Tax accountant is a person who is responsible for maintaining the financial records of either an individual or a firm.He is the one who calculates our tax deductions and plans how to file returns so that we can minimize the taxable income amount.
Tax Accountant Job Description
- A competent tax accountant understands the tax laws very well.
- He is capable of calculating and filing tax returns judiciously.
- He must be capable of maintaining deadlines and file taxes within the scheduled time limit.
- He should have proper knowledge of the tax filing procedures of both the State Govt. and Central Govt.
- Capable of assisting the accounts manager in planning various strategies in financial planning both in the long term and short term perspective.
- He has to prepare, analyze the financial records and statements for their accuracy and whether they are in accordance to the guidelines prescribed by the Govt.
- He has to calculate the taxable income of the individual or the firm and see to it that it is properly filed in compliance to the pertaining laws of the State.
- He reviews where the company can accrue more profit by making a lesser investment, or where it can cut cost and thereby save on the revenue incurred by the company.
- He must follow proper book keeping methods and see to it that the finances are recorded in a proper manner.
- He has to prepare a budget for the present and future fiscal year and see to it that how the company can accrue profits in a quarter or in a year on year basis.
Some skills which are very important to become a successful tax accountant are as follows-
- He must be good in prioritizing his work, must possess problem solving and analytical skills.
- He must possess good communication skills. Accountants must be able to communicate in a proper manner with both his superiors and his subordinates. Communication can be verbal, written or non- verbal.
- He must be able to use basic functions and operations of a computer. An accountant is expected to have computer skills so that he can use accounts software successfully.
- He must possess good leadership skills as in accounts one has to work with a team, and he must be able to motivate his team to meet deadlines.
The work environment of a Tax Consultant varies on the fact whether the person is working for an individual or a company.
If he is working for a company, then he has to be a good team player and must show good team spirit. If the person is working for an individual, then he must understand the demands and expectations ofhis client very well.
- A bachelors or a master degree is a must for this job profile.
- The candidate should be a chartered or cost accountant.
- Diploma or a certificate in MS- Office suite, Pro column plus, Word Perfect, Spreadsheet auditor etc. is desirable.
Tips for Jobs
These are some of the tips which can make a successful tax accountant –
- As this is a very responsible job, the person should be well abreast with the current tax laws of the state or the country.
- The person should have a firm knowledge of basic accounting functions.
- If there is any tax dispute,the person should be able to represent his client or the company.
If the person follows these simple and basic rules, then he can become a competent Tax Consultant.