Things you should know before you apply for an accounting job
Aim for the suitable accounting jobs
What can an accounting job offer you?
Accounting is a field that requires resources with calculative minds and excellent communication skills. If you have these qualities in you, it would surely be a considerable choice to pursue it as a career. But before you look forward to the future job prospects related to accounting and the jobs you can apply for in this field, you need to look for the real reasons that can help take it as a serious choice. You first need to find out why should you take it as a career, and then go ahead to know about the different career paths accounting can bring to you.
How well can an accountant get paid?
Accounting initially may not pay you too well, but after a considerabale experience it lets you find great career opportunities where the remuneration is also satsifying. As per an international research firm, an entry level accountant in India can get Rs. 1,73,000 annually, where an experienced professional in accounting can get Rs. 3 Lacs or more as per the abilities. For these accounting jobs, one has to hold an understanding of Microsoft Office, ERP, Accounts Receivable, Accounts Payable, and Account Management.
Reasons to look for an accounting job
Why should you get into accounting?
A Stable Career
Accounting is not one of those jobs that may lose its importance over the period of time. This is one of the careers that are always in demand, even in the times of economic crisis. An accountant is required in every firm, educational body or government organization to manage the finances. Many find it to be a not so glamorous career choice, which is actually a fact, but if you are looking for a stable career, you should keep it to be a prior choice.
Another thing that makes accounting a favourable career choice is its demand in every sector and organization. It is a profession that lets you get in almost any industry, as the work of an accountant isn't industry specific. Every company needs a person to manage the accounts, budget and finance. Thus, the job opportunities for these professionals are many. In the accountant jobs, one can also work as a freelancer and work with different clients.
The compensation for professionals in accounting is moderate. Initially, they may not be entitled to higher salaries, but after a relevant experience and intricate knowledge of accounting software and other related details, one gets entitled to better salaries and positions.
Now, when you know what benefits can you reap with a job in accounting, you should know about the jobs you can be offered in this sector.
Broadly, the jobs for accountants and other professionals in this field fall under different categories, i.e., Public, Management and Government. They can be employed with these sectors as per the different job roles and eligibility criteria. Besides, you should also brief yourself about the varied positions you may be offered as accountants.
Auditing is a job that requires a regular check on the ledgers and financial statements. If we go back to the conventional era, this work was earlier done on the ledger books, whereas the systems are completely computerized. This is the basic step of accounting that lets a person get into the core to be capable enough to reach out to higher positions.
In accounting jobs, professionals are responsible for managing and preparing the company's financial plans and budgets. For these jobs, a person has to possess affluent quantitative skills so as to manage the numbers precisely.
Financial accountants are the people who manage the financial statements, besides playing a crucial role in the major financial decisions of the company. They are enriched with the deep understanding of concepts related to finance and accounts.
There exists a position called tax accountant, who is responsible for managing personal and corporate tax statements. They are experienced resources, who are involved in tax strategies of a company. These professionals are known to all the guidelines and laws and tax codes
Different accounting job roles
Types of Accounting Jobs
Accounting is mainly classified into three categories, i.e, Public, Management and Government. All of these have different sets of tasks for the accountants. The following brief about each one of them will help you know more about them.
This type of accounting involves management of client’s finances, besides book keeping, preparing taxes, auditing and maintaining financial statements. Public accountants may work for businesses, individuals, non profit organizations or any other entity. They manage their clients’ finances and help them prepare their budgets more precisely.
Under this branch of accounting, the professionals work for a specific company to manage their finances, budgets, taxes and other finance related tasks that are to be handled by an accountant. The management accountants are also involved in strategic planning, cost accounting and asset management. Besides, their job role also involves working in line with shareholders, creditor and tax authorities.
The government accountants manage the finances of federal, state and local government regulated bodies. Their job role involves handling book keeping, payroll, budgeting, managing revenues and expenditures. They also ensure that the government bodies they are working for, abide by the laws and regulations.