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Definition of Company Accounting
Company accounting is the special branch of accounting with deals with the accounting of companies. Company accounting is to keep track of all records of a firm. The company accountant performs this work. Below we’ll look at them, work which is performed by the company accountant. And also look at that terms which differentiate company accounting from public accounting.
Duties Performed by Company Accountant
Company accountant performs two type of roll in companies:
- Manage Accounts : accountant manage different accounts of companies like; account payable and account receivable. Accountant keeps data of company’s liabilities or like paying firms bills. And account receivable means to receive from companies customers. It shows that accountant doesn't only just focuses on money, it handles businesses day to day transactions also. They make sure that other aspects of the company are also properly aligned or not.
- Concentrate on Profit-Making : accountant as the term indicate, also Help Company in making the profit. Accountant handle firms account and take money-related decisions of business because accountant knows the position of money. They manage money and help in earning the profit. Allocate all the money resources appropriately so that company gains more and more profit. For example; how to invest money when purchasing or how much stock is left, and make sure that all the raw material is well used.
The corporate manager is a little bit like an efficiency manager in a company. Corporate accountant increases the profit margin of the firm by manages resources. That is why mostly they include in a high management role.
How is Company Accounting Different From Public Accounting?
- Company Accounting : company accounting is done for a particular company which exists for a reason. In corporate accounting accountant typically work for long hours, at the time of closing of the financial year or at the time of auditing and on quarterly reporting dates. Company accountant work for the same company from very long time, so they have very extreme knowledge about the accounting. Company accountant is stable.
- Public Accounting : public accounting is to work for a firm that provides accounting services to other firms. The public accountant works for civic accounting organizations. These firms are like; sole proprietor, partnership, and other companies that are not publicly traded. The public accountant works longer due to the busy session of their clients. Mostly this is from January to April. Public accountant deals with many clients in different-different industries. So, that they know the variety of companies. They are not stable.
These are some difference between the company and public accounting.
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