An accountant is someone professionally trained and accredited to handle company accounts. Incorporated companies are required to file sets of company accounts on a yearly basis. Failure to file accounts in a timely fashion, or in a way that complies with the many laws and regulations surrounding the practice, can result in both civil and criminal penalties for the company and its officers. Accountants familiarize themselves with the laws and regulations prevailing in their countries and apply that knowledge to make sure that their client companies don’t fall foul of the law. Some accountants work as independent professionals; others are employed in specialized accountancy firms; still others work for companies large and wealthy enough to need the services of a full time accountant.
The tax regulations in most countries are extremely complex. In many cases, exemption or relief from tax can be claimed by companies or individuals in relation to certain kinds of spending. The average person, however, usually lacks sufficient awareness of the tax regulations to be able to take optimal advantage of them to pay as little tax as possible. A skilled accountant will have a deep awareness of these issues, however, and will be able to advise clients or present accounts in such a way as to minimize tax liabilities.