Accounting is a vast field that offers numerous opportunities for individuals belonging to this profession. Its foundation is laid on the different practices, and accountants are supposed to implement it in different ways.
If you opt for Accounting, then it is essential to understand that you will be working with individuals, well-established corporations, startups, and government organizations. You have to manage the financial and tax affairs of a particular organization. Accounting is also referred to as the process of managing business records related to financial transactions. You also have to analyze the data related to all the economic activities of the firm you are working for. You should also go through different accounting books and systems to ensure that you are fulfilling duties as per the standard accounting practices.
There are plenty of career opportunities that accountants can explore and choose. It is one of the most critical decisions for all accountants’ careers to deciding which accounting area is suitable for them. During your accounting career, you will be dealing with different types of clients and work levels, so you must know various accounting career opportunities.
Here is a complete guide to giving you an understanding of the various accounting careers, so you can decide which job is the perfect fit for you.
Lease Accounting
Lease accounting can be quite complicated, especially after the ASC 842 standard updates that USA GAAP-compliant companies are now required to use. The change in lease accounting guidelines can be quite frustrating for business owners, which is why it can pay off for an accountant to specialize in lease accounting. Knowing how to properly account for contracts between a lessor and a lessee, the difference between a finance and operating lease, what to keep on the balance sheet and how to put together a lease amortization schedule are all tools you’ll need to get the job done. Focusing on lease accounting allows you to specialize in an accounting niche that can be quite lucrative depending on how you approach it. There is some great lease software out there that can help you too. If you focus on an accounting niche and become widely known for your proficiency with it, it’ll only help your career…especially as multiple USA based companies are trying to stay compliant with the new lease standards.
Public Accounting
It is one of the major accounting fields that include various operations. Preparation of public financial reports, offering business consultancy, planning of personal finances and tax returns come under Public Accounting.
Financial Accounting is also a part of Public Accounting that requires you to make public financial statements of the company. Forensic Accounting also comes in the domain of Public Accounting in which you have to analyze financial records for any fraud or suspicious activity. Tax Accounting is also associated with public accounting, which mainly focuses on business and individual taxes.
Once you decide to work in a Public Accounting company, then you may have to work as a staff auditor. You will be responsible for measuring and examining the activities that are linked with accounts of clients.
If you want to get an accounting degree of Bachelors or Masters, then you should consider Public Accounting, as it covers a vast range of services. There are now different online accounting educational platforms where you can easily get a MAcc online degree.
Management Accounting
This type of accounting is linked to managerial, private, and cost accounting. The accountants that choose this career are supposed to assist business managers.
Management accountants have to prepare reports for the managers in the firm, and these reports cannot be reviewed by any other individual. They also have to examine the internal financial matters by controlling the internal management system of finance.
The field of Management Accounting also entails gathering cost data and make preliminary cost reports. Once you get experience, you are moved to the senior posts with more significant responsibilities and challenges. Eventually, you will be given positions such as reporting managers, management accounting, tax, and internal audit managers.
Government Accounting
The accountants that are responsible for managing and keeping track of government financial records are known to be working in government accounting. It includes applications of different methods related to financial and tax accounting.
Government organizations also use fund accounting to put resources into specific categories for tracking the source and utilizing funds. If you want to serve your country’s government as an accountant, then you should go for this field. Although, you need to assess accounting traits that can help you to succeed at the highest professional level.
Entry-level jobs are available as well at the government level, so you can also consider this option depending on your experience. Job posts of junior auditors, staff accountants, and tax analyzers are available for entry-level candidates.
Internal Auditing
Internal auditors are liable to monitor and examine the finances of the organization to identify any fraud. They have to come up with ideas on how they can make financial management better. Audits are conducted to provide investors a clear financial picture, so they can have an idea which securities they should purchase.
Financial Accounting
Financial Accounting is done to examine and create external financial statements for investors and other decision-makers. It is also the legal requirement for all traded firms. This type of accounting career path requires you to have sharp eyes, as you have to provide valuable insights and information about the company’s past performance.
Various accounting principles are involved in Financial Accounting. Each principle has a specific application that depends on the reporting needs and nature of business.
Other Career Options for Accountants
Accountants can explore various career opportunities, such as becoming the teacher at the post-secondary level for business schools and colleges. If you want to be the educator at the college level, then getting a Ph.D. degree is mandatory.
Individuals having a professional accounting background can also choose to become a consultant in any accounting firm if they have particular qualifications for it. They can also work in the profit and non-profit companies, just like in the corporate sector.
Core Accounting Skills
You need to know the core accounting competencies and skills to give the right direction to your accounting career. When employers and reputable accounting organizations are looking to hire someone, the first thing they look for is how competent you are and what skill set you have.
The primary accounting competencies starts from meeting the requirements of accounting standards, auditing, budget development, the making of crystal reports, estimation in business analysis, and strategic planning of financial affairs.
Having all the skills mentioned above ensures a bright future for you in the accounting world and creates massive opportunities. All you need to do is to adapt and implement these core competencies in professional life.
Conclusion
Choosing a career in accounting is not as easy as you have plenty of options available. You need to identify your interest and area of expertise that you think can produce great results for you and for the organization you work for in the future.
Hopefully, the career opportunities we have presented to you will help you to make the right decision for your professional career.
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