Accounting refers to recording and organizing financial transactions and records. An accountant focuses on identifying financial transactions and then summarizing them for stakeholders. In addition, an accountant analyzes transactions, and companies use those findings to improve their operations. Accounting reports play an integral role in ensuring a business or individual conforms to IRS regulations, as well as those of other local and federal oversight bodies. The records produced in the accounting process typically involve financial statements that summarize transactions over a particular period of time, such as a fiscal quarter or year. These can be useful when assessing the effectiveness of a budget or ensuring the company pays the right amount of taxes. Accountants are also commonly responsible for presenting data to financial analysts or CFOs so they can assess the organization's cash and make adjustments accordingly.