While the specific daily activities vary between different types of accountants and business types, most accountants focus on reviewing and preparing the financial documents for an organization. This includes tracking sales and losses, compiling total income for a year, monitoring employee payroll and filing the necessary tax forms with federal and state departments.
The general work an accountant produces consists of various documents that track the financial activities of a business or individual each year. Every business has its own set of expenses, revenue sources and expenditures that requires special documentation to properly monitor. Depending on the size of the organization, there may be multiple accountants, each focusing on a specific segment of the financial dealings, with each accountant producing specific documents to track those areas. This includes purchases for supplies or inventory, payments to vendors, monthly charges such as rent or the revenue from product sales.
At the beginning of each fiscal year or tax quarter, the accountant compiles all of these documents to submit the appropriate tax forms. This usually consists of a single state and federal return, though some businesses may file multiple state returns or additional documents, depending on the business. Some accountants also prepare separate reports summarizing the activities on a particular financial aspect for use by other members of the company.