8 Types Of Accountants To Manage Business Accounts

In business, we all know major two or three categories of an accountant that create accounts and prepare taxes. Indeed, their numbers are more than these types, and every accountant has their own roles. Some accounts professionals perform functions during accounts preparation and other work during and after the filing of taxes. Therefore, small businesses choose to hire Gold Coast business accountants to reduce the burden of hiring and meeting different accountant demands. 

But if you are not doing business in Australia and looking to hire a business accountant. Here, we have a list of 8 types of business accountants to manage your accounts.

Table of content

• 8 Types of Accountants To Handle Your Business Accounts
• Certified Public Accountant (CPA)
• Forensic accountant
• Auditor
• Management Accountant
• Cost Accountant
• Government accountant
• Project accountant
• Investment Accountant

8 Types of Accountants To Handle Your Business Accounts

1. Certified Public Accountant (CPA)

CPAs are licensed accounting professionals who are committed to protecting the public interest. They prepare accounting records, taxes, and other financial statements for the individual and companies. Their job roles do not involve complete taxation liability, but they also have to perform some part of taxation purposes.

CPA’s other role is to act as a trusted advisor for business and helps the client to make a financial decision regarding the allocation of resources. Some of the other job responsibilities include conducting auditing, reviews, consulting, and forensic accounting.

2. Forensic accountant

Forensic accountants are real investigators of business accounting transactions. These experts analyze the company’s statements and check whether these are created with accounting and state and federal law or not. They uncover all fraudulent business transactions and find unintentional errors. They present all illegal transactions and activities in front of the court. These accountants are sharp-minded, and a single accountant works as a number of minds. If you, too, want to investigate your business financial records hire accounts professional with a certified fraud examiner (CFE) certificate. 

3. Auditor

The auditor is an accounting professional that makes sure all information mentioned on financial statements is true and accurate or not. He also checks whether accounts are prepared by following accounting standards guidelines or not. Apart from inspecting all your business records, Auditors also guide for an improvement scope for business. Even there are some auditors that have specific industry knowledge. You can take assistance in framing business strategies from them. 

Let’s know the main role of auditors:

• Finding frauds and errors in operations and financial reporting.
• Evaluating internal control system
• Testing documentation supporting account balances and transactions
• Keeping the physical inventory count and match with the mentioned figures.
• Confirming accounts receivable and payable details with a third party details

4. Management Accountant

Management accountant helps to know the status of an organization’s financial health and how to deal with poorly affected areas. This is the major responsibility of the management accountant to provide sound information that can help in making decisions for company growth. Therefore, management accountant plan budget, analysis project report, risk management, and conduct profitability analysis. In addition to this, the management accountant presents the company information to executives in a simple form to make data more useful.

5. Cost Accountant

Business always aims to cut operating cost and achieve high margin on company sales. There the cost accountant with Certified Cost Accountant (CCA) certificates helps the companies to analyze cost factors. Their main role is associated with a company’s supply chain, like setting a budget and conducting profit analysis within and after the completion of a project or assignment. Some of the elements, like labor, materials, shipping, production, administration, are their main components of calculating per unit cost. They compile all the relevant information and present data in front of business leaders to improve business efficiency. 

6. Government accountant

Government accountants are assigned by state or federal accountants to keep track of money and business transactions. They are employed by the Internal Revenue Service (IRS) to conduct auditing for private businesses and individuals. Even these accountant helps government agencies to plan out their activities for the next financial years. They also ensure taxpayers' hard-earned must be spent wisely. 

7. Project accountant

As the name defines the project, accountants are employed for a particular project. They keep eyes on all business financial records like collecting invoices or bills, approving expenses, verifying employees’ working hours, planning and maintaining budgets, etc. They also ensure the project must be completed within financial deadlines. There are chances that a single project accountant is handling more than one business project and guiding for the saving plans. Before hiring a professional project accountant, remember, he must have strong communication skills to make good interpersonal connections and convey messages conveniently. 

8. Investment Accountant

Investment accountants work to guide business over various investment opportunities that save tax. Their job is similar to the best accountant gold coast perform in Australia. Investment accountants have good knowledge of shares, stocks, bonds, currencies, precious metals, and other investment instruments. All these help the business to frame business decisions. These accounts also ensure, your business must meet with govt compilation rules of investment to take tac advantage. 

Bottom Line

Hope the above information helps you to hire the right accountant for your business needs. Keep in mind, to check accountants’ qualifications, licenses, and skills. You must also look at his experience in the same field. But if you are finding an issue in hiring an independent accountant, do not hesitate to take assistance from accountant professional firms.


Read More: 9 Attributes Your Accountant, Should Master