The daily tasks of accounting staff in a business
The daily tasks of an accounting staff in a business
A business should have a dedicated accounting staff to carry out these daily tasks. If not, the company will face difficulties. A person interested in accountancy, good with figures, interpersonal skills, and good communication is suitable for accounting work. Now, let me look at the daily tasks of an accounting staff member to keep everything up to date. An accounts assistant will directly work for an accountant, recording daily transactions in an accounting program. In addition, I will do the filing, attend phone calls, and deal with customers and external agencies.
Further, accounting staff also perform all the bookkeeping duties to keep the system running smoothly. These accounting staff are expected to work during office hours, whether full or part-time. The company will issue contracts according to the requirements of the post. The contract of employment could be permanent or temporary.
The usual duties of an accounting staff.
- Accounts preparation
- Bookkeeping and Payroll
- Learning to use accounts packages.
- VAT returns
- Monthly reconciliation of all the accounts
- Producing trial balance
- Credit control.
- Working with spreadsheets, sales and purchase ledgers, and journals.
The success of a business depends on implementing and maintaining a suitable accounting system. An accountant’saccountant’s role is to ensure that the system implemented is working well for the company. The accounts assistant performs all the tasks mentioned here, and the senior staff will work towards finalizing accounts. They will produce the financial statement to arrive at the profit and loss of the company. After completing the postings, the bookkeeper will extract all the balances from the books. A statement prepared with these balances is called a trial balance. I will show you an example of a well-constructed trial balance.
Trail balance construction.
Figures to the ledgers. In that situation, the bookkeeper must go back and check all figures and rectify the mistake. When the trial balance work is finished, the senior staff will determine the profit and loss. Senior staff will prepare the trading profit and loss account based on the trial balance. The profit and loss account reviews the expenses, purchases, and income during a particular accounting period. These figures only show whether you have made a profit or loss during the period. You must get this report right, as the calculation of tax liability based on this report is essential. I will show you a small sample of the profit and loss report.
| Year Ended 31st January 2013 | |||
| Trial Balance | |||
| $ | $ | ||
| Fees | 19,248.21 | ||
| Interest | |||
| Other Income | |||
| Subcontractor Labour | 8,000.00 | ||
| Accountant fees | 1,100.00 | ||
| Use of Home | 235.00 | ||
| Motor Vehicle | 1,728.00 | ||
| Travel Expenses | 1,302.00 | ||
| PPS | 326.00 | ||
| Telephone | 379.00 | ||
| Bank charges | 79.48 | ||
| Computer | 187.00 | ||
| Bad debts | – | ||
| Advertising | 295.00 | ||
| Sundry | 57.00 | ||
| Corporation tax | 1,135.05 | ||
| Depreciation | – | ||
| Insurance | 146.00 | ||
| Dividend Paid | – | ||
| Dir Loan | 4,703.37 | ||
| Bank | 2,453.52 | ||
| Fixed Assets | – | ||
| Fees due | – | ||
| Other debtors | – | ||
| Accruals | – | ||
| Corporation tax payable | 1,483.44 | ||
| Share Capital | 100.00 | ||
| Retained Earnings | 1,294.77 | ||
| 22,126.42 | 22,126.42 | ||
What is a Balance sheet.?
A balance sheet is a statement that is massively important to the business. It comprises three parts: assets, liabilities, and retained earnings, known as capital and reserves. It is the balance left over when the assets are less than the liabilities and shows the company’s financial position. The year-end process includes preparing the trial balance, profit, loss account, and balance sheet. These are done at the end of a particular financial year for a business to do tax calculations. And then, the work for the next financial year starts with the bookkeeping procedures. The profit, loss, and balance sheet statements are used to prepare the budget and cash flow forecasts. Now, I will show you a sample copy of the balance sheet.
| Year Ended 31st January 2013 | ||||
| Profit & Loss Account | ||||
|
2013 |
||||
| $ | $ | |||
| Fees | 19,248 | |||
| Other Income | – | |||
| Total | 19,248 | |||
| Subcontractor Labour Costs | 8,000 | |||
| Use of Home | 235 | |||
| Motor Running Costs | 1,728 | |||
| Travel | 1,302 | |||
| Insurance | 146 | |||
| Telephone | 379 | |||
| Computer costs | 187 | |||
| Postage, packaging & stationery | 326 | |||
| Depreciation | – | |||
| Advertising | 295 | |||
| Accountants Fee | 1,100 | |||
| Bad debts | – | |||
| Bank charges | 88 | |||
| Sundry | 57 | |||
| Total | 13843 | – 13,843 | ||
| Profit before tax | 5,405 | |||
| Corporation tax | – 1,135 | |||
| Profit after tax | 4,270 | |||
| Year Ended 31st January 2013 | ||||
| Balance Sheet | ||||
| 2013 | ||||
| Notes | $ | $ | ||
| Fixed Assets | ||||
| Tangible assets | 6 | |||
| Current Assets | ||||
| Cash at bank and in hand | 2453 | |||
| Debtors | 7 | 4106 | ||
| 6559 | ||||
| Creditors: amounts falling due within | ||||
| one year | 8 | 1135 | ||
| Net current assets | 5423 | |||
| Total assets fewer current liabilities | 5423 | |||
| Capital and reserves | ||||
| Called up share capital | 9 | 100 | ||
| Profit and loss account | 10 | 5405 | ||
| 5505 | 5505 | |||
| Shareholders’ funds | 5505 | |||