Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham is a Trusted Saskatoon Accounting firm and in this accounting tip, they share the key roles and responsibilities of accountants.
KEY ROLES AND RESPONSIBILITIES OF ACCOUNTANTS
Bookkeepers and accountants play distinct roles in managing financial records and providing financial support to businesses. Here's a comparison between bookkeepers and accountants.
Financial Reporting: Accountants prepare and present financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). They ensure accurate and timely reporting of financial information, including balance sheets, income statements, and cash flow statements.
Tax Planning and Compliance: Accountants in Canada assist individuals, businesses, and organizations in understanding and complying with Canadian tax laws and regulations. They help develop tax planning strategies to minimize tax liabilities and prepare tax returns, ensuring compliance with federal, provincial, and territorial tax requirements.
Audit and Assurance: Accountants may perform external audits or provide assurance services to ensure the accuracy and reliability of financial statements. They evaluate internal controls, assess financial risks, and provide recommendations for improvement.
Management Accounting: Accountants provide financial analysis and reporting to support management decision-making. They assist in budgeting, forecasting, cost analysis, and performance measurement to help organizations achieve their financial goals.
Advisory and Consulting Services: Accountants offer advisory services to individuals and businesses. They provide guidance on financial management, investment decisions, mergers and acquisitions, and risk assessment. They may also assist in business valuations and due diligence processes.
Financial Planning: Accountants help individuals and businesses develop financial plans and strategies. They analyze income, expenses, assets, and liabilities to assist in setting financial goals, retirement planning, and wealth management.
Compliance and Regulatory Requirements: Accountants ensure compliance with Canadian accounting standards, tax laws, and regulatory requirements. They stay updated on changes in accounting principles and regulations, such as those issued by the Accounting Standards Board (AcSB) and the Canada Revenue Agency (CRA).
Professional Ethics and Standards: Accountants in Canada adhere to ethical standards established by professional accounting bodies such as the Chartered Professional Accountants of Canada (CPA Canada). They uphold integrity, confidentiality, objectivity, and professionalism in their work.
Technology and Systems: Accountants leverage accounting software and technology to streamline processes, enhance accuracy, and improve efficiency in financial reporting and analysis. They may recommend and implement appropriate accounting systems to meet the needs of their clients or organizations.
Continuing Professional Development: Accountants engage in ongoing professional development to stay current with changes in accounting standards, tax laws, and best practices. They participate in training programs, seminars, and workshops to enhance their skills and knowledge.
Accounting Services:
If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.
