Most accountants often have the same general duties, but it is not uncommon for their specific duties to vary according to their position. If you are interested in becoming an accountant, understanding their duties will help you determine whether you want to enter the profession or not.
In this article, we define the role and duties of an accountant, list the different types of accountants, explain the duties and roles of accountants and their work environment and give you the steps to get a job in accounting.
Contents
1 What is an Accountant?
2 Types of Accountants
2.1 Auditors
2.2 Financial advisor
2.3 Investment accountant
2.4 Public Accountant
2.5 Project accountant
2.6 Cost accountant
2.7 Government accountants
2.8 Forensic accountant
2.9 Management accountant
3 Duties and Responsibilities of Accountants
3.1 1. Documenting financial transactions
3.2 2. Reconciling transactions and or financial statements
3.3 3. Monitoring the efficiency of accounting procedures and programs
3.4 4. Advise the company on financial matters
3.5 5. Prepare and check invoices
3.6 6. Prepare the company’s year-end financial statements
3.7 7. Submit the Company’s Annual Tax Return
4 Work environment for accountants
5 Ways to get a job in accounting
5.1 1. Get a degree
5.2 2. Get your certification
5.3 3. Consider pursuing an advanced degree
5.4 4. Knowing the use of accounting software
What is an Accountant?
An accountant is a financial professional who performs various accounting tasks such as handling the books of their clients and managing their financial documents. While some work for accounting firms or internal departments, others may have their own practice.
Accountant Type
The accounting field offers many career paths for you to choose from. Knowing your options in the industry can help you narrow your job search and help you meet certain job qualifications. Here are the different types of accountants:
Auditor
Auditors ensure organizations have accurate accounts of their financial information. To ensure the company’s compliance with financial regulations, they review financial statements, accounting systems, books, and various fiscal records. Using their financial knowledge, they advise companies that are facing financial problems to help them resolve these problems or help them to prevent it from recurring in the future.
Financial advisor
Financial advisors provide financial planning and investment services to the general public and various organizations. They meet with clients to discuss their finances, create plans to help them improve their financial goals and make modifications to their plans as needed.
Investment accountant
Unlike most other accountants, investment accountants work outside of the tax field. Investment accountants often work with investment brokerage firms or asset management firms.
While they know the basics of accounting, they are also aware of organizational investment opportunities. Investment accountants also ensure their organizations comply with state and federal regulations. Also, they work with their organizations to help improve their financial strategies.
Public Accountant
Public accountants can work for the general public, companies or governments. They perform a variety of accounting responsibilities including tax, auditing and consulting duties.
project accountant
Project accountants are hired to work on specific accounting projects. Working on a long-term or contract basis, they oversee everything related to their clients’ projects. For example, they might prepare invoices, approve expenses and plan project budgets.
Cost accountant
Like project accountants, cost accountants help meet cost efficiencies. Cost accountants are often employed by organizations that wish to manage the profitability of their supply and their various budgets. Some of their duties include analyzing labor, material and production costs. Their analysis allows them to identify areas that require greater efficiency.
government accountant
Government accountants work for government agencies such as the Internal Revenue Service. They maintain and analyze government records and audit private businesses and individuals whose activities may not meet government or tax regulations.
Forensic accountant
Forensic accountants review financial records to identify errors, fraud or omissions. Forensic accountants also ensure that these records comply with national and international laws and regulations.
They may work for themselves, work for a company that specializes in forensic accounting, work for the government or work in a legal capacity. Using their financial expertise, forensic accountants are often witnesses in court proceedings.
Management accountant
Management accountants analyze a company’s financial health and determine how it can impact the organization as a whole. Based on their analysis, they might advise the company’s executive-level employees on how to improve the organization’s financial position. Some management accountants handle other financing tasks including budgeting, risk management and earnings analysis. Typically, management accountants start out as cost accountants or junior internal auditors.
Accountant Duties and Responsibilities
Accountants perform a variety of tasks depending on where they work, the needs of their clients and the specific time of year. Understanding their common duties can help you determine whether or not you want to pursue a career in accounting.
Here are some of the main tasks an accountant performs:
1. Documenting financial transactions
Accountants monitor and document the financial transactions of their clients or companies over a certain period. They collect information to prepare entries into the company’s general ledger.
2. Reconciling transactions and or financial reports
When accountants review their clients’ or company’s financial documents, they also resolve any discrepancies or irregularities they find. This involves reconciling reports, statements or various transactions that have been documented.
3. Monitor the efficiency of accounting procedures and programs
In addition to analyzing financial documents, accountants also review accounting software programs and accounting control procedures to ensure their continued effectiveness. They also ensure these programs and procedures meet current state and federal regulations.
4. Advise the company on financial matters
Accountants often make recommendations to companies regarding resources, procedures, and financial problems they face. Their recommendations provide solutions to these financial problems to overcome costly financial problems or problems.
5. Prepare and check invoices
Some accountants prepare and review their customer or vendor invoices. This typically involves reconciling payroll, verifying orders and contracts, and collecting accounts receivable.
Senior-level accountants can also develop company budgets and create financial models to better help them make strategic financial decisions.
6. Prepare the company’s year-end financial statements
If the business follows a calendar accounting year, accountants can prepare and analyze year-end financial statements such as balance sheets, cash flow statements, and income statements.
Doing this gives them greater insight into the financial health of the company. For example, while a cash flow statement allows accountants to review the flow of money into and out of a business, an income statement allows them to determine how much a company earned in a given year.
7. Submit the Company’s Annual Tax Return
Depending on the business, an accountant may have to submit their tax returns in March or April. Because corporations will typically pay business taxes on a quarterly basis, the purpose of the annual and tax return information is to include all taxes the company did not pay during the year.
The work environment for Accountants
Accountants work in a variety of environments depending on their employer. While some work in offices, others work from their own homes. Also, they can work for large companies or small businesses. Accountants can also travel to their clients’ workspaces for meetings.
How to get a job in accounting
If you are interested in becoming an accountant, you need the right qualifications. From your educational background to your professional experience, qualifying for an accounting job increases your chances of getting hired. Use these steps to get a job in accounting:
1. Get a degree
Earn a degree to help you prepare for a career in accounting. While a bachelor’s degree in Accounting prepares you for entry-level positions, a Bachelor’s Degree in Accounting gives you a greater foundation and helps prepare you to pursue an advanced degree such as a master’s degree if you prefer.
2. Get your certification
Get your certification to increase your prospects. Certified public accountants, in particular, are licensed by their state board of accounting. The board administers a national examination and outlines its requirements for accountant certification.
To get certified, make sure you meet your state’s requirements. Keep in mind that most states require you to continue your education to maintain your certification.
3. Consider pursuing an advanced degree
To advance in your career, consider pursuing an advanced degree such as a master’s degree. Earning an advanced degree often helps you meet job requirements for supervisory or managerial positions in accounting. You also have the option of opening your own company
4. Knowing the use of accounting software
Thanks to technological advances, many accountants’ tasks have now been simplified, one of which is by using accounting software. If in the past, you had to do bookkeeping using a pen and thick book, now many accountants are using cloud-based accounting software so they can do their work whenever and wherever they want.