What is an Accountant? An accountant is a person who works in the field of accounting or accountancy. Accountants who have passed their professional associations’ certification tests can use titles like Chartered Accountant, Chartered Certified Accountant, Certified Public Accountant, or Registered Public Accountant. The statute confers specific responsibilities on such experts, such as the capacity to certify an organization’s financial statements, and they may be held liable for professional misconduct. Non-qualified accountants may work for a qualified accountant or independently without statutory rights and obligations.
Most businesses and professionals use the services of an accountant for a variety of financial services. Accountants keep financial records, organize them, analyze them, and interpret them for their clients. This profession has a promising job outlook and provides work security in a high-demand market.
In this article, we define the various sorts of accountants and their normal job responsibilities. We also offer some helpful hints on how to break into this field.
Let’s first understand what Exactly an Accountant does.
An accountant’s duties may vary based on the needs of their clients; however, below are some examples of what accountants perform on a daily basis:
-Prepare profit and loss statements.
-Prepare tax returns and make certain that taxes are paid appropriately and on time.
-Invoices must be reviewed and processed.
-Create and review an organization’s budget.
-Prepare various financial statements and devise cost-cutting, profit-maximizing, and revenue-boosting plans.
-Payroll must be maintained and processed.
-Carry out ledger maintenance.
-Ensure the financial statements’ correctness and conformity with government norms and legislation.
-Recommend best practices, methods, and solutions to ensure the organization’s optimal functioning.
-Carry out risk evaluations and write reports.
What Are the Required Qualifications of an Accountant?
After Graduating From High School, Pursue a Career in Business.
If you want to be an accountant, you might consider studying commerce following your tenth grade. Choosing this route allows you to study subjects such as accounting, economics, business, and mathematics in your 10 + 2 years. If you can score 50-60% in your 12th year, you should be able to go into a prestigious commerce institution after your secondary education.
Obtain a Bachelor’s Degree.
While it is not required, an accountant should have a three-year bachelor’s degree in commerce. After finishing your 12th grade, you may be required to take an undergraduate entrance exam to get admission to a commerce college. Guru Gobind Singh Indraprastha University (GGSIPU) and Banaras Hindu University are two famous institutes that hold undergraduate entrance tests (BHU). When you enroll in a bachelor’s degree program, you will learn about topics such as cost accounting, corporate accounting, tax regulations, and business communications.
A bachelor’s degree is not required for all accounting employment, but having one might help you stand out from the crowd.
Get an Internship or an Entry-Level Job.
Working as an intern or junior accountant might help you build your resume and raise your chances of landing a decent accountancy job. Internships can be done while still in college or during the semester vacations. An accountant should have strong mathematical skills, commercial acumen, and analytical abilities, as well as excellent attention to detail. Internships will allow you to hone these abilities by exposing you to real-world job contexts.
Select a Specialty.
Accounting is classified into several types, including financial accounting, auditing, tax accounting, and management accounting. You should determine the specialty you want to pursue. If your degree and qualifications are applicable to a specific specialization, consider applying your knowledge and experience when looking for work in the field. Your work experience and talents may also influence the specialism you choose.
Determine Whether You Want to be a Certified Public Accountant (CA).
Determining what you want to accomplish with your profession will help you understand what skills or certifications you might need to pursue a career in your field. A staff accountant, for example, frequently works within an organization as part of the staff and is not always required to have certificates. If you wish to become a chartered accountant after receiving your bachelor’s degree in commerce, you may need to take additional courses to guarantee you have all of the necessary qualifications.
Consider Furthering Your Education.
Find more chances that will allow you to continue progressing in your area if you want to be a good accountant. You can pursue a master’s degree or other credentials. It’s also critical to stay up to date on the country’s financial laws and regulations. Consider finding continuing education opportunities that will help you advance in your work.
Update Your Resume.
To advance in your profession, keep updating your CV with your most recent experience and new talents. You should also keep an eye out for changing industry needs and tailor your CV accordingly. It can help to highlight you as a possible candidate for the business, increasing your chances of being employed.
What Are the Various Types of Accountants?
Accountant in Finance
A financial accountant is a professional who is in charge of summarizing and reporting an organization’s transactions using financial statements. They are also in charge of distributing this information to other departments inside the organization in order for them to work on budgets and investment decisions. To become a financial accountant, you should have a bachelor’s degree in commerce and some experience dealing with accounting software.
An auditor is an accountant who performs audits of an organization’s financial statements, accounting books, and financial systems. They are also in charge of giving their clients financial advice. Many businesses use independent auditors to conduct annual audits and guarantee that their records are accurate. There are some auditors who specialize in specific industries.
Accountant for Forensics
Forensic accountants investigate financial misbehavior or fraud. They conduct extensive investigation and analysis on financial information to identify any anomalies. They also examine financial documents to determine whether they are in accordance with the government’s financial rules and laws. Forensic accountants are frequently involved in litigation or investigative support, reviewing insurance claims, bankruptcy, tax evasion, divorce, and company value issues.
Certificate courses in forensic accounting are available from the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants of India (ICAI). To apply for these courses, you normally need a bachelor’s degree and at least three years of work experience.
