With the business account situation getting more complicated with balancing, advising, forecasts etc. there are three different main sectors that the accountants develop a specialised knowledge in these being industry and commerce, private sector and the public sector. So before hiring your accountant you will first need to decide which kind of accountant you will need then make sure you check that each accountant you consider has the right knowledge for your needs. With in the different sectors the accountants have different skills and abilities. Some of the examples of tasks each completes and can be expected to do on a regular basis are;
Private accountant - They provide service to various sizes of companies or individuals the size if company they can work for depends on the size of their staff group. Other services they can provide are; management of out going spending e.g. purchasing stock, wages and credit. Advising on and dealing with factors regarding tax, financial planning and forecasting, dealing with monthly and annual accounts, giving the company or individual advice on how they could improve their financial situation (by either cutting back or investing etc.), producing budget reports and also financial statements.- Industry and commerce - They work with companies and give advice on how they can become more profitable. Tasks they will be required to as well as the general payroll and accounting are; preparing financial reports on a regular basis, analysing sales figures and creating a business forecast from their findings, monitoring the spending of the company from wages to stock purchases, recommending ways in which the company may be able to increase profits and liaising with different managers in regards to the marketing programmes the company has planned.
Public sector accountant - These accountants work in various public sectors from working with local governments about public spending to working with hospitals trying to stick to a set budget. Their duties vary but some of the general aspects of their work may include; presenting management information to either the board or budget holders, estimating the total cost of any new projects, monitoring the cash flow and spending of the department, carrying out an analysis of how cost effective the service being provided is to the public and following policies and then working to delegate the money correctly to the different sectors with in the organisation.
So when deciding on a bookkeeper/accountant ensure they have experience in a similar situation of accountancy work this way knowing they will be able to complete all the tasks you require them to do whilst working with in your organisation or on your individual accounts.