Put simply – accountants are in charge of making sure all the money adds up. They keep records, balance accounts, perform audits, and assist individuals and businesses with preparing their taxes and making investments.
Careers in public accounting include numbers in some way, shape or form, so be ready to spent a lot of time looking at spreadsheets and doing mathematical calculations. Typically, there are four main types of accounting careers – public accounting, government accounting, internal auditing, and management accounting.
What is an Accountant
Careers in accounting always involve taxes, taxes and more taxes. If you decide to specialize in taxes, you’ll do a lot of work between January and April – the traditional tax time. However, you’ll also have some things to do off-season, especially if you also offer small business consultation. New companies always need advice on taxes, especially when it comes to collecting employment taxes like FICA and social security.
Public accountants may also help clients make solid investments or audit their client’s financial records to ensure that they are correct. If all this number crunching sounds a little dull, you might want to consider forensic accounting. This sub-field of practice involves investigating securities fraud, embezzlement, and other crimes involving finances. While you won't be chasing down crooks, setting up wiretaps or anything like that, it’s still a great career for anyone who enjoys solving puzzles and figuring out how things were accomplished.
In contrast with the traditional privacte sector tax accounting careers, working for the government as an accountant means maintaining agency financial records, auditing individuals or businesses, and preparing local, state, or even federal budgets. Working for local and state governments usually means ensuring that income and expenditures are made in accordance with the many laws that surround government spending. On the federal level, accountants can work for the IRS and may specialize in tax law, receiving and filing tax returns and even conducting tax audits.
Although the IRS may perform an audit of a company, businesses often audit themselves first to make sure there's no fraud or wasteful expenditures. Depending on the size of the business, these audits are generally handled by internal auditors. These auditors do more than just make sure all the numbers add up as they should – they also look at how a company manages its money by evaluating the company’s procedures and record-keeping system. Internal auditors may also evaluate the software a company uses to handle its financial records, so some familiarity with computer programs will be useful to accountants in this area.
Finally, management accountants are charged with recording and analyzing all the financial date for their company. They create company budgets, evaluate financial records, and work to create a fiscally responsible, strategic plan for the company. Management accountants often have a lot of input in the direction a company is taking and their advice may result in sweeping changes in both the company's organizational structure and the products it creates.
Generally, an accountant's duties and responsibilities demand that they spend their working hours in their offices, although some occasionally work at home or need to travel to another location to examine records. Typically, accountants don’t need to work over 40 hours a week, although those who focus on taxes will find themselves putting in a lot more time during tax season.
The Accounting Job Description Adds Balance to Your Career!
There really is no single accountant job description that fits all types of accounting jobs that are available. The accounting field is so broad that you may work in private business or government, in accounts payable or as a manager, or in budgeting or compensation management. But there are some common responsibilities that are typically found in accounting job descriptions.
No Such Thing as Typical!
When you review a typical job description for accountant positions, you will find primary responsibilities like the following:
Prepare financial statements including profit and loss, balance sheet and analytical reports for decision making
Prepare entries from originating documents and input entries into accounting ledgers either by hand or in a computerized accounting system
Balance subsidiary accounts to general ledgers insuring accuracy of information; identify and resolve discrepancies
Develop budgets using historical and forecasting information
Analyze financial trends
Compare actual expenditures to budgeted expenditures
Input data to generate payroll or accounts payable checks, or invoices
Use software for accounting, data base management, graphing and report generation
Develop and recommend accounting policies and procedures
Make financial presentations as requested
Work with auditors to insure accounting records are accurate
Of course, each of the individual job descriptions accounting personnel has as position guides are customized for the specific job. For example, a job description for an auditor would include specific responsibilities related to the inspection of documents and entries for the purpose of verifying accuracy.
A tax accountant job description would include functions such as preparing local, state and federal tax forms, or advising clients on how to best manage their taxes.
Job descriptions for higher level accountants like a Chief Financial Officer or a Director of Benefits and Compensation Accountant will include job functions involving budget and financial planning, strategy setting, managing personnel and many other advanced duties.
The Bottom Line of an Accounting Career
People who choose an accounting career enjoy working with detail and get satisfaction out of analyzing information for the benefit of an organization or client. An accountant position can vary significantly from business to business and that’s why it’s a growing field. The large variety and types of positions you will qualify for once you earn your Bachelor’s Degree in Accounting offers career flexibility.
