- Accountants help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time.
- They analyze and communicate financial information for various entities such as companies, individual clients, and governments.
- Beyond carrying out the fundamental tasks of the occupation—providing information to clients by preparing, analyzing, and verifying financial documents—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services.
- Specific job duties vary widely among the three major fields of accounting: public accounting, management accounting and government accounting.
- Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, non-profit organizations, or individuals.
- For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns.
- Others offer advice in areas such as compensation or employee healthcare benefits, the design of accounting and data processing systems, and the selection of controls to safeguard assets.
- Still others audit clients' financial statements and inform investors and authorities that the statements have been correctly prepared and reported.
- These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.
- Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals.
- Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal.
- Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.
- Management accountants—also called cost, managerial, industrial, corporate, or private accountants—record and analyze the financial information of the companies for which they work.
- Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management.
- Usually, management accountants are part of executive teams involved in strategic planning or the development of new products.
- They analyze and interpret the financial information that corporate executives need to make sound business decisions.
- They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities.
- Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting.
- Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation.
- Accountants employed by governments ensure that revenues are received and expenditures are made in accordance with laws and regulations.
- They may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.
- Technology is rapidly changing the nature of the work of most accountants.
- With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis.
- These accounting packages greatly reduce the tedious work associated with data management and recordkeeping.
- Computers enable accountants to be more mobile and to use their clients' computer systems to extract information from databases and the Internet.
- As a result, a growing number of accountants with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs.
- Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing technology plans.
- Accountants who have a professional certification, especially CPAs, should have the best prospects.
- An increase in the number of businesses, changing financial laws and corporate governance regulations, and increased accountability for protecting an organization's stakeholders will drive job growth.
- As the economy grows, the number of business establishments will increase, requiring more accountants to set up books, prepare taxes, and provide management advice.
- As these businesses grow, the volume and complexity of information reviewed by accountants and auditors regarding costs, expenditures, taxes, and internal controls will expand as well.
- The continued globalization of business also will lead to more demand for accounting expertise and services related to international trade and accounting rules and international mergers and acquisitions.
- Additionally, there is a growing movement towards International Financial Reporting Standards (IFRS), which uses a judgment-based system to determine the fair-market value of assets and liabilities, which should increase demand for accountants because of their specialized expertise.
- An increased need for accountants also will arise from a greater emphasis on accountability, transparency, and controls in financial reporting.
- Increased scrutiny of company finances and accounting procedures will create opportunities for accountants, particularly CPAs, to audit financial records more thoroughly and completely.
- Management accountants increasingly will be needed to discover and eliminate fraud before audits, and ensure that important processes and procedures are documented accurately and thoroughly.
- Forensic accountants also will be needed to detect illegal financial activity by individuals, companies, and organized crime rings.
- Accountants who have earned professional recognition through certification or other designation, especially a CPA, should have the best job prospects.
- Applicants with a master's degree in accounting or a master's degree in business administration with a concentration in accounting also may have an advantage.
- Individuals who are proficient in accounting computer software and information systems or have expertise in specialized areas—such as international business, international financial reporting standards, or current legislation—may have an advantage in getting some accounting jobs.
- In addition, employers increasingly seek applicants with strong interpersonal and communication skills.
- Many accountants work on teams with others who have different backgrounds, so they must be able to communicate accounting and financial information clearly and concisely.
- Regardless of qualifications, however, competition will remain keen for the most prestigious jobs in major accounting and business firms.
Accountants and auditors design internal control systems and analyze financial data. Others for whom training in accounting is valuable include Bookkeeping, accounting and auditing clerks; Budget analyst; Cost estimators; Financial Analysts; Loan Officers; Personal financial advisors; Tax examiners, collectors, and revenue agents.
Some accountants have assumed the role of management analyst and are involved in the design, implementation, and maintenance of accounting software systems. Others who perform similar work include Computer network, systems, and database administrators; Computer software engineers and computer programmer.
- BA in Business Administration or Accounting
- MBA
- Certified Public Accountant is a plus
This career information is drawn from data provided by the U.S. Department of Labor.