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Frequently Asked Questions

Who is an Accountant?

An accountant is a professional who is adept in performing accounting work, be it recording business transactions, issuing financial statements, issuing an invoice to customers, and the list goes on. An accountant works under the supervision of a CPA (Certified Public Accountant), auditor, or any other management accountant.

What is the Role of an Accountant?

An accountant has many duties and responsibilities. Let’s take a look:

  • An accountant is responsible for financial accounting and reporting
  • He takes care of the auditing process
  • He helps in preparing tax documents
  • He provides management services and consulting
  • An accountant is responsible for financial analysis
  • He plays a major role in cash management
What is working capital?

It refers to the capital that is used in day-to-day trading. It is calculated by subtracting current liabilities from current assets. Working capital helps in calculating the resources that a company can count on to carry out its operations for the short term.

How to maintain accounting accuracy?

There are some ways that can help you in maintaining accounting accuracy. Let’s take a look:

  • You need to identify revenue streams to maintain accounting accuracy.
  • You need to keep a track of invoices and receipts
  • Preparing tax returns is a good way to avoid penalties
  • Preparing financial statements is another way to maintain accounting accuracy.
  • You should always keep an eye on the deductible expenses.
What are the common mistakes that people make in accounting?

There are some common mistakes that people make in accounting. Let’s take a look:

  • Mixing a personal account with the professional account of the company is the most common mistake that people make in accounting.
  • Lack of communication between the accountant and the company is another common mistake made by people.
  • Not having a backup, misallocating resources are some of the mistakes that should be avoided in accounting.
  • Performing manual accounting should be avoided
  • Some people don’t keep the accounting books up to date which is a mistake that should be avoided.
  • Some people forget to save the receipts which leads to errors in accounting. So, such practices should be avoided.
What do you mean by offset accounting?

Offset accounting refers to the process of canceling an accounting entry with an equal and opposite entry. It reduces the net amount of another account in order to create a net balance.

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