it complies with all relevant laws surrounding this industry. Credit accountants also assess any potential risks involved in these loans, including bankruptcy, and make sure that the client is informed about these risks.
In an audit, an accountant performs an audit of a company’s financial records to ensure that they are accurate. Auditors need to have extensive knowledge of accounting procedures and record-keeping, as well as be very skilled at finding errors in financial data.
Auditors need to be very conscious of the rules and regulations that apply to their auditing process. Auditors work with a company’s internal legal counsel and prepare reports on their findings as well as recommendations for how it can improve its accounting procedures.
Managerial accountants are responsible for supervising the work of junior accountants, ensuring that they are being done correctly and making sure that they have all the information necessary to accurately perform their duties. Managerial accountants must have a great deal of knowledge about business practices and be able to get people to perform tasks in a specific manner.
Government accountants are responsible for examining reports and data related to a government entity’s finances. They are usually members of the organization’s finance department, but may also work in other departments as well. Government accountants must have a good working knowledge of laws surrounding financial reporting for governments and make sure that these laws are complied with.
Small business accountants work for small businesses, helping them with their financial functioning through checking records, preparing reports, creating financial models, and providing advice on how to make their companies more profitable.
These accountants must be aware of the company’s policies, procedures, and rules and ensure that they are being applied correctly. Small business accountants create budgets, prepare reports and conduct audits to ensure that all financial transactions are correct.
12 Types Of Accountants You Should Know. Accountants are a critical part of any company’s success, without which it is likely they would fail. Through their processes and data analysis, accounting professionals help ensure that a company is operating at full capacity.
Accountants improve operational efficiency, ensure that taxes are being paid correctly, and keep track of business growth through various reports and audits. Accounting professionals are responsible for making sure that the money a company makes is being handled correctly and that it can continue to be effective for years to come.