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Careers In The Accounting Industry

Accountants and auditors prepare, analyse, and verify financial reports for businesses and government organisations.

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They can work in the following main fields:

Management Accountants, are employed by a business and manages its finances. They may work in one or all a variety of areas such as budgeting, property management and evaluation, systems accounting, or tax preparation. They are responsible for maintaining records, balancing financial books, and presenting financial information to company officers and outside groups including stockholders, creditors and regulatory agencies.

Public accountants work with an accounting firm. They are hired by outside clients, including corporations, non-profit organisations, and the government to manage their finances. They also work with individuals. They develop and maintain personal financial record keeping systems and prepare tax returns and evaluate financial records for compliance with laws on income taxes and investments. Public accountants are also available for consultation on investments, money management, or tax payments. They are the authorities most often consulted by the small-business person and the individual tax payer on the best method of maintaining a solid legal financial system for income and investment.

Cost accountants determine unit costs of products or services by analysing records and depreciation reports. They classify and record all operating costs for use by management in controlling expenditures.

Tax accountants prepare federal, state, or local tax returns for individual or businesses. They formulate tax strategies involving issues such as mergers and acquisitions and tax deferrals. This work requires a thorough understanding of economics and in-depth knowledge of tax codes and regulations.

Working in public accounting for a large firm is a sound path to obtain entry-level experience. This is a common strategy for those who want to develop broad experience and receive some excellent training before moving into government or business accounting. Beginners learn the intricacies of dealing with business details and procedures; however, they may never come face-to-face with the client.

Working with a corporation, be it large or small, is an exciting way to learn the intricacies of a business.

Management accountants prepare financial statements, track costs, manage tax issues, and handle international transactions. They analyse the organisation's structure to ensure controlled costs and sound financial objectives.

The department of defence, the general accounting office, and the internal revenue service are the largest federal employers of accountants; other government department's agencies such as the Peace Corps and the Foreign Service office also have staff accountants.

Accountants working with the government audit and oversee the financial status of individuals and private organisations whose activities are subject to government regulations. The two largest groups requiring supervision are banks and the savings and loan industry. Because the deposits of citizens in these institutions are insured by the federal government, it must oversee their activities and intervene if an institution is managed improperly.

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