Accountancy can be a diverse and dynamic field with great scope for a wide-ranging career. A career in accountancy could offer a wide range of financial management, auditing, and tax advisory roles that can be rewarding yet challenging. In this guide, we explore some of the different types of roles within accountancy and the various opportunities available to you.
What is accountancy?
Accountancy is the preparation, classification and summarisation of events and transactions into useful information for decision-making. An accountancy function plays an extremely important part within businesses because it undertakes or verifies the work required to ensure that financial records are accurate and comply with the law.
Accountants help organisations to run their businesses effectively so they can plan and realise their goals and meet their legal obligations.
Key roles in accountancy
Accountancy covers a range of roles that bear different responsibilities and specialisations, the understanding of which will help you in the pursuit of a career befitting your skills and aptitude. Financial accountant
The financial accountants will prepare and present the financial statements. It includes income statements, balance sheets, and cash flow statements.
Accounts present these reports in an accurate manner, according to the requirements of standards and accounting regulations. Financial accountants help business entities understand their position and assist in the decision-making aspects.
Management accountant
Management accountants produce internal financial information to help the business make major strategic decisions. They also produce reports on budgeting, forecasting, and performance analysis. The management accountants work with management teams by offering input that fuels efficient business growth.
Auditor
Auditors review and check financial records to ensure they are accurate and meet the letter of the law. This process also involves the testing of the efficiency of financial controls that prevent misstatements or fraud. Auditors may be employed by public accounting firms, government agencies, or as internal auditors by companies and organisations.
Tax consultant
Tax advisors are those professionals who help an individual or business entity with their respective tax-related matters. They assist their clients by providing advice on tax planning and compliance issues, and they also suggest ways to lessen the tax burdens.
The function of a tax advisor is to keep abreast of frequently changing laws and regulations of taxation for the updating of clients so that their legal requirements are duly met while their tax positions are maximally optimised.
Forensic accountant
Forensic accountants investigate financial discrepancies and fraud. In this area, the forensic accountants apply their knowledge in accounting to analyse financial data and disclose evidence of fraud and other illegal acts. They also assist in legal cases. Forensic accountants generally work with police agencies, legal professions and financial institutes.
Professions in accountancy
There is a vast area for careers in accountancy. The section below depicts some standard career paths and options available within the profession:
- Public accounting: Public accountants work for firms in a wide array of accounting services for various businesses, non-profits, and individuals. They may specialise in areas such as auditing, tax, or consulting. Working in public accounting can offer diverse experiences and opportunities for career advancement.
- Accounting corporate: Corporate accountants work for businesses and organisations to perform internal functions of finance. Activities of corporate accountants may include financial reporting and budgeting but may also extend to long-term strategic planning. Often careers in corporate accounting provide a level of job security and offer opportunities for advancement within one company.
- Government Accounting: Government accountants work for the public sector agencies such as local and state governments and the federal government. Some of the common tasks performed by government accountants include public funds management, instituting compliance with regulatory requirements, and auditing governmental programs, among other responsibilities. Careers in government accounting can offer job security and opportunities to engage in public service.
- Non-profit accounting: Non-profit accountants work in fields such as charitable, educational, and social causes organisations. Non-profit accountants perform financial accounting management, reporting, and compliance for the non-profit entity. Individuals who want to apply their experience in accounting to non-profit organisations will find the field quite rewarding since most non-profit organisations are involved in many useful community activities.
Qualification and expertise required
Accountancy is a kind of career one can pursue when one has a relatively good educational background and qualifications. To pursue most of the jobs in accountancy, a person needs to have a bachelor's level in accounting or any related field. Professional certifications like CA or CPA enhance your career prospects and prove one's competency.
Some of the key skills that ensure success in the field of accountancy include analytical thinking, attention to detail, and expertise in accounting software. Strong communication skills are also a necessity since accountants regularly interact with clients, management, and other stakeholders.
The bottom line
There are a number of different roles involved in a career in accountancy, which all have their various responsibilities and rewards. Whether your interest in the field of accountancy lies in financial accounting, management accounting, auditing, tax advisory, or forensic accounting, there are many paths that one could take. Gaining an understanding of the varied roles available within the field of accountancy, along with the associated career opportunities, will go a long way toward allowing you to set a career path suitable for your professional goals in this vibrant field.
