Companies operate because of the need to generate income from the supply of important products and services. While stock holders and owners are the people that provide the stimulus fund for these operations, financial analysts, on the other hand, are the people that guarantee them that the company is gaining from the transactions. Undeniably, financial analysts accomplish critical tasks for the company. Five of these are discussed in this paper which highlights the importance of financial analysts in the booming industry of Singapore.
Auditing. Trained financial analysts are invaluable in a company since they are the ones who help stakeholders make informed decisions regarding stocks value and corporate gains. In particular, this task is done by analysts under the auditing line of work. In order for shareholders to assess the financial health of the institution based on unbiased data, internal and external auditors are sought to make parallel examination of the business’ annual accounts. While accounting graduates are aware of the procedures that must be employed during such checking, the graduates of acca course in singapore possess profound advantage on facts and figures validation that is aligned with international standards.
Taxation. Degree holders of accounting course in singapore who are working in the public sector are members of teams that create fiscal policies which must be followed by local and foreign companies across the city-state. These policies usually highlight taxation terms for each employee and for the business as a whole. Fulfilment of this task is essential in securing the profit of the nation from all enterprises that are built under its jurisdiction. Furthermore, financial analysts are responsible for the creation of fair employment policies for foreign and local employees which ensure that foreign workers are contributing to Singapore’s economy as they receive their monthly wages and that local employees are providing appropriate salary contribution as well.
Record-keeping. Data entry of all company procurements, payments, receipts and liabilities are accomplished by bookkeeping financial experts to ensure that all cash inflow and outflow are documented. These professionals utilize both books and software to safely record the transaction proofs. In this regard, these accountants must be trained in book filing and annotation and also in program operations and troubleshooting. The accomplishment of these tasks will help accountants in recovering any pertinent company records at any given time.
Financial advice. Start-up companies often require the help of financial analysts for sound judgements regarding costs reduction. This is because business owners are aware of the capabilities of accounting professionals in helping them mitigate risks and optimize their profits. To accomplish this, company officials have to relate to the accountant the nature of their business, the environment wherein it operates, the potential sources of problem and corporate goals. The financial analyst, in return, will offer pragmatic evaluation and strategic solutions to address the client’s concern.
Labour laws. Aside from the aforementioned duties, financial analysts are also aware of the labour laws that govern the nature of their business. Accountants employed in environmental consultancy companies, for example, are informed of the mandates regarding the tapping of natural resources or the fees that must be paid by the violators of marine conversation guidelines. Consequently, accountants help business owners create targeted goals that take into considerations the lucrative and non-profitable business avenues.
These activities are just some of the tasks that accounting experts accomplish for businesses. It is therefore important for Singapore to produce more expert accountants in order to cater to the needs of the economy.