Projections from the Bureau of Labor Statistics(BLS) shows that employment of Accountants and Auditors will grow at a rate of 10 per cent between 2016 and 2026 faster than any other occupation and career.
Finding a job in the accounting field is a smart decision. Accounting is a field that is constantly in demand, it is a field that you can continue to grow and climb to the top of your company's career level. There are so many different positions you can find in the accounting field. Careers in accounting can range from entry-level positions to executive level.
To become an accountant, there are minimum requirements that must be met before and individual can be called an accountant , Accountants had the roles they play in an organization, they also have a responsibility that must be met to the organization that has employed them to be duly referred to as an Accountant
WHO IS AN ACCOUNTANT
An accountant is a professional who is responsible for keeping and interpreting financial records. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for larger businesses and organizations that employ them.
Accountant” and “bookkeeper” are phrases that are always used interchangeably, yet there are several key differences between these job titles.
Typically, bookkeepers will have earned at least an associate degree and focus on recording financial transactions. Accountants, on the other hand, will have typically earned at least a bachelor’s degree in accounting, and are tasked with interpreting financial information rather than simply gathering it.
For you to be a bookkeeper, it is expected that you have a degree and also be familiar with recording financial transactions. Accountants, on the other hand, are equally expected to have a degree in accounting. They are saddled with the responsibility of interpreting financial information.
An Accountant can also be a bookkeeper but not all bookkeepers can take the role of accountants.
HOW TO BECOME AN ACCOUNTANT
Most employers require that candidates hold at least a bachelor’s in accounting or another related field, such as Finance and Accounting Management. Additional certifications are also preferred in many cases; holding these credentials can help improve a job seeker’s prospects. As such, many professionals in the accounting field choose to become Certified Public Accountants, or CPAs, by completing the licensing process administered by the Association of International Certified Professional Accountants.
Additional certifications are also preferred in many cases; holding these credentials can help improve a job seeker’s prospects. As such, many professionals in the accounting field choose to become Certified Public Accountants, or CPAs, by completing the licensing process administered by the Association of International Certified Professional Accountants. Becoming a Professional Member of ACCA, ICAN and ANAN.
ROLES AND RESPONSIBILITIES OF AN ACCOUNTANT
The role of an accountant may vary from one organization to another and according to the level or position of the accountants. The roles and responsibility of an accountant are as follows :
FINANCIAL DATA MANAGEMENT
Managing the financial data of an organization can also include more duties, such as developing, implementing and maintaining financial databases, as well as establishing and monitoring control procedures.
ANALYSIS AND ADVICE
As analysts, accountants may perform certain types of analysis using financial data that is used to assist in making business decisions. From deciding which kinds of supplies to order, payment of bills to payroll, the accountant handles many intricate financial details on a daily basis. Advising on business operations can include issues, such as revenue and expenditure trends, financial commitments and future revenue expectations.
The accountant also analyzes financial data to resolve certain discrepancies and irregularities that may arise. Recommendations may also involve developing efficient resources and procedures while providing strategic recommendations for specific financial problems or situations.
FINANCIAL REPORT PREPARATION
Accountants typically prepare financial statements that may include monthly and annual accounts based upon the financial information that is compiled and analyzed. The preparation of financial management reports can include accurate quarterly and year-end closing documents. Reports compiled may be used in connection with the continual support and management of budgetary forecast activities.
The financial reports may be used by a financial director or officer for the development, implementation and operation of a company's financial software and systems, such as Hyperion, Excel and CODA Financial Management.
REGULATORY AND REPORTING COMPLIANCE
An accountant may also be responsible for ensuring that all financial reporting deadlines are met, internally and externally. For example, quarterly, semi-annual and annual reports all have specific deadlines, as well as some tax implications. Monitoring and supporting taxation issues and filings can also be a responsibility of an accountant. The accountant also usually coordinates the audit process by assisting with financial data preparation.
EXTERNAL BUSINESS AFFILIATIONS
Often, accountants must work with financial professionals from the four major fields of the industry: public, management, internal auditing and government accounting. Accountants may provide data to a public accountant, who acts as a consultant, auditor and tax service professional.
Corporations, nonprofits, organizations and governments use management accountants to record and analyze the financial information of the businesses in which they are employed. They usually advise company executives, creditors, stakeholders, regulatory agencies and tax personnel. Accountants may also work with government officials who are examining and maintaining the financial records of the private business for whom an accountant is employed, in connection with taxation and government regulations.
ACCOUNTING TRENDS
Here are three trends influencing the field of accounting in 2019. Aspiring and current accounting professionals should stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.
ACCOUNTING AUTOMATION
Automated accounting software, such as Sage 50, QuickBooks and other popular applications, are becoming increasingly relevant in the industry. In fact, a recent survey found that bookkeepers and accountants spend roughly 86 per cent of their time on tasks that have the potential to be automated.
This doesn’t mean that accountants will be replaced by machines, though. Rather, the increased use of automation means that accountants will spend less time on manual tasks like data entry and more time on meaningful analysis.
Implementing accounting automation allows accountants to streamline their workflows and become more effective. With these emerging technologies, labour-intensive tasks like tax preparation, payroll, and audits can be automated to reduce the amount of time and resources needed to move forward.
TRANSPARENCY AND SECURITY
Among the most important trends in the accounting field are the increasingly high standards surrounding transparency in accounting and a greater focus on data security.
In the wake of accounting scandals and increased scrutiny following the 2008 financial crisis, it has been important to restore trust and credibility to the profession. As such, an industry-wide push for transparent reporting has influenced the financial reporting process.
This effort has expanded upon the public’s expectations of accurate reporting to go beyond basic honesty. As a result, companies are now expected to report their financial statements to the public in order to paint a complete picture of their current standing and reduce uncertainty in the market.
Furthermore, since accountants are responsible for sensitive data, it is increasingly important to maintain strong security practices to ensure the safety of the organization or client’s private information. Several infamous data breaches over recent years have illustrated the need for advanced protection practices, and accountants will need to stay up-to-date with current security measures in order to protect sensitive information.
DATA ANALYSIS
Today, accountants and CPAs perform tasks that require analytical skills at increasing rates, largely due to the increase in the number of data across industries.
There are many applications of data analytics in the world of accounting. For example, auditors are using analytics to enable processes like continuous monitoring and auditing. Similarly, accountants who take an advisory role within their organizations can use big data to identify patterns in the behaviour of consumers and markets, which can lead to investment opportunities and higher profits.
Modern accountants should develop an analytical mindset in order to keep up with trends in the industry and remain competitive in the workforce.
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