The books of account need to be maintained so that it reflects correct financial position of the company and its suppliers and customers, regular reconciliation of bank statement and the ledger of bank maintained by the organisation must be reconciled so that both is synchronised. The difference between the bank balance and the balance in bank ledger maintained by accountant is obvious as the accountant records debit the moment it issues a cheque whereas the bank reduces the balance only when the cheque is presented and subsequently it is paid by the banker to the presenter. These days accountants play a very significant role in managing the business
The most important role which an account must play is to ensure that the books of accounts are properly maintained and updated
The payables must be paid within due date to avoid interest and loss of reputation; the receivable must be taken care of by way of reminders.
Employee’s salary need to be paid within time after statutory deductions like Professional Tax, TDS, PF and ESIC contribution
While making payments to vendors, employees, contactors, rent, professional payments etc TDS must be deducted at applicable rates.
Correct computation / working of vat payable after taking input tax in credit and filing of timely return is important responsibility of accountant.
Every month the service tax need to be paid after taking proper deduction of available service tax credit. The return must be filed within due date.