Despite popular belief, an accounting profession may entail considerably more than sifting through stacks of receipts or dealing with tax returns all day. If filling out tax forms isn’t your thing, there’s good news – the field of accounting has expanded—becoming an accountant doesn’t mean you’ll spend every year calculating people’s deductions (although managing tax returns is still a very important role for most accountant positions). And whether the business is large or small, one needs a bookkeeper to make notes of every income and expense. This career is growing, and it offers interested persons the chance to work in a variety of intriguing sectors, each with its own set of earnings possibilities.
If you are curious, just go through with the following types of accountants who specialises in areas other than just taxes.
A staff accountant is an excellent choice for someone with a bachelor’s degree in accounting who wishes to work in a variety of settings. Staff accountants create financial reports and analyse financial data under the supervision of a CPA. A staff accountant may also be entrusted with managing accounts payable and receivable, preparing a budget, and reconciling bank accounts, depending on the size of the firm. Staff accountants are often responsible for ensuring that the company complies with financial rules that apply to their sector. As staff accountant gains experience in a particular business, they may be asked to develop financial predictions.
Certified Public Accountant
Certified public accountants (CPAs) are most recognised for their work with federal and state taxes, but they handle a lot more. A CPA may be employed to supervise an organization’s staff accountants in numerous sectors. Because a CPA has completed a rigorous, targeted education that included passing specialised tests, they are frequently referred to be a company’s financial advisor. They could also be in charge of audits or evaluations. CPAs can specialise in a variety of subjects, including forensic accounting.
A job as an investment accountant is another fantastic accounting choice outside of the tax field. An investment accountant works in the financial sector, typically for a brokerage or asset management business. They must understand not just the fundamentals of accounting (such as how particular assets and investments may affect a client’s taxes), but also the organization’s investment potential. The investment accountant is frequently in charge of ensuring that the company complies with state and federal legislation that affects the business. They could also be able to assist the firm with its financial plan.
Project accountants are specialised accountants who are contracted to work on specific projects. They may be a long-term employee or a contractor brought in particularly to handle one specific purpose, depending on the company for which they are employed. Of course, a positive working relationship for a single project might lead to recurring business and referrals. Project accountants are in charge of overseeing all aspects of the project. Preparing invoices, collecting invoices, authorising costs, approving billable hours supplied by others, establishing and monitoring project budgets, and assisting in the completion of the project by the deadline are all examples of this.
Auditors make sure that businesses are properly recording their financial data. Many sectors mandate that businesses operating within them do at least one annual external audit, conducted by someone who is not an employee. Financial statements, account books, accounting systems, and fiscal records are all examined by auditors to ensure that the company is following all applicable financial requirements. They also provide suggestions to the organisation if there are concerns that need to be addressed or to assist prevent future problems.
A cost accountant’s aim, like that of a project accountant, is to guarantee that cost efficiency is accomplished. A cost accountant, on the other hand, is frequently employed on a project-by-project basis by companies that need help managing their supply chain profitability and budgets. Labour expenses, material costs, transportation costs, manufacturing costs, and other costs linked with the supply chain are all examined by cost accountants. The goal of their work is to discover places where efficiency might be improved.
A management accountant examines a firm’s financial situation and how it may affect the company. The management account may then offer specific advice on how to enhance the financial health of the company. Budgeting, external financial reporting, risk management, and profitability evaluations are all tasks that management accountants conduct. They also take into consideration the changes in the financial management system to get a proper overview ongoing workings of the company. A management accountant must also possess the interpersonal and professional abilities necessary to communicate their data to executives in a clear and intelligible manner.
Individuals with an accounting degree who want to pursue something else with their degree may find a rewarding and successful job as a financial advisor. Individuals and corporations both benefit from financial advisors’ investing and financial planning services. A financial advisor’s purpose is similar to that of a CPA – to help their clients better their financial situation. Financial advisors meet with their customers, devise programmes to help them achieve their financial objectives, and follow up with them over time to make adjustments as needed. Business financial advisors will examine the company’s financial statements and other data to decide how best to enhance the company’s financial position.
Whether you want to pursue the field of accounting or you have a business and want to know about accounting aspects, the above-mentioned types will give you a clear idea.