The role of individuals in accounting careers is complex. Accountants not only ensure that all financial responsibilities are accurate and legally compatible, but they also proactively analyze risk assessments and the effectiveness of the financial statements. From individual clients and small businesses to international corporations, accountants play a vital role. The basic philosophy of accountants includes honesty, transparency and equality.
According to the Payscale Statistics, the average annual salary of an accountant with an accounting degree is C$52,081.
So, what exactly does it take to become an accountant?
Not that this concept should be alien to you, but having a grip over business math is of unfathomable importance when it comes down to being good at accounting. While there are many accounting software that can help an accountant in carrying out many accounting tasks, having a strong command of math is important to work through calculations and deduce the corresponding figures to make important financial decisions.
Why is auditing important? They give you an eye to detect frauds and deter errors. Audits are retrospective and independent audits of an organization's financial condition. They are often a legal obligation and are usually performed as part of a team at the client's location.
The auditor evaluates the client's systems and records for accuracy, honesty, and risk. Where the law does not require an audit, many companies have chosen to have their financial information provided independently by an accounting firm.
The audit and verification work includes:
- drafting of financial statements; is
- Identify where systems may fail and recommend checks.
- perform risk analyzes;
- develop your communication skills with customers;
The role of the management accountant combines accounting, finance and management to prepare internal financial reports and provide an overview of the company's performance. The goal is to help senior management use financial information to communicate business strategy while contributing to the decisions that will ensure business growth and long-term success.
Among other things, we learn the following:
- Preparation of monthly management accounts
- Inform key strategic decisions and formulate business strategies to generate shareholder value
- Advice on the financial goals and business decisions
- budgets and forecasts to support business planning
- Development and management of financial systems and policies and identification of improvement opportunities
Cost accounting is a form of management accounting and is used to understand the fixed and variable costs associated with the production and delivery of goods and services produced by organizations. Accountants help plan, plan and track performance, set standard unit costs, and recommend appropriate cost-saving opportunities. The role is important in understanding where a company spends money and which products, departments or services are most profitable. They measure and record real costs, such as labor, transportation, manufacturing and administration, at both function and unit level, to determine the real costs of bringing goods and services to market.
Tax accounting is a diverse field, and the more you try to learn about it, the more you would realize that there is literally so much to cover. While just one course is not enough to give you the know-how of how taxation works, it can form the basis and give you an edge when pursuing your career as an accountant. Tax accountants ensure that companies and individuals obey tax laws by filing their federal and state tax returns. Some accountants also offer tax planning advice to help businesses and individuals save on tax. A career in tax accounting is challenging but also enriching. A career as a tax accountant requires the completion of specific education and career advancement. It is important to realize the requirements of the job.
One should never think that when becoming an accounting, they would not need the knowledge of finance. While accountants are seldom tested on those, it does help in their career trajectory. Having a grip on business finance, portfolio management, corporate finance and treasury and fund management can literally set you apart. When planning to pursue finance and/or accounting, one needs to plan ahead of time. They need to make a mix of skills and courses that would suit them best.
Yes, one can become an accountant with a finance degree too, but let's see what an accounting degree has in the stores for you.
While people do go for a degree, many people also take up certifications when pursuing a career as an accountant. Public accounting and charter accountancy are among the two most celebrated certifications when pursuing accounting as a career. Why? Because they have most of what anyone seeking an accounting would like a candidate to possess. Certifications are helpful, but one needs to have a degree in the relevant discipline and rest assured, all these courses help in obtaining the degree, the certification as well as becoming a successful accountant.