The Essential Role of an Accountant in Business

Discover the crucial role of an accountant in a company. Learn more about their daily tasks, necessary skills and impact on business success. 

WHO IS AN ACCOUNTANT?

An accountant is the professional responsible for managing and organising a company's finances. They work with financial data, ensuring that the company fulfils all its legal, financial and tax obligations. Their duties include recording, analysing and interpreting the company's financial transactions and ensuring accurate, up-to-date and accessible information. 

The importance of an accountant in a company 

The role of an accountant goes far beyond simply organising figures. This professional contributes to the financial health of companies, providing detailed financial reports that help managers make informed decisions. Without their input, it would be difficult to ensure compliance with tax and legal obligations and to make strategic decisions. Accurate financial control also reduces the risk of errors, fraud and problems with regulatory bodies, contributing to the success and longevity of the business. 

AN ACCOUNTANT'S DAILY TASKS 

• Reconciling accounts: Reconciling accounts is one of an accountant's most important daily tasks. It consists of checking the company's bank transactions and accounting records, ensuring that all entries and exits are recorded correctly. This activity helps to identify and correct any discrepancies, guaranteeing the accuracy of financial information. 

• Closing the accounts: Closing the accounts is a fundamental process for drawing up financial statements. At the end of each month and year, accounting professionals close the accounts to calculate the financial results, such as profits or losses. This process is essential for generating financial reports that will be analysed by management and used for decision-making. 

• Tax preparation: One of the main roles of a certified accountant is to ensure that the company follows tax obligations. This involves preparing and organising all the documents needed to pay taxes, including drawing up tax returns and calculating taxes payable. Proper tax preparation avoids problems with the tax authorities and ensures that taxes are correctly assessed. 

• Preparing financial reports: The accountant is responsible for preparing detailed financial reports such as the balance sheet, income statement and cash flow. These documents provide a clear and accurate view of the financial health of companies and are fundamental to good strategic management. 

• Audit preparation: In many companies, the accountant also has the task of preparing and organising the documents required for internal or external audits. This includes checking the integrity of accounting records and ensuring that all financial processes comply with current laws and regulations. 

Skills needed to be an accountant 

In order to perform their duties competently, professionals in the accounting field must have a number of skills, including the following: 

• Knowledge of accounting and finance, which includes mastery of accounting principles and tax regulations. 

• Attention to detail, enabling financial errors to be identified and corrected. 

• Analytical ability, which will enable you to interpret financial data and generate accurate financial reports. 

• Organisation, which helps to structure financial documents and information effectively. 

• Communication, to make it easier to communicate accurate financial information to managers. 

• Ability to work under pressure, to deal with tight deadlines, especially when closing accounts. 

TYPES OF ACCOUNTANTS 

The profession of accountant is broad and encompasses various specialisations, each with specific responsibilities and functions within a company. Depending on their area of expertise, an accountant will carry out specific tasks using specialised knowledge. Learn about some of the main types of accountants and their functions: 

• Certified Accountant: A Certified Accountant is a professional authorised to provide accounting services and take responsibility for company accounting. They have a degree in accounting or finance and must be registered with the Order of Certified Accountants (OCC). These professionals can work in general accounting, tax, or even as financial and management consultants. 

• Chartered Accountant (TOC): This is the most common designation for accounting professionals who, in legal terms, can work as managers of a company's accounts, ensure tax compliance, prepare tax returns, among others. To become a TOC, you need to fulfil training requirements and, like the others, be registered with the Order of Certified Accountants (OCC). This profession is one of the pillars of accountancy in companies. 

• Tax Accountant: Specialising in tax accounting, this professional focuses on everything related to tax legislation in Portugal. Their work includes preparing and submitting tax returns, optimising taxes and advising on current tax legislation. The problems with the Tax and Customs Authority (AT). 

• Administrative Accountant: Focused on the administrative side of accounting, the administrative accountant organises documents and assists with financial management and accounting tasks. 

• Forensic Accountant: This is an accountant who specialises in investigating financial fraud, tax irregularities and accounting-related legal disputes. With an important role in analysing financial documents in court cases or fraud investigations, they can work for companies, lawyers or even government authorities. 

• Human Resources and payroll accountant: This type of accountant specialises in managing a company's payroll and benefits. As well as processing payrolls, they also deal with issues relating to social security, income tax and employee benefits. 

WORKING AS AN ACCOUNTANT 

Description of the work environment 

The working environment of an accountant is usually an accounting office or the financial sector of a company. Day-to-day work can involve using accounting software to record financial transactions and creating detailed financial reports. In addition, it is common for the accountant to work closely with other departments in the company, such as finance, legal and human resources. 

Advantages and challenges of the profession 

The profession of accountant offers a number of advantages, such as job stability and a great career outlook, a consequence of the constant demand for these professionals. However, the challenges are significant, including the pressure to meet deadlines and the need to constantly update on changes in tax legislation. In addition, the work can be repetitive and demanding, especially during account closing periods. 

HOW TO BECOME AN ACCOUNTANT? 

To pursue a career in accountancy, it's important to understand the path to get there, which involves both formal education and the practical experience needed to stand out in the labour market. In addition, the profession requires specific skills, such as attention to detail, analytical ability and mastery of tax regulations. Below we explore the educational requirements, the stages of qualification and the role of recruitment and selection companies in this process. 

Education and training requirements 

To become a certified accountant, you need to follow a specific educational and professional path. Initially, it is essential to complete secondary education, preferably in a field of economics and management. The next step is to enter higher education, choosing a course aimed at business administration, finance or related areas, which offers solid training in accounting principles, tax legislation, auditing and financial analysis. 

After graduating, many professionals also opt for postgraduate courses or specialisations in specific areas, such as auditing or financial management. Registration with the OCC - Ordem dos Contabilistas Certificados (Order of Certified Accountants) is also a necessary step to be able to practise. 

The labour market for Certified Accountants 

If you want to succeed in this sector of activity, always keep an eye on the changes and needs of the labour market around you and update your CV to suit your area of work. Keep up with the latest software innovations and legal updates related to accounting, always investing in the constant development of your skills. 

To enter this field of work, accounting professionals can rely on specialised recruitment companies. Recruitment and selection companies in the field of finance and accounting play a key role in helping to connect qualified professionals with opportunities on the market. They facilitate the search and selection process, ensuring that companies find the most suitable candidates for the positions, and with the necessary skills. Fed Finance is one of these companies operating in Portugal, supporting professionals in their quest for new challenges and career development.