Whenever money changes hands, there is a need for accountants. In the world of commerce, the accounting profession keeps businesses operating smoothly. Within Accountancy, there is a great deal of variety, since all types of financial transactions in multiple industries must be reported and accounted. Even in the midst of a recession, there are opportunities for accountants.
Chartered Accountants work in independent accountancy firms. On the other hand, certified accountants work as employees within a business or organisation.
Business managers and auditors use the on-going financial information compiled into special reports. The accountants who create these reports work within a specialised form of discipline known as management accounting.
Management reports are quite different from annual reports compiled at the end of the fiscal year for tax and legal purposes. Financial accountants create the year-end reports with the information gathered then publicly shared with entities such as government agencies, economists, financial analysts, vendors, banks, and current and potential shareholders.
The Generally Accepted Accounting Principles, or GAAP, spell out the rules that must be adhered to when compiling these financial accounts. Management accounting is not so strictly regulated. The US GAAP and the International Financial Reporting Standards, or IFRS, are other rules which may be mandatory, depending upon the scope of the organisation.
Jobs For Accountants
Are you considering a career in accounting?
The accounting industry is chock full of opportunities and has become quite sophisticated with the introduction of high-tech tools. As the laws and procedures continue to become more complex, the industry has been forced to change with the times with new regulations.
In addition to preparing audit reports, budgets, and balance sheets, accountants who excel at their job often move into careers as business advisors.
There is plenty of room to find a position which takes advantage of your most highly honed skills and that allows you to find work in an area that most interests you. Because of this high demand, high-quality graduates with a degree in accounting have an excellent opportunity to find a rewarding and challenging career.
Accounting Skills And Qualifications
New accountants typically have to continue to study once they start work. Within large organisations, they must be flexible enough to work with many different departments. In independent accounting firms, they will spend time working directly with clients.