Many people believe that chief accountants lead a quiet, monotonous and stressfree working life where every day is the same. Is this really the case? How much truth does this stereotype hold? 

If we look at an ordinary paper pusher or somebody who entered the profession by chance, the above assertion proves correct. However, when it comes to a visionary, a creator of the company's financial reality, a consultant and a pioneer of most important business and financial solutions, the story is different. The responsibility which comes with accounting tasks is enormous, regardless of a period of the year.

The name of the position (chief accountant) is not entirely accurate, because chief accountants not only vouch for the soundness of accounting books and financial statements, but are also responsible for the tax liabilities of the company. The business reality of today does not make it easy, just to mention ambiguity and frequent changes of tax laws, numerous affiliations and relations between companies and a variety of transactions on a given market.

I have been working in audit since nearly 13 years and I have audited financial statements of hundreds of enterprises, small and mid size, but also big ones. I was able to get to know different attitudes of accountants and their approaches to financial matters. I have met daredevils, but also those who were bored with their work. There are accountants who do not realize the criminal and fiscal liability and cling to a notion that the CEO will be held liable for any potential tax problems. But there are also those who well understand the rules of the trade. Because of the difficulties on the job market, some accountants agree to authorize very risky moves of the management. On the other hand, some are deeply afraid of the risk and hinder changes (often being right to do so). If they are unable to stop them, they quit and look for a job elsewhere. I have known a few accountants who left because of this, clearly informing their superiors they're "not going to sign that". They chose a so-called "honorable solution".

In order to minimize conflict and high risk situations, it is advisable to engage a certified auditor or a tax consultant in order to verify financial statements and tax settlements. Their support reduces the risk and makes you sleep better at night. What about the companies and accountants who can't afford an audit or a tax advisor? Try using a web-based professional calculator available at http://24ivalue.com/, which has been designed especially for verifying calculations on your own, including corporate income tax. All you have to do is to input data you're asked for and the app will independently calculate a taxable base for corporation tax and a tax liability. This online application guides you step-by-step through the calculation process and allows you to pinpoint even very rare-occurring differences between financial result and tax result. Finally, a printable file is generated which shows how different the original estimates were from the estimates computed by 24iValue. In addition, such a printout is a credible document which may serve as an extra evidence for due diligence in tax calculation.

Tools such as 24iValue help you minimize error risk, as well as criminal and fiscal responsibility you may face.  Accounting is definitely a high risk profession and should be practiced by those who are able to combine technical knowledge and creativity with discipline and attention to detail. You may perform your duties in ignorance of the consequences of signing or not signing this or that document. You may approach your work habitually, but you may as well be a smart and far-sighted part of a mechanism which makes the company machinery functional and knows when to slow down or speed up. 

To gain peace of mind and make sure that your calculations are correct, it's worth using all available aids, especially if they're practical and not too expensive. The pressure of accountability makes every decision risky, that's why 24iValue seems to a valuable tool for every kind of accountant, particularly for those who try to take bold and perceptive steps.

Videos showing opinions of users who use 24EasyAudit (click to watch)

Chief accountant from ELITA
Accounting supervisors from HK Finance&Accounting
Auditor and an accountant from J&P Audyt

How does it work?
How does 24EasyAudit work (a sample tutorial)


Regards,,
Sławomir Ekman, FCAA

Main page Other posts