Keeping a track of all the financial transactions that take place within an organization is termed as accounting. The person who handles the book of accounts is called the accountant. It is important to record all monetary dealings. This will give an idea of the profit and loss one is dealing with. At the end of a fiscal year, all the details of these dealings is necessary to prepare the financial statement.

Different chapters in accountancy:

UK online accountant is not just related to keeping a check on the financial dealings. There are many other branches attached to it. Like

  • Taxes- An accountant can guide through the entire process of taxation. The amount of tax to be paid, the proper transactions that must be made for future tax payment as well as those dealings which shall help in crafting a strong background for the finances either as an individual or for a firm.
  • Assets- For every client, an accountant can calculate the value of his properties that can be exchanged in terms of cash when needed. The calculation gives a perspective of the valuation of the person or the organization. Cash too is a part of asset.
  • Liabilities- The amount that is payable to creditors are also calculated by an accountant. So that his client can keep a check on the total amount owed. This also includes the advance payment, salaries, interest etc that is yet to be paid.
  • Profit- the amount of profit incurred from selling of services and products is taken into consideration while calculating a year’s progress.
  • Loss- Similarly, the loss suffered is also an important aspect while preparing financial statements.
  • Expenditure- the expenses done on resources, raw materials and purchase of other items is also mentioned in the accounts book. Every minute details is noted and evaluated
  • Debits/Credits- The cash withdrawn or credited from or to the personal and business accounts are noted as well.
  • Loans- The loans taken from banks or private money lenders are a point to be mentioned in the account book, so that the interest as well as time of payment is kept under loop.

However, there are many more other responsibilities that are undertaken by an accountant. It is difficult for an individual to maintain his own accounts and that of his firm, simultaneously. The procedures and actions of an accountant is absolutely different. He is specialized in his own field and has thorough knowledge about his subjects. He has deep understanding the tax laws and the changing criteria related to it. The advanced rules and regulations of taxes laws are studied and he updates himself with the new procedures. UK online accountant is very much in demand these days. An individual can hire an accountant from any part of the world and he is ensured that he shall be provided the best of services. They are cost-efficient as well as technologically equipped. They are accessible from any place and are quite comfortable to work with. Online accountants are advisors who can guide you through the monetary dealings in personal as well as professional life.

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