It takes much more than just a degree to be an Accountant. It requires a firm commitment to learning the trade and its tricks. An accountant has to have a sound and sane mind along with a sharp brain and patience. The qualities of handling pressure and managing disasters should come naturally to an accountant. Along the way, prospective accountants have to answer a number of questions to themselves before diving in the ocean of accountancy:
• Do I have the qualities needed to become an Accountant?
• Can I begin with a successful career after 4 long years of college or do I have to earn a master’s degree?
Let us throw light upon some of the types of accountants available out there in the financial market:
Cost Accountant: Businesses are always trying to enhance and improve their processes in the effort of saving money. This is precisely what the cost accountants aid you with. They are the ones responsible for examining every expense associated with an organization’s supply chain to carry out a profitability analysis & budget preparation. They analyze every cost associated with labor, materials, production, shipping, administration and more. Thereafter, this information is compiled and communicated to the business leaders to help them identify methods by which they can improve and enhance financial efficiency. A Cost Accountant in Keilor must have a bachelor’s degree in accounting or finance and be in control of strong math & statistics skills. It is also recommended to obtain standard licensures such as a CPA credential, or specialized licensures such as the CCA or Certified Cost Accountant accreditation.
Government Accountant: Government comes in a lot of forms. In addition to the main federal government, there is state, city, county, and several other types of district governments. What is that one thing they all have in common? They require accountants to keep track of money. These accounting professionals have the duty to make sure that the hard-earned taxpayer money is spent in a benefiting, wise and prudent way. Government accountants also help the government agencies plan out their activities for the entire fiscal year. Some government accountants are hired for agencies such as the Internal Revenue Service (IRS) and hold the responsibility for auditing private businesses & individuals. These accounting professionals must have at least a bachelor’s degree in accounting. Many of the government accountants also have a master’s degree in accounting, taxation, finance or business administration.
Project Accountant: A project accountant is the one who works on a ‘project-by-project’ basis. This person oversees all the aspects of a project that might have an effect on the overall cost, including preparing & collecting invoices, planning and maintaining budgets, approving expenses, verifying employees’ billable hours and ensuring the team is meeting the project deadlines. There are various types of projects that a project Accountant in Keilor may work on, everything from a novel product launch to the making of a novel facility. Project accountants characteristically work with project managers and professional colleagues, thus, strong communication and interpersonal skills are a necessity. Most project accountants have to have at least a bachelor’s degree in accounting. Some of the employers prefer employing candidates who have also acquired other certifications such as a CMA or CPA credential.
Investment Accountant : An Investment accountant works in the fast-paced fields of finance & investment. Investment accountants in general work for brokerage & asset management firms. These accountants develop into keenly knowledgeable about stocks, ETFs, bonds, precious metals, currencies, and other investment vehicles. The very first responsibility of investment accountants is to keep up their clients’ investments, at the same time adhering to the state regulations. They might also play a role in helping develop the company’s key financial strategy. Investment accountants must have at least a bachelor’s degree in finance, accounting, economics or business. Many of them also go on to obtain their CPA credential and while others also choose to become PFS – Personal Financial Specialists.
Staff Accountant : Staff accountant is one of the most widespread job titles in the field. They are the ‘generalists’ of the accounting world. They have a huge variety of responsibilities, which might include preparing financial statements, performing account reconciliations, maintaining a company’s general and subsidiary accounts, maintaining payroll records, supervising clerical employees and cash management. If one speaks in generic terms, a staff accountant hired at small businesses usually has to take up more bookkeeping duties. Those working for the larger companies might find themselves carrying out more supervisory duties. The specific job duties vary greatly depending on the position. Having a bachelor’s degree in accounting is the characteristic requirement to become a staff Accountant . Any additional certification or education could also enhance job prospects.
A recent survey found out that when hiring an accounting services to look after their affairs, only 8 percent of the small businesses took the qualifications of an accountant into consideration. Since there are absolutely no regulatory laws in place, unlike the solicitors and doctors, anyone has the liberty to call themselves an accountant without any kind of professional training. It is not until they pass qualification examinations and join a professional company or organization that they become subject to any form of professional conduct rules. Albeit, not getting limelight at all, an accountant does a lot for the financial aspect of a company and without him, it is difficult to function.