Services Offered By General Accountants

What are the Different Services a General Accountant Provides to Facilitate Proper Functioning of a Business?

A general accountant can perform a range of activities to help your business succeed and has the capability to serve businesses operating in different industries. Let us have a brief overview of the importance of general accountant for any business and then we will move onto the next section to check the kind of services an accountant provides.

Accounting and Bookkeeping

general accountantIt is usually considered a mundane task consisting of aspects of bookkeeping, management of accounts receivable and payable as well as tax processing. However, these are the tasks that need to be done on a daily basis to ensure your business runs smoothly without any glitches. 
This is where the role of a general accountant becomes crucial since the accountant has to take us these tasks and ensure that everything is managed in the correct manner.

Services a General Accountant Provides

Monthly Services: A general accountant is capable of providing several services on a monthly basis. Let us look at few of them here.
  • Accounting data compilation on monthly basis
  • Bank reconciliation on regular basis
  • Timely remittance of WCB, PST, and GST
  • Creation of financial statements of monthly basis
  • Payroll management on monthly, half-monthly, bi-weekly and weekly basis
Annual Services: Few of the annual services a general accountant provides include:
  • Year-end accounting data compilation
  • Government remittance calculations which remain unpaid
  • Business as well as corporate tax returns
  • Bank account reconciliation
Payroll Services: General accountant also has required knowledge and training to look into various payroll services like:
  • Look into hire or termination (and manage ROE as well as other payroll forms)
  • Check all the sources for deductions and ensure timely remittance
  • Work on summaries for T4 and T4s at the end of year
  • Focus on employee benefits and their administration
  • Look into payroll management on monthly, semi-monthly, bi-weekly and weekly basis
Startup Services: If you have a startup then also services of a general accountant will prove to be helpful for you. Few of the startup services accountants provide are:
  • Carry out accounting procedure transformation such as, from manual to automated
  • Set up a fully functional accounting system for your new startup business
  • Take required steps for setting up inventory and point of sale system for your new business
  • Create internal control system as well as set up fraud prevention system
General Accounting Services: A general accountant also offers general accounting services which are necessary for running your business and for analyzing how well the business is performing. Let us go through details of few such services an accountant provides.
  • Profit and Loss comparative statement
  • Financial position comparative statement
  • Cash flow statement
  • Budgeting and forecast
  • Customized financial reports as per your business needs

The Bottom Line

From above details, it is quite clear that a general accountant plays an important role in your business and helps in proper functioning of the business. The accountant also provides insightful reports which clearly describe financial health of your business.