There are many choices if you're thinking about a career in accounting. You can work for large companies, for one of four major accounting firms or even start your own company. These are just a few of the advantages and disadvantages of each route. Which one do you prefer? And what will it do to your salary? Which path will give you a better income? Which kind of experience do you need to succeed?
Working for a single organization
Working for one organization may not be the best choice if you are looking to make a career as an accountant. Most people stay in an entry-level job for between one and five years. Of course, this also depends on the organization, economy, and opportunities elsewhere. In this article, we will assume that you will continue at the organization for one calendar year. You will ultimately choose the type of work environment that is most suitable for you.
A high salary
If you are a math whiz and love to work with numbers, an accounting career might be for you. Accounting professionals make a great career choice as their median annual salary is $92,246, which makes it attractive. The head of an Accounting Department will oversee all aspects a company’s finances. These include financial statements and general ledgers, payroll, accounts payable, receivable and tax compliance. Also, you'll be working on budgeting as well as tax compliance.
Many accountants work as partners or CFOs in large companies. Some work as independent consultants, helping clients with their tax returns. Working from home is also possible, with high salaries in accounting careers. It just requires a bit of creativity and determination. It doesn't take much to get a job as an accountant, but you will find one that pays well.
Working for one the "Big Four" accounting firms
Many people dream of working for one of the Big Four accounting firms, but what are the benefits and drawbacks of such a position? There are many reasons to consider a Big Four accounting firm if you are looking for an entry-level position in the field of accounting. These are the benefits and drawbacks of working for a Big Four or regional firm. This will help you decide if this is the right job for you.
Be sure to show the qualities that make you a valuable employee when applying for a Big Four firm. You must be enthusiastic and confident about working for the company and its clients. It is important that you can demonstrate your commitment and commercial acumen, as well as emotional intelligence. In addition to these attributes, you should have strong computer skills and an understanding of accounting and tax laws.
Start your own accounting firm
There are some key points to remember when starting an accounting business. While there are many advantages to forming your own firm, you should be prepared to spend some time doing research. To legally start a company, you need to know what legal services you can offer clients based upon your education and certification. A CPA can file reports to the SEC. This can make finding clients difficult.
Entrepreneurship can be a great way to combine your accounting skills with your entrepreneurial spirit. You can start a business from your home, with the support of family members and flexible work hours. You may not be able to control the strategic direction of the business but you can focus on what you love. A small business can thrive on a small team of accountants, so you should consider how your skills can benefit your clients.
FAQ
What is an audit?
An audit is a review or examination of financial statements. Auditors examine the financial statements of a company to verify that they are correct.
Auditors are looking for discrepancies among what was reported and actually occurred.
They also verify that the financial statements of the company are correct.
What does it entail to reconcile accounts?
A reconciliation is the comparison of two sets. One set is called the "source," and the other is called the "reconciled."
The source is made up of actual figures. The reconciliation represents the figure that should actually be used.
You could, for example, subtract $50 from $100 if you owe $100 to someone.
This ensures there are no errors in the accounting system.
What is the work of accountants?
Accountants work together with clients to maximize their money.
They collaborate closely with professionals like lawyers, bankers and auditors.
They also assist internal departments such as human resources, marketing, sales, and customer service.
Accountants are responsible to ensure that the books balance.
They determine the tax amount that must be paid to collect it.
They also prepare financial statements, which reflect the company's financial performance.
How can I find out if my business needs an accountant
Many companies hire accountants when they reach certain size levels. One example is a company that has annual sales of $10 million or more.
Many companies employ accountants regardless of size. This includes small businesses, sole proprietorships and partnerships as well as corporations.
The size of a company doesn't count. Accounting systems are the only thing that matters.
If it does, the company will need an accountant. If it doesn’t, then it shouldn’t.
Statistics
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- BooksTime makes sure your numbers are 100% accurate (bookstime.com)
External Links
How To
How to be an Accountant
Accounting is the science and art of recording financial transactions and analyzing them. Accounting also includes the preparation of statements and reports for different purposes.
A Certified Public Accountant is someone who has passed and been licensed by the state board.
An Accredited Financial Analyst (AFA), is someone who has met certain criteria set by the American Association of Individual Investors. A minimum of five year's investment experience is required before an individual can be made an AFA. To pass the examinations, they must have a good understanding of accounting principles.
A Chartered Professional Accountant is also known by the name chartered accountant. This is a professional accountant who received a degree at a recognized university. CPAs need to meet the specific educational standards set forth by the Institute of Chartered Accountants of England & Wales.
A Certified Management Accountant (CMA), is a certified professional accountant that specializes in management accounting. CMAs must pass exams administered by the ICAEW and maintain continuing education requirements throughout their career.
A Certified General Accountant or CGA member of American Institute of Certified Public Accountants. CGAs must pass multiple exams. One of these tests, the Uniform Certification Examination or (UCE), is required.
A Certified Information Systems Auditor (CIA) is a certification offered by the International Society of Cost Estimators (ISCES). Candidates for the CIA must have completed three levels of education: coursework, practical training, then a final exam.
The Accredited Corporate Compliance Officer (ACCO), is a designation that has been granted by the ACCO Foundation (IOSCO). ACOs are required to hold a baccalaureate degree in finance, business administration, economics, or public policy and must pass two written exams and one oral exam.
The National Association of State Boards of Accountancy's Certified Fraud Examiner credential (CFE), is awarded by NASBA. Candidates must pass three exams and obtain a minimum score of 70 percent.
A Certified Internal Auditor (CIA) is accredited by the International Federation of Accountants (IFAC). Four exams must be passed by candidates to receive certification as an Internal Auditor (CIA). They will need to pass topics like auditing, compliance, risk assessment and fraud prevention.
An Associate in Forensic Accounting (AFE) is a designation given by the American Academy of Forensic Sciences (AAFS). AFEs must be graduates of an accredited college or university that has a bachelor's in accounting.
What does an auditor do exactly? Auditors are professionals that audit organizations' financial reporting. Audits can take place on an individual basis or on the basis of complaints received from regulators.