While some accounting jobs focus on keeping the books organized and budget flush, and others involve auditing to see if any issues are present, an insolvency accountant only comes on board when an organization has debt that exceeds its assets.
In order to make sense of the data gathered, organizations turn to data scientists; individuals who identify trends and bits or correlated data, then identify possible causes and create visual representations of the data, so that others can better understand it.
In a properly-structured organization, the in-house finance department will plan the distribution of assets and resources in analytical and strategic roles, in order to add value to the company, while those in accounting will oversee cashflow.
Financial accounting duties include monitoring an organization’s spending and cash flow, preparing financial records and statements, allocating funds to specific departments or projects, conducting internal audits, and ensuring the company is compliant with all regulations.
While tax accountants certainly help their clients with filing taxes, arguably some of their most valuable and interesting work occurs when they help their clients structure their finances and transactions in a way that helps them mitigate liabilities.