An accountant plays a very important and responsible part in a business firm. So many serious matters are decided on the the basis of the information given by the accountant. Either these matters may be related to profitability of the firm or taxation matters or other useful information. So, the accountant must sincerely perform the following duties:-
- Accountant must maintain the systematic records of business transactions with the help of primary book, ledgers so that true picture of the final accounts can be presented.
- Privacy of account books must be maintained. There are so many details of the business transactions which are not made public. For example the salary details of the each employee must be kept secret otherwise it can create unnecessary difference between the employees.
- The accounts must be maintained in such manner so that the required information can be given to interested parties in proper time. For example:- Cash balance, bank balance, creditor or debtor’s balance, sales tax account, PF accounts, ESI accounts, Service Tax account, Income Tax details, Excise and custom accounts etc.
- So many legal requirements are to be fulfilled by the business firm and it is possible if the proper account records are maintained. For example:- Income Tax Return, Sales Tax Returns, Excise Returns, PF Returns, ESI Returns, Service Tax Returns etc. which are supposed to be submitted within stipulated time with various authorities.
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