List of Top 4 Careers in Accounting

Below are some of the top accounting career options that you can opt for.

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Accounting Career Overview

Accounting is a field where a person is involved in handling the finances of an organization. It involves a wide range of activities like bookkeeping basicsBookkeeping BasicsBookkeeping is the day-to-day documentation of a company’s financial transactions. These transactions include purchases, sales, receipts, and payments.read more, financial analysisFinancial AnalysisFinancial analysis is an analysis of finance-related projects/activities, company’s financial statements (balance sheet, income statement, and notes to accounts) or financial ratios to evaluate the company’s results, performance, and trends, which is useful for making significant decisions such as investment, project planning and financing activities.read more, financial reportingFinancial ReportingFinancial reporting is a systematic process of recording and representing a company’s financial data. The reports reflect a firm’s financial health and performance in a given period. Management, investors, shareholders, financiers, government, and regulatory agencies rely on financial reports for decision-making.read more, auditing, statutory obligations, major financial decisions, etc. The kind of work a person does depends on the years of expertise and various degrees and certifications a person has acquired. There are plenty of career options available in accounting, and qualified candidates are always in demand. Accounting is paid well, and you will need a bachelor’s degree to enter the field. However, demand increases significantly if the candidate acquires a Certified Public Accountant – CPA certificationCPA CertificationA Certified Public Accountant (CPA) is a US state board-issued license to practice the accounting professionread more or other relevant certifications.

Career #1 – Finance & Accounts Manager

Career #2 – Statutory Auditor

Career #3 – Taxation Manager/Expert

Career #4 – Certified Public Accountant (CPA)

These are some of the major areas where the person with accounting knowledge can work. However, various other fields like Forensic accountingForensic AccountingForensic accounting is the investigation of fraud and misrepresentation.read more, Valuation, Arbitration, Data Science, etc., are emerging and have a great scope for a person with an accounting background. With recent developments globally, IFRS being implemented worldwide, there will be many changes in the way books are prepared. Accountants will be in great demand to keep pace with changes and ensure that financial requirements are met.

Finance & Accounts Manager takes care of complete Accounts PayableAccounts PayableAccounts payable is the amount due by a business to its suppliers or vendors for the purchase of products or services. It is categorized as current liabilities on the balance sheet and must be satisfied within an accounting period.read more, Accounts ReceivableAccounts ReceivableAccounts receivables is the money owed to a business by clients for which the business has given services or delivered a product but has not yet collected payment. They are categorized as current assets on the balance sheet as the payments expected within a year. read more, preparation of financial statementsFinancial StatementsFinancial statements are written reports prepared by a company’s management to present the company’s financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more and other statutory reports for audits.

The statutory Auditor is the representative of the appointed audit firm who examines the financial statements of an organization to ensure that it complies with standards set internally and by statutory authorities.

The taxation Manager takes care of all the Tax related work in the organization. This is a very niche profile as the companies are always looking for different ways of saving Taxes. The Tax manager also ensures that VATVATValue-added tax (VAT) refers to the charges imposed whenever there is an accretion to a product’s usefulness or value throughout its supply chain, i.e., from its manufacturing to its final selling point. It is an indirect tax levied on the product consumption.read more inputs are taken, refunds are processed, and various tax filing with the government are done promptly. Complex regulatory requirements due to cross-border functions are met.

Certified Public Accountant provides accounting, taxation, and other financial services to the general public. A person has to qualify for the CPA exams and then acquire a license to practice as a CPA. The USA allows a CPA to provide services in any state once the person clears the CPA exam. Also, there are certain conditions to be met locally for practice.

Conclusion

The accounting job role is a great career field. This is not a new field, and the origin can be traced back to as early as 2000 to 3300 BC, and this field is still evolving. Accounting is not only about preparing financial statements and presenting them but about maintaining financial integrity and entrusting public faith in public limited companies. Incidents like Enron, Tyco, Worldcom, etc. posed a threat to accounting practices, and it gave birth to SOXSOXThe Sarbanes-Oxley Act (Sox) of 2002 was enacted by the US Federal Law for increased corporate governance, strengthening the financial and capital markets at its core and boost the confidence of general users of financial reporting information and protect investors from scandals like that of Enron, WorldCom, and Tyco.read more compliance. Accountants are viewed in very high regard as they are considered the watchdog of an economy, and they are the people who can keep a tab on money launderingMoney LaunderingMoney laundering is a criminal act of legitimizing the money acquired through illegal or unethical means by disguising the origin of the crime.read more and black money. So an accounting career also imposes a moral obligation for accountants towards society and country.

This has been a guide to Accounting Careers. Here we provide the list of top 4 job roles in accounting, including Finance & Accounts Manager, Statutory Auditor, Taxation Manager/Expert, and Certified Public Accountant. You may also have a look at these finance career articles below –

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