Careers in accounting are attracting too many young professionals today as the industry is evolving with time and making enormous profits that are the source of attraction for many young professional (Law, 2010). Financial Accountants are considered as the scorekeepers that multiple times a year, communicate the precise state-of-play inside a company to external stakeholders. They make an assessment of company accounts, its budgets, and forecasts that is then used by decision-makers both inside and outside the company.
Thus, there are financial accounting professionals that have the responsibility for the public reporting of an organization’s financial status as required by law (Mueller, Carter & Ross-Smith, 2011). These professionals enjoy working that involves the collection and maintenance of financial data to ensure the company working smoothly. Accountants are also responsible for accounting services as accounts payable, accounts receivable as well as payroll making along with the communication of this information within the company and outside the company. These also use this data for making forecasting and rends that relate to the future needs. The main responsibility of these accountants is related to the preparation of detailed financial statements. The duties then further extend with when information is also extracted from these prepared financial statements, and this is communicated to desired stakeholders.
There is a crucial responsibility involves a career that also makes it worth to be adopted by the young professionals. Different stakeholders use the financial data of the company to make predictions, and if this data is not authentic then problems emerge, and companies image also suffers. Thus, to perform these crucial tasks, there is a requirement of diligent and capable accounts both in local and international markets.
There is a requirement of understanding of several industry standards for the professionals to effectively fulfill these assigned responsible by management and the whole industry. One industry standard to be followed is Accepted Accounting Principles (GAAP) that requites the detailed understanding of the accounting procedures, and any information that is not according to the standards cannot bring profit for the organization. The other is The International Financial Reporting Standards (IFRS) with the help of with professional accountants can develop consistent financial statements for businesses locally and all over the world. The most important skills that are required for professionals for this standard includes making accurate financial statements.
Financial data is involved in every business-setting whether it is profitable and 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 of ensue 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 are requiring the management of financial data (Beyer et al., 2010). These professionals thus in the local and international organization can not only prepare different financial statements and reports, but these can also have the opportunity of advising company leaders on different investment practices and strategies.
The financial statements are prepared quarterly and annually and according to the set standards by law and companies. These have the duty of prepare and handle all the financial data of the company according to the state and federal tax filing requirements. These also communicate the financial status and information of the company with 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 finance manager position in an organization or work as 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.
