Introduction to the Inspiring Life of Author Mildred D. Taylor
Introduction You’ve probably read a few books in your lifetime. But have you ever read a book that changed your life? That’s what Mildred D.
Accounting is an essential field – so much so that a business can’t survive without it. Whether you work as an independent self-employed individual or have a mega-company, you always need an accountant to keep your business finances aligned.
However, the duties and functions performed by most professional accountants are often not well understood by common people. Some people have the misconception that accountants can only become auditors or tax consultants, but it’s not true. Accounting is a vast field, and the opportunities are endless.
While you will find most professional accountants at the frontline of safeguarding the integrity of a business’s financial reporting, you will also see accountants making important decisions as CFOs or business consultants. To cut it short, accounting is an extensive field and has excellent growth.
So today, let’s get inside and find out all about it.
How do you become an Accountant?
Though degrees are becoming less valuable as more and more tech companies are hiring people with skills instead. Still, some careers paths can’t be taken without one.
That being said, obtaining a bachelor’s degree is also considered the minimum requirement for working as an accountant. But, it doesn’t end here; besides getting a bachelor’s degree, many accountants opt for becoming a Certified Professional Accountant or CPA, as they say.
Again, CPA is not required to work as an accountant, but many accountants do it to increase their employment opportunities because employers prefer to hire licensed accountants. For that, you need do an extra 150 credit hours of education and then pass the national CPA Exam with the minimum passing score.
When they are done passing the exam, they need to work for a credited 1800 hours in the industry under the supervision of an active and licensed CPA worker to finally become a Certified Professional Accountant.
What subjects do Accountants study?
Accounting is considered one of the most intense college majors around the world, and rightly so. Students are required to take rigorous coursework in a number of different subjects, which are not only hard to grasp but also very mundane and dry.
Hence, accounting students need to have great focus and concentration. That being said, besides basic mathematics, accounting students have to study the following subjects:
However, all their degree years are not just about studying and taking exams or submitting assignments. That would totally bore the students, and they might lose interest. That is why their study also includes:
These courses and activities are the backbone of an accounting program and provide students with the necessary industry skills to get employed after graduation.
What do Accountants really do?
Now that we know what subjects accountants study and what certification they need to practice professional accounting let’s dive into what they actually do.
But first, keep in mind that large firms have a whole accounting department with sub-teams that work together closely to keep things running. The same applies to independent accounting firms that provide their services to other businesses.
An accountant’s job is to examine financial records to check for accuracy and spot discrepancies in their financial books. By doing so, accountants make sure that managers and decision-makers are aware of the complete financial ins and outs, and each spent and earned dollar is accounted for.
Accountants also calculate taxes, prepares tax returns, and make sure taxes are paid correctly and organizations or individuals are abiding by all related laws and regulations.
Other duties include analyzing financial records and recommending ways to decrease costs, boost revenues, and increase profits. Besides this, an accountant regularly meets with clients and prepares written reports to explain their findings and suggestions.
For your better understanding, some other examples of what accountants do are:
What Jobs or roles do they have?
When it comes to accounting jobs for individuals, they have a variety of roles and designations at every level.
Public Accountants
A public accountant oversees all aspects of an organization’s finances, and they are often considered a trusted financial advisor. They may perform duties that include tax preparation, audits, financial reviews, and litigation services.
Auditor
As an auditor, your job is to analyze companies’ financial statements for accuracy and compliance with state and federal regulations. Plus, you review the business assets, bank balances, expenses, income, and all ledgers. Although ideally, everything adds up correctly, if not, your job is to figure out what went wrong.
Staff Accountant
This is the most common type of role of an accountant, and its duties vary depending on the size and type of company they work for. For example, a staff accountant typically maintains a company’s accounts, prepares and analyzes financial statements, reconciles accounts, maintains payroll, and does various bookkeeping responsibilities.
Cost Accountant
A cost accountant helps a business improve its processes to become more profitable. He analyzes all costs related to labor, production, shipping, and day-to-day operations of an organization and then makes recommendations to businesses on saving money.
Forensic Accountant
Forensic accountants primarily work in litigation or investigation support, who study and ensure financial records are accurate and there are no errors, discrepancies, or instances of fraud.
Tax Consultant
A tax consultant’s primary goal is to keep his clients compliant with their tax obligations. He continuously conducts research on tax laws, prepares tax returns, and files them well within the deadline.
These are just a few accounting jobs, while there are many others like budget analysts, risk managers, insurance advisors, and government consultants. All of these positions are widely held by accountants.
What is an Accountant’s career outlook?
Even though most jobs are diminishing with the advent of technology and software, the field of accounting is still very promising and closely tied to the overall economy. As per the Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow 4 percent from 2019 to 2029, about as fast as the average for all occupations.
This means if you’re thinking about earning an accounting degree and starting an accounting career, you’ll find many opportunities to make a good living.
What are some good learning resources for Accountants?
If you are an aspiring accounting professional or a student, you will definitely need some resources that keep you ahead of your competition. Following resources will be helpful in and out of a classroom:
Students can benefit from the American Institute of CPAs’ education section that offers information on accounting scholarships and fellowships. It also shares CPA exam announcements and professional development resources.
In addition, students can apply for membership of the American Accounting Association that gives them access to a broader range of accounting resources, sample forms, accounting journals, and past and current accounting information from its extensive digital library.
If you are tech-savvy and an internet lover, you can get immense knowledge from internet articles and blogs too. Rasmussen College publishes a list of top accounting blogs. If you proceed to read a few of the blogs regularly, it will keep you informed about accounting intelligence and help you understand technology’s role in the world of accounting.
This wraps up our today’s read. Let’s hope you learned a great degree about becoming an accountant.
Click below to learn more about the field of accounting:
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