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It is a smart choice to direct your career in accounting field. In fact, you can imagine to work with any industry when you choose accounting as a career. Accounting is considered to be highest -tech profession. Accounting allows you to grow continually in your career. There is no kind of restriction in terms of growth in accounting field.
You can find various job profiles in accounting field. Also, each accounting profile will have different compensation.
Career in this field will vary from level of accountant clerk to executive accountant at senior level or may be chartered accountant. Moreover, jobs are highly rewarding in accounting field depending on the educational qualification of the person.
Below are different positions and levels of accounting explaining about what accountants do.
Management accounting: This type of accounting is known as corporate accounting. Managerial accountants work within the organization, workplace, industry, company etc. These accountants monitor sales, cost, revenue and expense and prepare financial statements of a company. Their aim is to inform the financial status of the company to external parties like a bank, stockholders, tax agencies etc.
These managerial accountants have strong knowledge in GAAP(generally accepted accounting principles) along with communication skills and great thought process in context of company’s financial well-being.
Public accounting: Public accountants help individuals and cooperation with filing Income tax returns, reviewing financial records and creating financial statements. Public accountants also provide accounting and tax advice to individuals and corporations. They can work either in private office, tax firm or accounting firm. They calculate, compute taxes and file the returns timely. Their duty is to create, review and audit financial records and reports.
It is highly recommended pursuing Certified public Accountant (CPA) for anyone entering in public accounting field.
Financial accounting: Financial accountants reports financial status of company or organization to external parties. This kind of accountants prepare the reports in detail and provide detailed financial statements. Financial analysts, financial controller, financial manager are various profiles of financial accountants. Financial accountants work in various industries like companies, accounting firm, profit and non-profit organizations.
Auditing: Auditors work with different clients to check the accuracy in the financial records and statements. They are also responsible to check whether the company or firm is compliant to its laws and regulations. In case, any non-compliance detected or found they report it immediately for further action. Auditors primarily evaluate and review the current financial records or statements with their auditing expertise. They must have communication and interpersonal skills to provide the relevant piece of information to their clients. Auditors give the results from their findings or auditing. They ensure accuracy and transparency in the financial system of the company.
Government accounting: Public accountants manage budget, fund allocation, revenue check and expenses at state and local levels of military, army enforcement and public schools and institutions. As we know, it is public employment -job security is the biggest advantage of working as a government accountant. Government hiring process follows lengthy application procedure and have set standards of job profile. Also, the pay scale is uniform at state level.
Hence, according to the educational qualification, certification and specialization, accountants are paid in the industry and on an average accountants are paid well.