Explain the relationships with external contacts such as auditors, solicitors and HM Revenue & Customs.

Accounting is a means of providing information about an organization’s financial performance. Users of accounting information employ it to make numerous investment and financing decisions. Such users include creditors, suppliers, investment analysts, media, and government entities” (Adam, n.d.). The comments made by the manager, show how much they were unaware of what an accountant is and their job responsibilities. By being more aware of what others do, could have possibly made the manager’s job easier rather than harder. One believes that there are three keys statements that help accountants valuable. The income statement provides information about the profit and loss. The balance sheet allows for clear picture on the financial position of the business on a particular date. The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time. As an accountant, they are responsible for keeping records as well as finical records of how the business stands. Also, accountants keep track of various expenses, gross margin, and any and all possible debt a organization has. Being an accountant isn’t just about knowing numbers but also understanding the different law and regulations within the state such as sales tax, income tax, VAT (value added tax), pension funds etc.

As a manager, it is important to understand one’s role and responsibilities. According to (Perryman, 2020), a financial manager responsibility include:

  • Providing insights on the financial health of the organization.
  • Ensuring the business meets all its statutory and compliance obligations, including statutory accounting and tax issues.
  • Keeping track of market trends.
  • Looking for cost-reduction opportunities.
  • Developing relationships with external contacts such as auditors, solicitors and HM Revenue & Customs.
  • Supervising staff

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