Careers In Accounting

Careers in accounting are attracting too many young professionals today as the industry evolves with time and makes enormous profits, which are the source of attraction for many young professionals (Law, 2010). Financial Accountants are considered scorekeepers who, multiple times a year, communicate the precise state of play inside a company to external stakeholders. They make an assessment of company accounts, budgets, and forecasts that are then used by decision-makers both inside and outside the company.

Thus, there are financial accounting professionals who are responsible for the public reporting of an organization’s financial status as required by law (Mueller, Carter & Ross-Smith, 2011). These professionals enjoy working in a way that involves the collection and maintenance of financial data to ensure the company is working smoothly. Accountants are also responsible for accounting services such as accounts payable, accounts receivable, and payroll making, along with the communication of this information within and outside the company. They also use this data to forecast trends that relate to future needs. The main responsibility of these accountants is related to the preparation of detailed financial statements. The duties then further extend when information is also extracted from these prepared financial statements, and this is communicated to desired stakeholders.

There is a crucial responsibility involved in a career that also makes it worth it to be adopted by young professionals. Different stakeholders use the company’s financial data to make predictions, and if this data is not authentic, then problems emerge, and the company’s image suffers. Thus, to perform these crucial tasks, diligent and capable accounts are required in both local and international markets.

There is a requirement to understand several industry standards for the professionals to effectively fulfill these assigned responsibilities by management and the whole industry. One industry standard to be followed is the accepted accounting principles (GAAP), which require a detailed understanding of the accounting procedures. Any information that does not conform to the standards cannot bring profit to the organization. The other is The International Financial Reporting Standards (IFRS), which, with the help of professional accountants, can develop consistent financial statements for businesses locally and all over the world. The most important skills that are required for professionals to meet this standard include making accurate financial statements.

Financial data is involved in every business setting, whether it is profitable or non-profitable. Therefore, this career is not specified for a single industry, but these professionals have the opportunity to work in a wide range of industries. These can be corporate along with different nonprofit industries (Uyar, Güngörmüs & Kuzey, 2011). Thus, accounts work to ensure the availability of financial information to internal and external stakeholders. However, these responsibilities vary depending upon the objectives and size of different business originations that require the management of financial data (Beyer et al., 2010). These professionals, thus in the local and international organizations, can not only prepare different financial statements and reports but can also have the opportunity to advise company leaders on different investment practices and strategies.

The financial statements are prepared quarterly and annually according to the standards set by law and companies. These have the duty of preparing and handling all the company’s financial data according to state and federal tax filing requirements. These also communicate the financial status and information of the company to external stakeholders that then, based on the information, decide on investment in the company. Based upon these responsibilities, there is an opportunity in this career to go for a finance manager position in an organization or work as a Financial Controller.

References

Law, P. K. (2010). Theory of Reasoned Action Model of Accounting Students’ Career Choice in Public Accounting Practices in the post-Enron. Journal of Applied Accounting Research, 11(1), 58-73.

Mueller, F., Carter, C., & Ross-Smith, A. (2011). Making sense of career in a Big Four accounting firm. Current Sociology, 59(4), 551-567.

Beyer, B., Herrmann, D., Meek, G. K., & Rapley, E. T. (2010). What it means to be an accounting professor: A concise career guide for doctoral students in accounting. Issues in Accounting Education, 25(2), 227-244.

Uyar, A., Güngörmüs, A. H., & Kuzey, C. (2011). Factors affecting students’ career choice in accounting: The case of A Turkish university. American Journal of Business Education, 4(10), 29.