“Behind every good businessman is a great accountant” to ensure an organization’s financial records are accurate and taxes are paid on time. An accountant provides investors and business owners with the information they need to evaluate how well a company is doing. In addition, “accountants do it all without losing their balance.”
Similar Job Titles
- Bookkeeping Expert
- Expert in Accounts
- Inspector of Accounts
- Bean Counter
Typical Job Responsibilities
What do Accountants do?
An Accountant would typically need to:
- Enter account information to document financial activities; prepare payrolls by reviewing documents and requesting disbursements.
- Prepare and recommend rules and procedures to aid audits and maintain accounting controls.
- To address and reconcile accounting issues, prepare and review budgets, income, costs, and invoices.
- Analyse revenue and expenditure trends; establish acceptable budget levels; and ensure cost containment.
- While managing the company’s automated financial systems, prepare profit and loss statements and monthly closing and cost accounting reports.
- Secure financial data by performing database backups; ensure financial security by adhering to internal procedures.
- Explain financial matters to employees, contractors, and clients while adhering to federal financial regulations.
- Maintain customer trust and protect operations by keeping financial information private.
Standard Work Environment
Although most accountants work in offices, others work from home. They do most of their work alone, however, they may occasionally collaborate with other Accountants. They may visit the offices of their clients. Unless otherwise specified, the dress code would be business casual.
The majority of accountants work full-time. Longer work hours are common at the end of the fiscal year or during tax season.
Because of the rising economy, it is critical for businesses and other professional endeavours to hire Accountants to manage their finances. Finding a new job may appear difficult. Accountants can improve their job search by soliciting referrals from their network, contacting firms directly, using job search platforms, attending job fairs, leveraging social media, and contacting staffing agencies.
Accountants are generally employed by:
- Professional Services Firms
- Industrial Organizations
- Not-for-Profit Organizations
- Commercial and Corporate Organizations
- Governmental Bodies
- Public Sector
Unions / Professional Organizations
Professional organisations offer numerous networking opportunities as well as knowledge and tools that are critical for career advancement. Many professional organisations, such as the International Federation of Accountants (IFAC), will accept you as a member whether you have worked in the accounting field for 30 years or have just graduated from college. Some of these organisations have annual membership costs, while others do not.
- Incessant professional development and a significant investment of time and effort in additional credentials as long as you are a practising Accountant
- Day-to-day work requires a lot of investigating, math, and responsibility for the finances of the organization
- Long hours and working weekends are the norm during the busy season
Suggested Work Experience
Prior legal knowledge, particularly about taxation, may be advantageous to potential Accountants. Many institutions assist students in gaining practical experience by arranging for summer or part-time internships with Public Accounting or business firms.
Graduate Accountants must complete three years of relevant work experience under the supervision of a qualified employer. Your company may accept several years of Public Accounting experience in lieu of a college degree.
A bachelor’s degree in accounting, business, or economics is desirable because it can lead to a speedier path to the required qualification with a professional accounting body. Some organisations favour candidates with a master’s degree in accounting or business administration with an accounting focus.
Certifications, Licenses and Registration
Every accountant who files a report with the Securities and Exchange Commission (SEC) must be a Certified Public Accountant (CPA) by law. Other accountants choose to become CPAs in order to advance their careers or attract clientele. Employers typically cover the price of the CPA exam.
Other certifications that employers are increasingly asking for include Chartered financial analyst (CFA), Certified management accou ntant (CMA), Certified internal auditor (CIA), Chartered global management accountant (CGMA), and Certified payroll professional (CPP). Accountants with knowledge of software applications such as QuickBooks and Microsoft Dynamics GP will benefit.
Projected Career Map
Account ants at the entry-level who thrive may advance to become Supervisors, Managers, or Partners. Some may start their own public accounting business, while others may move on to executive positions in management accounting or internal audits in private firms.
For entry-level positions, the prospects are favourable. Job openings at the most famous accounting and business businesses are fiercely competitive. Professionally recognised applicants with an MBA with a focus in Accou nting have the best career prospects.
Beneficial Professional Development
Accoun tants keep their professional and technical knowledge up to date by attending training courses, reading professional periodicals, and building personal networks. To keep your chartered status, you must be a member of a professional society.
Earning an MBA will help you advance to Senior Financial Analyst and administrative positions. Depending on the organisation for which they work, many accountants specialise in assurance services, risk management, or healthcare.
Acco unting is not a confined or boring profession. Accounting professionals do everything from analyse cutting-edge tax law to expose tax evaders, cheaters, and would-be Bernie Madoffs. As an Accountant, you may be certain that your work will entail innovative problem solving, dynamic critical thinking, and limitless prospects for advancement.
Advice from the Wise
Account ing is a metaphor for life. Everything must be in order.
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