5 MAJOR THINGS EVERY ACCOUNTANT SHOULD DO

Accountants are usually overwhelmed with so many activities in the office. They are so cumbersome that most times we miss out on the major things we should keep our eyes on in the organization.

The reason your boss fights you at times could be because the business is struggling in some areas and he feels his accountant should know better.

See there was a time in the early years of my career when I didn't know how the exchange rate affects our business. Thank God for growth and the heart to learn.

Accounting is a multidisciplinary field of study and you should build such capacity that enables you to juggle so much more than your friends in other disciplines.

Here are the top 5 things you should consider keeping an eye on;

1. BOOKKEEPING
You should ensure all the transactions are well documented and filed appropriately. Create a bookkeeping checklist and tick as you fulfill each task.

2. TAX
Accountants contribute to about 30% of the reasons why companies suffer tax penalties. I used 30% because I know some CEOs can be ignorant of the tax laws and even when they know some are not interested in following the due process.

However, there is always a difference when a knowledgeable accountant is on board. Please always seek to advise the management on what to do, that way you have played your part of the bargain.

Make a list of all the taxes and their due date, then follow through.

Please ensure you are telling them what the law says.

3. CUSTOMERS AND VENDORS
Tracking customer balances are one key thing you must do if your company will not lose money. Recommend the use of software for your accounting postings so the system will automatically update a customer account when there is a sale or payment.

The same thing goes for your vendors. Ensure you post all supplier invoices and post payments made to them as well. A lot of companies struggle to know their supplier balances. Sometimes they overpay a supplier and the list goes on.

Please ensure your company does not fall into this category. Rise up and help them.


4. CASH FLOW
In your monthly reports, ensure to infuse in a comment that tells management what is likely to happen if your cash flow fluctuates to a certain level. Make it simple and easy to understand.

5. PAYROLL
This is one of the most sensitive areas of your job as an accountant.
The reason is that it has to do with your direct colleagues in the office. Imagine underpaying or overpaying a staff.....hmmm management will not find it funny.
In fact, it is better you omit your salary than any other person in the office.
Default in payroll computation does not go with a query in most organizations. It connotes an impression of theft, staff coalition, etc depending on the nature of the error.
Organizations don't take this lightly so please be careful and if you are an accounting graduate seeking a job, kindly ask to be mentored so you don't make costly mistakes.
Before you send out the payroll for endorsement, do the following;
a) Review the names, amount, and bank details carefully.
b) Check through all payroll variations to ensure that they have been fully captured while computing the net pay. For instance, staff members that took a loan should have loan deductions before arriving at their net pay.
Those who came late to work and were penalized with pay deductions should not earn a full salary.
c) Ask another person to help you check through what you have done.
This will minimize your mistakes
In summary, if you must succeed in today's world as an accountant, you must add entrepreneurial and marketing skills to your knowledge of accounting principles.

Written for Nairaland by OGOCHUKWU IBINABO LAWSON
https://www.instagram.com/accountingexperts1/