So, what does an accountant actually do on a daily basis? Here, we’ll discuss the roles and responsibilities, important skills, and career outlook for accountants, as well as current trends impacting the field.

What is an Accountant?

An accountant is a professional who is responsible for keeping and interpreting financial records. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for larger businesses and organizations employing them. Several other terms are often discussed in conjunction with the phrase “accountant,” which can lead to confusion on what this career actually entails. For example, “accountant” and “bookkeeper” are phrases that are sometimes used interchangeably, yet there are several key differences between these job titles.

Typically, bookkeepers will have earned an associate degree and focus on recording financial transactions. Accountants, on the other hand, will have typically earned at least a bachelor’s degree in accounting, and are tasked with interpreting financial information rather than simply gathering it.

In short, accountants can be bookkeepers but not all bookkeepers are accountants.
Additionally, a certified public accountant (CPA) is an accountant who has passed the CPA exam and has met state licensing requirements. So, all CPAs are accountants, but not all accountants are CPAs.

Accounting is a broad term that encompasses multiple different job titles and roles within organizations. There are three main types of accountants—public accountants, management accountants, and government accountants—all of which focus on different aspects of the profession. Internal and external auditors are also closely related.

Accountants perform tasks that require analytical skills at increasing rates, largely due to the proliferation of data across industries. There are many applications of data analytics in the world of accounting. For example, auditors are using analytics to enable processes like continuous monitoring and auditing. Similarly, accountants who take an advisory role within their organizations can use big data to identify patterns in the behavior of consumers and markets, which can lead to investment opportunities and higher profits.

Modern accountants offer clients an analytical mindset in order to keep up with trends and help clients remain financially competitive as they grow their businesses. If you are interested in working with an accountant or a bookkeeper, please contact me so we can talk about your needs.

• The Income Statement will give you a clear picture of the profit and loss
so, we can highlight places where changes could be made.
• The Balance Sheet gives you a clear picture of your business’ financial position on any date so we can accurately work within your means to make any changes needed to help your business grow.
• The Cash Flow statement illustrates the tie in between the income statement and balance sheet and reports the cash generated and spent during a specific period, which will highlight the best time to work on growth.

It is very important to keep your financial records accurate and up to date in order to ensure your business stays healthy and strong. Below are just a few reasons why Accounting and/or Business Management is so important for your business, no matter what its size.

Seattle City Business License Tax Excise Tax –

• Paid Annually if Total Income is under $100,000.00, Quarterly if over $100,000.00

WA State Business and Occupations (B&O) On Gross Income –

• Filings may be due Annually, Quarterly, or Monthly Depending on the amount of Gross Income Received.

WA Property Tax on Assets Owned by your Business –

• Taxable personal property includes (but is not limited to): office machinery, equipment as well as supplies and materials which are not held for sale.
• Furniture and fixtures in commercial use, leased equipment, certain leasehold improvements, lessee-owned improvements on public land and commercial vessels not subject to excise tax also are assessed and taxed as personal property.

WA State Employment Taxes –

• WA Employment Security Filing & Payment due Quarterly
• Labor & Industries Filing & Payment due Quarterly
• WA State Use Tax on Untaxed Purchases

Federal Employment Taxes –

• 941 Payroll tax payments due within 3 days of Payroll date
• 941 Tax Report Filing of all 941 tax payments due Quarterly
• Federal Unemployment 940 Tax payments due Annually if $500.00 or less and Quarterly if more than $500.00
• Federal 940 Tax Filing Annually
• W-2 Reports to all Employees Annually
• W-4 Filing – Summary of all W-2 reports to Annually to IRS
• 1099 Filings for Non- Employee Compensation
• 1096 Filing – Summary of all 1099
• Federal Income Tax Filing Annually
• Federal Tax Filing on your Business Income

Business trends and projections based on historical financial data help keep your operations profitable. This financial data is most appropriate when provided by structured accounting processes.

If you are interested in a successful worry-free future reach out to our team and let us help you create a sustainable budget so you can build your business.