Here are some position titles that are held by people who have one or more of the following – Bachelor’s Degree, Master’s Degree, CPA (Certified Public Accountant), Cr. FA (Certified Forensic Accountant), CIA (Certified Internal Auditor), CISA (Certified Information Systems Auditor), or CGAP (Certified Government Auditing Professional).
Cost Accountant
Financial Analyst
Forensic Accountant
Staff Accountant
Budget Analyst
Accounts Payable Specialist
Controller
Tax Manager
Information Systems Auditor
Vice President of Financial Affairs
Internal Auditor
Director of Compensation
This is just a sample of possible titles. Careers in accounting often start with a staff position as a general accountant when you possess a Bachelor’s Degree. Earn an advanced degree and certifications and you can advance quickly into higher paying jobs that include supervisory and management responsibilities or strategy planning.
The bottom line - an accounting degree can take you to some fascinating career places!
Transform Your Life With an Accounting Career Change!
So you want to switch a career to accounting at 40 years old! If you listen to the naysayers they will probably tell you that an accounting career change in your middle aged years is a bit risky. But the people who are expressing that opinion don’t fully realize that the days of being stuck in a job for years that is no longer enjoyable or doesn’t fit a lifestyle is no longer necessary.
According to an article posted on the U.S. News and World Report, 8.4 million older Americans have already chosen to start second careers. The survey of people between the ages of 44 and 70 years old was conducted by MetLife Foundation and Civic Ventures.
But one of the best ad campaigns targeting aging Americans is the AARP commercial that shows older people saying, “When I grow up, I want to be…” The message is clear – you can pursue new interests like accounting as a second career even if you are 40 years old or older!
Encore! Encore! Bring the New Career On Stage!
According to the U.S. Department of Labor, accounting jobs are expected to grow by 22 percent between the years 2008 and 2018. There are a number of factors driving the demand for accountants. They include:
Increased government regulation requiring transparency
Increase in numbers and kinds of laws related to accounting practices
More complex tax laws
Growing awareness of need to maintain audit proof financial records
Growing number of home based businesses needing accounting assistance
Expanding globalization of businesses complicating accounting practices
Increase in white color crimes
Trend towards business outsourcing
Accounting jobs will need to be filled in a number of areas including general accounting and tax preparation of course. There is also a rapidly increasing movement towards outsourcing of business functions like health insurance and human resource benefits management, payroll processing and accounts receivable management. It is also possible that you can use your expertise developed during your first career, blend it with accounting, and become a high paid consultant.
For an encore career, accounting is an excellent choice!
Prove You’re Special!
For those who want a career change from public accounting, the increasing number and complexity of government laws and agency regulations means large and small businesses need specialized accounting help. You have a great opportunity to find work with a corporation as an internal auditor, or you can work as a self-employed accountant providing a variety of accounting services.
Even the internet has benefitted the accounting field in two ways. Many accounting functions can be managed using remote access. This ability makes it possible to work for people or businesses outside your local area. In addition, many businesses are able to conduct international transactions now which require knowledge of international accounting and tax rules.
Challenging and Profitable
If you are interested in a change in your career path accounting is a great choice. You have a wide range of jobs you can pursue, but you also have an option as to whether you work part-time or full-time. This can be an important consideration when you are working on a second career.
If you are over 40 years old and considering a career change into accounting, you’ll discover there is a wealth of opportunities. As of May 2009, the average salary for accountants and auditors was $60,431 according to the U.S. Department of Labor. In other words, you can enjoy a challenging second career in accounting and get paid well too!
Counting Up the Types of Accounting Careers
One of the fascinating aspects of accounting is that you have a choice among types of accounting careers. In fact, this is a career field that offers more and more opportunities as the population grows, and government and technology create more need for expert accounting assistants.
What you may not have known though is that accounting is an art form! At least according to the American Institute of Certified Accountants it is “The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof.”
Sounds like a tedious dry profession, doesn’t it? That’s too bad because it’s not! You can literally work in any industry you are interested in because all businesses and agencies need accounting services. You can work in the entertainment, insurance, manufacturing, hospitality, education or any other industry you want to name. Not only can you choose your industry, but you have career options in accounting in terms of the kind of accounting work you do.
