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LSDefine
Simple English definitions for legal terms
accountant
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A quick definition of accountant:
An accountant is a professional who helps businesses keep track of their money. They make sure that all the financial information is correct and follows the rules. They also help businesses prepare their taxes and make sure they are following the law. Sometimes they even talk to the government about taxes. They also look at how a business works and suggest ways to make it better.
A more thorough explanation:
An accountant is a professional who is trained and licensed to handle the financial records of a business. They are responsible for ensuring that financial statements are accurate and complete, and that they comply with relevant laws and regulations. Some of the duties of an accountant include:
- Preparing financial books and records and financial statements
- Preparing tax returns and advising on tax issues
- Representing clients before taxing authorities such as the Internal Revenue Service
- Analyzing and evaluating the internal systems that affect business activities and practices
For example, an accountant might be responsible for preparing a company's income statement, which shows how much money the company made and spent during a certain period of time. They might also help the company prepare its tax returns and ensure that it is complying with all relevant tax laws. Additionally, an accountant might analyze the company's internal systems to identify areas where it could improve its financial practices.