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Role of Accountant in the Society

by Accounting Education | posted: 07:43 | 52 comments

There are many types of profession in the world which are held in high esteem in public eyes and there is no denying the fact that the accounting profession in one of them. At the core of all types of learned profession, there is the desire of public good and of finding the best way to serve society. By the help of science of accountancy and the spell of its art, a dynamic pattern which assists business in planning its future is cane by accountants out of the inert mass on non-speaking silent figures. This makes their profession an instrument of socio-economic change and welfare of the society.
An accountant with the help of his education, training, analytical mind and experience is best qualified to provide multiple need-based services to the ever growing society. The accountants of these days can do full justice not only to matters relating to taxation, costing, management accounting, financial lay out, company legislation and procedures but they can delve deep into the fields relating to financial policies, budgetary policies and even economic principles. The area of activities which can be undertaken by the accountants is not limited but it can also cover many additional facets.

Functions of Accountant:

1. Maintenance of Accounting Books: An accountant is able to maintain a systematic record of financial transactions entered into during a period and to state the financial position of the concern as at a particular date. For the fulfillment of the twin objective of ascertaining the profit earned or loss suffered and the financial position, it is necessary that all transactions be recorded in a systematic manner, which can be done only by an accountant. Appropriate maintained accounting books assists management in planning, decision making, and controlling functions.

2. Audit: Every limited company is required to appoint a chartered accountant as an auditor who is statutorily required to report every year whether in his opinion the balance sheet shows a true and fair view or the state of affairs on the balance sheet date, and the profit and loss account shows a true and fair view of the profit or loss for the year.

3. Internal Audit: It is a management tool whereby an internal auditor thoroughly examines the accounting transactions and also the system, according to which these have been recorded with a view to ensure the management that the accounts are being properly maintained and the system contains adequate safeguards to check any leakage of revenue or misappropriation of property or assets and the operation have been carried out in conformity with the plans of management.

4. Taxation: An accountant can handle taxation matters of a business or a person and he can represent that business or person before the tax authorities and settle the tax liability under the statute prevailing. He can also assist in avoiding or reducing tax burden by proper planning of tax affairs. Accountant also have social obligation to express their views on broad tax policy, on the effect of tax rate on the economy in general and on all other aspects of taxation in which they have knowledge superior to that of the general public.

5. Consultancy services: Accountant performs an advisory function. He is largely responsible for internal reporting to the management for planning and controlling current operations, decision making on special matters and for formulating long range plans. His job is to collect, analyze, interpret and present all accounting information which is useful to the management. Accountant provides management consultancy services in the areas of management information system, expenditure control and evaluation of appraisal techniques for new investments and disinvestments, working capital management, corporate planning etc.
The practice of accountancy has crossed its usual domain of preparation of financial statements, interpretation of such statements and audit thereof. Accountants are presently taking active role in company laws and other corporate legislation matters, in taxation laws matter and in general management problems. Some of the services rendered by accountants to the society are briefly mentioned as under:

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52 comments

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    Thank you so much.

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    It is good to learn that accountants play a big part in taxation. I did not realize that these specialists could handle matters of a business or a person. I have an uncle who enjoys working with his accountant because he gathers information and documents to keep things organized and help the tax process run more smoothly. http://www.hocquard.com.au/

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    How an accountant can contribute a society in order to eliminate social evils like corruption, tax frauds etc.
    When a company hire a personal as an accountant. What they want from him/her? A person who not only look after their financial matters but they expect more from him/her.
    They want him to manipulate data in order to show a promising picture of an organization which in reality isn't. They want him/her to find ways to save tax money. They want him/her to fool innocent people and grab their wealth in order to achieve their own goal of profit maximization.
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    Accounting is concerned with collecting, analysing and communicating economic information. However in order to develop a broader understanding of accounting and the central role it plays in society, we need to consider it from a social perspective.

    Individuals in society coexist by establishing relationships with each other. Another way of viewing society is by segmenting it into different groups or arenas, for example the social, economic, organizational and political arenas . In order to function effectively, these different arenas need to communicate and it is accounting information that facilitates this communication. According to dodohelp.com accounting information serves many important purposes, for example assisting users in making informed decisions, in relation to the effective allocation of scarce resources.

    Therefore accounting information can be seen to be a potent influence in society, which affects everybody. This is illustrated by the National Coal Board case were the measurement of accounting profit was used to justify the closure of coal pits, causing an impact on electricity prices, jobs and taxes.

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