A Designer Career in Accounting
Accounting is such a broad category that you can design your own career path and choose from among a variety of accounting jobs. Accounting is generally divided into the broad categories of public accounting, auditing, management accountants, and government accountants. But within each of these broad categories are challenging positions that manage very different job functions.
Depending on the type of accounting career you desire, the position may include one of more of the following accounting job description and duties.
General accounting – working for business, government or nonprofits handling day to day accounting activities that may include making entries, balancing accounts, generating account statements and doing special reporting
Management accounting – private or governmental accounting and cost accounting that seeks to manage financial information for decision making purposes; does general accounting work but is also involved in strategic planning, budgeting and forecasting, and working with many different interests including stockholders and investors
Education – teaches accounting in high school, college or for organizations offering continuing education
Auditing – may pursue a position as a government auditor, work for a corporation as an internal auditor, or serve as an independent contractor to verify the accuracy of accounting records maintained by others
Forensic accounting – work in litigation support or investigative services for the purpose of researching, analyzing and reporting economic information or to uncover illegal financial activities
Human Resources and Benefits Management – specialize in collecting and analyzing personnel and compensation data; manage benefits program for cost effectiveness and accurate reporting; participate in long term organizational planning
Information Technology – work closely with IT departments or small businesses to insure data processing is secure and input/output information is correct
You even have a choice as to how you structure your career. You can work for someone else or run your own business. You can offer contracted accounting services, specialize in tax accounting or help new businesses start-up. When you research careers info in accounting, you’ll discover a wealth of options.
Your Choice!
Most accountants working in public and management accounting earn their Certified Public Accountant (CPA) credential. But if you don’t want to take the exam, you still have many career opportunities. According to the U.S. Department of Labor there will be 279,400 accounting and auditing jobs created between the years 2008 and 2018.
Research the information about accounting careers carefully because one of the careers is bound to meet your needs!
Work at Home Accounting Careers
With a computer, printer and accounting software, you can enjoy one of the work at home accounting careers. Thanks to technology, you can transfer information back and forth between remote locations making it possible to establish a full-time or part-time profitable business right from your home.
Technology has made it possible to do accounting work from home, but economic factors are driving the variety and quantity of opportunities. The number of small businesses is growing for example, and small businesses often don’t need a full-time accountant. But even larger businesses are outsourcing many of their accounting functions, and contracting with professionals working for themselves, in order to lower the costs related to human resources.
Improve Your Own Profit Margin!
More and more people are working from home for different reasons. Businesses are scaling back their payrolls and millions of people have lost their jobs. Individuals are looking for part-time work to increase household income. Retirees are running home businesses as a way to supplement retirement income. The convenience of working at home can fit various lifestyles like the stay at home mom.
And let’s face it – there are millions of budding entrepreneurs who have dreamed of owning a business. A home based business requires very little overhead, enables you to work a flexible schedule, and gives you control of your working life.
As a home based accountant you can pursue work like the following:
Assisting businesses or individuals with tax form preparation
Providing full service bookkeeping
Insurance forms processing
Preparing financial presentations and graphics materials
Consulting with businesses as a cost reduction efficiency expert
Preparing payrolls, tax deposit forms and required monthly, quarterly and annual tax summary reports
Assisting businesses with structuring their financial operations during start-up
Assisting small online businesses with setting up accounting procedures and controls for website activity, i.e. shopping carts, credit card payments, sales reporting etc.
One of the nice facts about accounting is that every business and millions of people need the services of an accountant. You can determine what niche market you want to serve and then market your home based business to local clients or clients across the country using online access.
Use Your Financial and People Skills
An accountant working from home uses financial skills learned in accounting school and must also develop excellent customer service skills. As an entrepreneur your communication skills will be an important determinant of your success. Working one on one with clients, you will need to gain their confidence in your accounting and financial abilities.
The good news is that people are willing to pay high fees for your expertise. Home based accountants earn $20 to $35 an hour for basic services and much more for specialized consulting work. You can also charge more if you are a CPA or a specialist like a forensic accountant working on a contracted basis.
Great Way to Make a Living!
Naturally, your accounting salary depends on the number and types of clients served and how many hours you devote to the business. Setting up your home based accounting business is easy too. You need a computer, appropriate accounting software, printer, fax, copier, scanner and internet access.
If you have an accounting degree and want to work at home, then you will find plenty of opportunity to build a successful business servicing clients of all kinds. It’s a nice way to make a living!
