He plays a significant role in the decision making process of an … The bean counter stereotype that once characterized the accounting industry is no more. When you think of an accountant, perhaps you visualize someone fairly geeky who does nothing but crunch numbers all day, his or her hand a blur on the adding machine. The chartered accountant designation is given to accounting professionals in many countries around the world outside of the USA. There are various types of accountants, depending on their area of specialization. All of the larger accounting firms have specialist forensic accounting departments and within these groups, there may be even more sub-specializations. What does it take to become an accountant? Investment accounting, portfolio accounting or securities accounting - all synonyms the describe the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. An accountant is essential to all companies to gather fiscal information, to review and analyze the same and to prepare reports based on it. This information forms the basis of a company's report and legal filing reports. In summary, an accountant will create the financial statements for the company, and the auditor will look the financial statements over to make sure they are accurate. The American Institute of Certified Public Accountants (AICPA) defines accounting as: "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof". Planning of Accounting Function. Accountants make sure all money transactions are accurate and that all these transactions are legal by following up-to-date guidelines. The following are accounting certifications and professional designations in the United States: Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Financial Manager (CFM), Certified Fraud Examiner (CFE), Certified Financial Planner (CFP), Certified Internal Auditor (CIA), Enrolled Agent (EA), Certified Government Financial Manager (CGFM). That image is a thing of the past. General responsibilities shared by all public accountants include preparing and verifying vital financial documents, analyzing budgets and planning finances. Your email address will not be published. Certified Public Accountant They also advise insurance companies how much to charge in premiums and which customers to insure. Yet each will perform different business functions, and will serve different purposes. Here are some of the duties that an accountant may have: Public Accounting - Use our Job Search Tool to sort through over 2 million real jobs. They provide a range of tax-related services, such as: Preparing tax returns. An accountant is usually an employee of the company for which they work, and the work done by an accountant is done on a daily basis. While both an accountant and an auditor are responsible for the accounting processes of a company, there are some differences between the two professions. Hiring Junior Accountant job description Post this Junior Accountant job description job ad to 18+ free job boards with one submission. Start a free Workable trial and post your ad on the most popular job … In order to perform accounting functions well, discipline and training is required. Their duties can involve overseeing accountants or other professionals who work in the financial department of their company. AAT includes three levels, from Level 2, which provides a grounding in basic accounting topic… They can work full-time for a company, or on a contractual basis to do the books or tax returns. An accountant is an important and essential position in any company. They must abide by the conventions and regulations of financial reporting. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for … Investment Accounting - The job is to keep the records and prepare the reports, which may be authorized by or under the jurisdiction of a court of law. As indicated earlier, this can vary a lot depending on the company itself and their job description. More specifically, an accountant keeps accurate business transactions in ledgers and then records them on financial statements monthly, quarterly and yearly. Certified Management Accountant In general, an accounting clerk takes care of basic office tasks … Your email address will not be published. Attention to detail and an aptitude for maths are obviously key attributes – but professional qualifications are also essential. In order to juggle all the responsibilities of classes, study, work experience, and other commitments, it is extremely important to be focused and organized. Attend various workshops, with the view of improving performance and contributes to team effort. People who pursue this career path generally have an investigative mindset; they enjoy digging for the source of an accounting discrepancy and feel rewarded when they resolve such mysteries. The double-entry system of accounting is used, the same as conventional accounting. However, if you prefer to be on the front line, making decisions and/or creating something exciting, you may want to look at a different career. Every company, be it a small start-up or a multi-billion-dollar organization, it would always require an accountant. The tasks involved in this career are much more diverse than many people think. This would be an accounting service to the general public, and is thought to be more professional than private accounting. And they must consistently use their analytical skills to investigate budgets and accounting discrepancies. Forensic accounting looks at issues that result from actual or anticipated disputes or litigation. Exempt Vs. Non-Exempt Accounting Roles. Someone interested in getting a degree in accounting needs to be self-motivated and self-disciplined. They will provide the statistical probability of a future event occurring (such as accidents or natural disasters), and advise managers on how to reduce any likely financial impact of adverse events. Accountants form a key component of any company’s success in any niche. Would you make a good accountant? Chartered Professional Accountant The exact work to be performed depends upon the specialization of an accountant … This type of accounting is done by a trustee, executor, or administrator. With their financial records can even claim that they form an integral part of the larger accounting have! 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