Career Opportunities In Accounting: Accounting for Non-Accountants by Moses Akinmuyiwa

Career Opportunities In Accounting: Accounting for Non-Accountants

byMoses Akinmuyiwa

Kobo ebook | November 23, 2012

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A Career in Accounting

Accounting is the study of how businesses track their income and assets over time. Accountants do much more than the generic presumptions; they compute costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

 

The career is a highly momentous and versatile. The field is usually divided into three broad areas: auditing, financial/tax and management accounting. Audit: Work in audit involves checking accounting ledgers and financial statements within corporations and government.

 

Budget Analysis: Budget analysts are responsible for developing and managing an organization’s financial plan.

 

Financial: Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits/ERISA planning and long-term financial projections.

 

Management Accounting: Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis.

 

 Tax: Tax accountants prepare corporate and personal income tax statements and develop tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like.

 

Various levels of skill are apportioned dissimilarly amongst the divisions which imply that depending on your position there will be specific demands on your adeptness, while average speaking skills are requisites for all areas; the ability to synthesize varies from throughout each.

 

Audit accounting requires a medium level of skill, tax and financial demands a low level of skill, and Management accounting a high level of proficiency.

 

Entry level accountants can expect a very team oriented environment. Often they will start as a junior member of a team responsible for auditing an important account or preparing financial statements. It is imperative that junior members learn to pull their weight, and function as a capable, effective, and useful member of the unit. Anyone interested in the field can prepare for a bright career.

 

According to the bureau of labour statistics there have been considerable increases in job openings, reflective of the field’s growth and competitiveness. With the right skills and education this growth establishes the possibility for an incredibly profitable career.

 

Top firms include KPMG/Peat Marwick, Ernst and Young, Deloitte and Touché, Arthur Anderson, PriceWaterhouseCoopers, Grant Thornton, BDO Seidman, and McGladerly and Pullen. College graduates seeking entry level positions should consider employment with these firms. Most people do not make partner at public accounting firms but the experience and training can be excellent.

 

From there, many move on to careers with an accounting focus in business or government.  Ambitious talented accountants can advance their career with the acquisition of skills and experience along the way and subsequently enjoy a very successful career.

 

How You Know an Accounting Career is For You

 

Choosing an accounting career is a great move in life for many. Unlike many other industries, there is virtually never a shortage of work in this industry. In fact, there can never be too many accountants in the world because every single corporation requires at least one, but often several and in particular, those with expertise in particular aspects of accounting. Therefore, as long as business is good, careers in accounting will be good as well.

 

And if you can improve your accounting skills over time then you will be richly rewarded for them. This includes specializing and gaining more training and education. Many accountants have a master's degree in accounting and several years' worth of experience. It's always nice to know before you start a career that there is room for advancement, and accounting is a career where there is plenty of room. Whether you plan to work for a large corporation and work in-house, or for an accounting business, there is always room to grow your experiences. And as we will discuss, you may even think about going into business for yourself.

 

Some of the benefits of being an accountant include:

 - Constant work and little chance of losing your job

- Plenty of opportunity for career advancement and pay rises

- Many areas of expertise to choose from

- Ongoing study options

- Great salary

- Ability to understand finance in detail which can benefit your own personal finances

- Option to become self employed

 

Self Employed Accountant vs. Employed Accountant

 Accountants are fortunate in that they can either choose to work for themselves or work for someone else. In general, a self employed accountant will deal mainly with personal income tax and possibly corporate tax. They can also become auditors and other roles. In general, self employed accountants are limited in the work they can do unless they have extensive experience in a corporate environment before undertaking self employment.

 

The employed accountant on the other hand has many options and a great capacity to gain more skills and experience. It is not uncommon for accountants to be both employed and self employed at the same time, meaning income is increased. They key is to be able to balance the work load of both roles.

 

All accountants must become certified by undertaking an accounting degree at a university or college. Here you will learn all the skills required to be good at your job as well as life skills like communication and attention to detail. You can choose to focus on one aspect of accounting after you have been studying for some time. This could be tax accounting, auditing, corporate accounts, payroll and many more fields.

 

Anyone can become an accountant but it helps to have an interest in finance and numbers. Analytical skills are vital as is a high attention to detail, as mistakes in accounting can often cause major problems for companies. You can choose to work in the public or private sector, with there being benefits in both.

 

Title:Career Opportunities In Accounting: Accounting for Non-AccountantsFormat:Kobo ebookPublished:November 23, 2012Publisher:SmarteBookShopLanguage:English

The following ISBNs are associated with this title:

ISBN:9990006856125

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