What is the role of accounting in business?


Quick Answer

In business, accountants review financial records to ensure their accuracy and prepare documentation in case the organization is audited. The accounting team also prepares taxes and ensures that they are filed on time.

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Full Answer

Accounting teams are primarily responsible for the financial records of an organization. There are different roles within the team, including auditors, accounts payable specialists and cost accountants.

To become an accountant, a person must obtain a bachelor's or associate's degree, preferably in accounting or a related field. Some positions may require professional certifications, such as a Certified Public Accountant (CPA). Accountants can earn a median annual salary of $63,550.

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