An Accountant is an individual who performs tasks related to accounting. These tasks may be handling financial records, taxes as well as creating financial reports for an individual or company with which he or she is associated. The exact work to be performed depends upon the specialization of an accountant as well as the size of the company. There work may include handling of payroll information, accounts receivable as well as payable along with maintaining information regarding the investment made by the company. Overall accountants are responsible for evaluating the financial health of a company.
In big organizations auditing is done by accountants. Generally, companies hire accounting firms from outside to perform their internal audits. Accountants have to study the tracking of income as well as assets by the organization over time. Apart from auditing, there are accountants who focus on the tax issues of firms. Such accountants are known as Tax Accountants. They have to perform all the activities that are related to the filing of tax returns along with planning for future tax obligations. In some organizations, accountants are also responsible for performing bookkeeping tasks also.
- He have to prepare profit and loss statements, monthly closing as well as cost accounting reports.
- In order to prepare entries into accounts, like general ledger accounts or even document business transactions, they have to compile and analyze financial information.
- He has to deal with establishing, coordinating as well as maintaining the implementation of accounting and its control procedures.
- He also has to review and analyze the expenditures and budget for local, state, federal or even private funding, contracts as well as grants.
- Reviewing and monitoring of accounting as well as related system reports for accuracy and completeness is also done by accountants.
- Prepare and review budget, revenue, payroll entries, expense, invoices, and other accounts related documents.
- Analyze expenditure and revenue trends along with suggesting appropriate budget levels in order to ensure expenditure control.
- Explanation of accounting policies and billing invoices to clients, vendors and staff is done by accountants.
- Accounting incongruity is resolved by accountants.
- Recommend as well as maintain computer software systems, monetary databases, and manual filing systems.
- The company’s automated financial systems they have to supervise the input and handling of financial data.
- In order to complete audits, he has to work together with internal as well as external auditors.
Accountant Qualification and Skills:
Qualification – Minimum qualification required to become an accountant is bachelor’s degree. Candidates are required to be from commerce background. Preference is given to candidates having master’s degree. Many companies’ offer internship program that provides on the job training to college graduates. This will help students to make a good start in there career as an accountant.
Licensure Requirements – Every state has a State Board of Accountancy which conducts a CPA exam. It is an exam to become Certified Public Accountant. Before sitting for this exam certain courses are required to be completed.
Skills required by these Accountants:
General Skills Required – Accountants are required to have good numerical competence. In order to interact with clients at all levels of business, they need to have good interpersonal skills. Often accountants have to work in a team so they need to be a team player. They also should have good reporting skills in order to prepare written as well as statistical reports. Problem-solving skills are very important in this career which will help in determining the best possible way to encounter various challenges. An accountant may be working on many projects simultaneously. In such cases, time management skills play a great role.
There are many job prospects in the field of accounting. There are chances that you may not be offered high amount of salary in the beginning of your career. As soon as you start gaining experience there will be rapid increase in your salary. This career is very rewarding for those having the required talent. Generally management level accountants gradually shift to internal auditing for there career growth. With good experience in this field you can also become Chief Financial Officer of your company who is responsible to drive the business.