Majoring in accounting can open many doors for your future. Students entering the accounting field has grown in the past couple years. So why do people become accountants and why are accountants so successful? Accounting firms are looking for young accounting majors, they are recruiting and offering scholarships and signing bonuses to college graduates. Josee Rose from the Wall Street Journal said that “According to the National Association of Colleges and Employer’s 2008 job-outlook survey, accounting is the No. 1 bachelor’s degree in demand by employers.” Even with the economy in its place right now there is still demand for new accountants.
Accounting is considered the language of business and accounting shows how businesses are doing and what needs help. There are many different positions that an accountant can hold. They can become a public accountant, who provide auditing, tax, accounting and consulting services to businesses and individuals, public accountants can be in a firm or by working for themselves. Areas in public accounting include auditing which is the most important function of being a CPA, a large percentage of time in firms is spent auditing. Accounting and review services consist of maintaining accounting records to performing compilation. CPA firms do numerous of the taxes for many companies and individual clients. They prepare and review tax returns, tax planning and tax litigation. CPAs also do management services; which consists of consulting or management advisory services. This can include computer systems, management information systems, marketing, executive recruiting, personal financial planning, and budgeting techniques. There are so many jobs within accounting and so many different options for accounting majors.
Accountants can also be private industry accountants. In private accounting you work for one company and learn and work for that company only. They prepare all the financial information and budgets for that company. Accountants can also receive the Certificate in Management Accounting; although it is not required it is respected and gives you high credentials. There is the Certified Internal Auditor which includes a 14 hour exam. Also you can go into government and non-for-profit accounting; government accountants monitor the appropriation of funds and awarding of contracts to private agencies that must follow governmental regulations.
Accounting can include a regular day at the office or it can be traveling to different companies to audit or even seven day weeks. Duties of an accountant can include, analyzing company budget, expenses and revenue, overseeing bookkeeping and payroll, figuring company benefits, auditing, managing bank accounts and investments, preparing profit and loss statements, compiling and analyzing financial information, explaining billing invoices and accounting policies, and supervising the input and handling of financial data and reports. Since accounting information is very time sensitive it needs to be processed in a timely fashion. Accountants may work by themselves or in groups. Accounting is constantly changing due to technology, recently accounting was all computerized and now is easier to understand and report.
Accounting and Finance professionals are taking a more prominent role in driving the direction of business practices of the companies and facilities they work for. They are increasingly being viewed as business partners. They are needed to analyze the conversions of their company’s technologies, establish practices that will increase cost efficiency and point managers in the direction of making decisions that will enhance profits and reduce losses.
The CPA title is the biggest credential for accounting professionals, having a CPA accreditation is a common prerequisite for positions. Companies are looking for professionals with experience and are familiar with general accounting principles like general ledger, account reconciliation, financial statement preparation and financial analysis. Also having knowledge about new technologies and knowing how to work new programs is the key to getting hired.. Managers are looking everywhere for qualified individuals for the right job. These managers are also trying to find the perfect match for their company and are investing a lot into the hiring process.
The growth in this field is increasing at a huge rate and becoming more and more competitive. Even though the economy is suffering right now there are still positions open for new accountants.
Contact Kilcoyne Accountants today for all things accounting.