Accountant for the Government
Accountants are required in almost all types of governance. Government accountants work for many governments, including the federal and state governments. Their major responsibility is to guarantee that governments use taxpayer money wisely. A government accountant may also assist the government in developing a financial plan for each fiscal year. A bachelor’s degree in accounting is required to work as a government accountant. A master’s degree in accounting, taxation, finance, or business administration is also an option.
Accountant for Management
Management accountants are financial specialists that assist business owners and managers in making solid financial decisions for their companies. A management accountant may generate firm budgets, risk assessment reports, profit analysis, and external financial reporting. This person must also prepare and present a company’s financial features in a way that others can understand. A bachelor’s degree in accounting is often required to work as a managerial accountant.
A cost accountant examines all of the expenses incurred by a firm in order to execute its operations. They also examine all costs associated with labor, materials, production, shipping, and other day-to-day activities. Cost accountants aggregate this information and provide it to corporate leaders in order to help them make sound financial decisions. Their principal goal is to assist businesses in increasing their profitability.
A bachelor’s degree in finance or accounting is required to work as a cost accountant. In addition, you may be required to finish the three levels of the Cost Management Accountant (CMA) course offered by the Institute of Cost and Management Accountants of India (ICMAI).
Accountant on Staff
The most common type of accounting professional is a staff accountant. They are frequently employed by a corporation or organization. A staff accountant’s duties and responsibilities often include monitoring payroll, generating financial statements, reconciling accounts, managing bookkeeping, and analyzing financial data. The duties of a staff accountant at work may vary based on the size and nature of the organization for which they work.
Accountant for Investments
An investment account is a person who works in the field of investing. They are typically analytical, detail-oriented, rational, and careful, with a thorough understanding of laws and regulations. They are often employed by brokerage and asset management organizations. These accountants are well-versed in stocks, bonds, currencies, and other financial instruments. They also play an important part in formulating their clients’ financial strategies.
A bachelor’s degree in finance, accounting, economics, or business is required to work as an investment accountant. You can also pursue a master’s degree in accounting or an MBA in finance from one of the country’s management colleges.
What Are the General Accounting Certificates?
Certified Public Accountant
The National Association of Certified Public Bookkeepers (CPB) is in charge of certified public bookkeeper certification and licensing (CPBs). Bookkeepers keep track of a company’s financial information, such as payroll, costs, and income. Candidates for both certifications must finish NACPB courses and pass the CPB exam. Only licensed CPBs, however, are entitled to use the CPB term after their names.
Internal Auditor Certification
Internal auditors examine financial records of clients to verify compliance, manage financial risks, and improve efficiency. Candidates with an associate’s degree in accounting or higher may pursue the Institute of Internal Auditors’ certified internal auditor (CIA) accreditation. According to the Institute, CIAs make $38,000 more per year than their uncertified counterparts.
Accountant (Certified Public) (CPA)
The adaptable CPA designation is in high demand and is frequently the first degree sought by fresh graduates before seeking more specialty certifications. Auditing and attestation, business environment and principles, financial accounting and reporting, and regulation are all included in the exam.
Management Accountant (CMA)
CMA qualification is overseen by the Institute of Management Accountants (IMA). Accountants who hold this certificate are eligible to work as chief financial officers and in other managerial positions. CMAs examine financial data from their organizations and provide recommendations to improve the company’s finances. According to the IMA, CMAs earn 55% more than their uncertified counterparts.
What Are Some Specialized Certificates?
Some accounting roles necessitate particular knowledge and skills. Financial investigative tactics, for example, are essential for fraud examiners and forensic accountants. Accounting certificates that are career-specific demonstrate that the holder has mastered specialized topics and competencies.
Financial Analyst (CFA)
The CFA Institute’s accounting certification denotes the greatest level of achievement for investment portfolio managers. This certificate prepares experienced individuals to manage investment teams and oversee investments at financial firms.
Financial Forensics Certification (CFF)
The CFF certification is administered by the American Institute of Certified Public Accountants. Forensic accountants examine financial records to look for evidence of criminal activity such as fraud or tax evasion. Some CFFs assist businesses in detecting credit card fraud in their payment systems, while others act as part of law enforcement investigative teams.
Fraud Certification Examiner (CFE)
CFEs excel in four areas of knowledge, according to the Association of Certified Fraud Examiners: financial transactions and fraud schemes, investigation, law, and fraud prevention.
CFEs examine financial papers for signs of fraud while working as external auditors, special agents, risk managers, and compliance officers.
What Is the Salary and Career Outlook of an Accountant?
As of May 2020, the BLS reported median annual pay of $73,560 for accountants. The BLS predicts that demand for accountants will increase by 7% between 2020 and 2030, matching the average growth rate for all occupations.
As of May 2020, the BLS reported median annual pay of $73,560 for accountants.
With accountants needed in a wide range of industries around the country, people looking to enter the field have a plethora of options. Accounting can provide a solid job as more financial specialists are needed due to rising worldwide business and intricate taxation.
The income of an accountant varies according to specialty, education level, and experience. Salary might also be affected by where you live.
This is all you need to know to be an Accountant. We hope that you have got a clear idea about what exactly it’s like to be an Accountant.