One of the most fascinating aspects of accounting is that people either seem to love it or hate it. If you’re one of the lovers though, accounting offers a wonderful career with solid job opportunities and great salary levels.In addition, it’s a field that is becoming more specialized all the time so you can pick your field of interest and obtain certificates that will give you even more earning power.
Just as importantly is the fact that as an accounting lover, you will be able to move up a career ladder full of interesting possibilities and great opportunities. Yes…it will take effort and career dedication…but the potential rewards are tremendous! So exactly what is an accountant?
Choose Your Field of Interest and the Duties Follow…
What are the duties of an accountant? The answer to that question depends on what kind of accountant you want to be. There are four major fields of accounting and they determine the accountant job description.
- Public accounting
- Management accounting
- Government accounting
- Internal auditing
Public accountants are often CPAs and are found in all private and public industries. That’s one of the big advantages of being in public accounting – you can work in any accounting area as long as you are qualified to do the work. This gives you a wide range of employment opportunities. You can work at a big corporation, tax preparation service business or with the government for example.
Public accountants can be tax specialists, forensic accountants, accounting records managers, financial managers, compensation specialists, or computerized accounting system managers.
Management accountants are cost accountants, corporate accountants, and private accountants. Management accountants are more involved in managing financial information for strategic decision making purposes. For example, they prepare specialized reports, assemble budgets, and complete cost accounting duties.
Government accountants work in federal, state, and local accounting positions. They are knowledgeable in government accounting policies and procedures which often differ from public accounting rules. These accountants manage accounting records and prepare government budgets and financial statements. Many of the government accountants are Internal Revenue Service agents.
Internal auditors are exactly what the title implies. When you are an internal auditor, your job is to insure the private or public organization for which you work is maintaining its records accurately and according to designated policies and procedures. Internal auditors look for waste, fraud, mismanagement, compliance, and verify that adequate controls are in place to protect the assets of the organization.
In general accountants' duties and responsibilities include the following:
- Prepare financial statements
- Prepare subsidiary entries for posting to general ledger accounts
- Develop and monitor budgets
- Prepare and balance payroll and benefits records
- Analyze financial data
- Maintain accounting software and related databases
- Prepare tax reports and statements
- Work with external auditors
One of the advantages of being an accountant is that you will be working in an office environment most of the time. It is generally not physically demanding though tax accountants have been known to put in long hours during tax season. You get to work in a heated or air-conditioned office!
One of the conditions of employment for many accountants is a willingness to work flexible hours as required. Accountants have many deadlines to meet on a regular basis so you may need to work longer hours at the end of each month, during tax season, or at the end of the fiscal year.
There are Many Great Accounting Industries
The excellent salary paid to accountants can be yours depending on the education you obtain and the skill the job you want requires. Fifty-percent of accountants and auditors made $59,430 annually as of May 2008. At the 90th percentile, they are making $102,380. How much you make will be a function of who you are working for, the industry you work in, the city and state where you are employed, your education level, your experience, and the certifications you have earned.
Accountants work in a number of industries meaning there are different careers in accounting:
- Private business
- Non-profit organization
- Private accounting practice
- Government
- University
- School District
- Franchise
- Contracted
- Self-employed
Up to 10 percent of working accountants are self-employed which equates to 130,000 people. One of the reasons people choose to be self-employed is because they can work out of their home offices and set their own hours. With the technology available today it is possible for accountants to even log into organizational accounting systems from their homes or to transfer files back and forth with ease.
The Career Path Of An Accountant
There are many different titles accountants carry. Here’s just a sample:
- Accountant
- Staff accountant
- Senior accountant
- Tax accountant
- Forensic accountant
- Cost accounting manager
- Budgeting manager
- Fund accountant
- Controller
- Payroll accountant
- Accounting manager
- Accounting director
This list could go on for quite a while. But there is a general career path most accountants follow. You would probably begin as a staff or junior accountant. As you gain experience, you will eventually be promoted to a senior accountant. Through training and certification, you can specialize even as you work. This can lead to promotions such as to fund manager or even financial controller.
Accountants of all titles are recognized as professionals because they do high level skilled work. It’s a great occupation that will treat you well throughout your career. After all….Everyone needs accounting services!
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