In the simplest terms, an accountant is a person whose job is to keep or inspect financial accounts. For businesses, an accountant keeps track of the finances and profitability. The American Accounting Association defines accounting as “the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information.” Through logging financial transactions, like accounts receivable and accounts payable, they are able to see the overall picture and analyze the company’s status, as well as future projections.
A tax specialist can help navigate clients through the complex tax rules. Companies need tax specialists to provide guidance to make sure the company is compliant and planning accurately. The bare-basic function of a tax specialist is to fill out forms for their clients or review the works of others to ensure compliance and provide advice on the best practices.