Private accountants work inside companies managing their accounts while public accountants work outside companies or for the government as advisers. Private accountants work for only one company as an employee. Public accountants provide consulting and auditing services for many companies.Know More
Private accountants serve as bookkeepers for their employers. They set up accounts, give financial advice, complete tax forms, ensure legal requirements are met and supervise other employees working on the company finances. Some private accountants work on a freelance basis for one company only. Private accountants that work for a corporation are referred to as corporate accountants.
Public accountants often work for independent accounting firms. They provide companies with third-party oversight to ensure company finances are handled properly. Independent financial audits by public accountants provide investors with valuable information about a company's financial practices. Public accountants also provide tax and other financial consulting services to outside firms. Some public accountants work independently providing outside services to many companies on a freelance basis. Other public accountants work for government agencies delving into the legal side of finances.
Public accountants usually pursue certification as CPAs. This designation shows a high level of knowledge about accounting, auditing practices, legal requirements and related ethics. All CPA licensed accountants pass an exam demonstrating their knowledge and regularly complete continuing education requirements.Learn more about Accounting
Accounting is important because it provides an objective picture of a business' financial success. In addition, accurate bookkeeping and accounting is extremely vital for tax and legal purposes. Many companies are required to have particular accounting procedures in order to comply with legal code.Full Answer >
Intercompany accounting is the process by which firms reconcile a company's transactions to eliminate duplication among different departments that may result in overstating assets, according to Oracle. Companies must adjust accounting practices for intercompany transactions or face legal consequences.Full Answer >
People need accounting because it keeps a record of cashflow, produces financial reports and monitors business expenses of an organization, according to the Houston Chronicle. Accounting helps owners make vital decisions to help their companies thrive.Full Answer >
An accounting or accounts payable voucher is a document used as an internal control mechanism in the invoicing process. The voucher is filled out after a three-way match of the invoice, purchase order and receiving report.Full Answer >