Accounting Overview

Accounting — Overview

Accountants play a vital role in the world of business, and the field is growing at the fast rate of 18% as a result. They are responsible for keeping accurate public records and ensuring an organization’s taxes are paid correctly and on time. Due to recent corporation scandals, an increasing number of accountants are employed to watch for any mismanagement of funds or fraud, and to ensure company compliance to tightening federal regulations regarding accounting and financial reporting practices. Typical daily duties include analyzation and verification of financial data and reports, and communicating their findings to management/clients.

Accountants who render services to individuals are highly trusted by clients and often asked to not only prepare taxes, but also act as a financial advisor. Clients ask for help in creating a personal budget, managing investments and saving for retirement.

There are several specialties within the accounting field that a professional can choose, however they all stem from four main types of accountants:

• Public accountants – The largest group of accountants, public accountants may perform duties related to taxes, audits, financial reporting, fraud investigation, and advising on employee benefits and asset security. Most public accountants hold the Certified Public Accountant credential and a large percentage run their own accounting firm or work for a public accounting firm that consults for businesses.
• Management accountants – This type of accountant records and analyzes financial data for their employer. They are often part of a strategic planning or new product development team to report on financial information that executives will then use to make important business decisions. Other responsibilities typically include cost and asset management, budgeting and financial analysis/reporting.
• Government accountants and auditors – These professionals work in the public sector and are employed by the government at the state, federal or local level. Accountants maintain and examine financial records for government agencies, and auditors conduct audits on businesses or individuals to make sure they are following regulations and paying taxes properly.
• Internal auditors – Internal auditors examine an organization’s financial records to check for accuracy, fraud, waste, and proper security/management of assets. Additionally, internal auditors play a large role in evaluating the organization’s compliance with policies (both internal and external) and efficiency in their operations. They may also work closely with technology managers to review and evaluate the information systems.

Accounting — Is it for you?

For those who have an aptitude for working with numbers and enjoy the challenge of achieving 100% accuracy in their work, the field of accounting offers vast opportunities. Accountants are required to quickly analyze and interpret data and therefore must have strong critical thinking and reasoning skills. Professionals in this field should have at least a basic understanding of business and information systems and be familiar with standard accounting and computer software programs. Strong communication skills are also important as accountants need to present numerical data to managers and clients both verbally and in written form. Since accountants produce reports that are used to make important business decisions, they must perform their work in an ethical manner and maintain a high level of professional integrity.

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