How to Become an Accountant in 2017

How to Become an Accountant in 2017How to Become an Accountant in 2017 Accounting is a dynamic career option. An accountant is just as important for large companies as it is for sole traders. The field of accounting is vast, and it can come as a surprise to many people how many different avenues it offers for professional development.Accounting is the process of producing financial information about a business or an individual. This information is recorded, summarized, sngered and then communicated to relevant authorities.But accountants dont exist in a vacuum. They need skills in the field of information technology, something that is increasingly important in a digital world. An accountant also needs to understand financial law, how to produce and interpret statistics, and other complex information. They must have an in-depth understanding of business and economics . An accountant will often have knowledge specific to the business sector that he or she works in, s uch as retail or industry. Accountants offer a range of financial services to anyone who needs help to keep their financial affairs in order, some areas of which are considered specialist.Companies, public bodies and government departments have many legal and financial obligations to meet. As well as preparing financial statements within their own financial departments, a business may also work with an accountant or accounting practice to produce annual financial records.An auditor is an external accountant who checks unterstellung financial records for accuracy. This is not necessarily due to wrong doing, but rather is an external process that can streamline how the firm or agency keeps accurate financial records. They also check that a companys accounting processes are up to standard.Auditors spend a lot of time on site with their clients, working in different locations. This is not a role suitable for everyone.Auditors are objective , and they must sometimes be critical of fina ncial processes. Their presence can be an intrusive interruption, and so they are not always welcomed. As an auditor, an accountant is expected to be polite, reasonable and tactful. Being a Financial or External AuditorTo be an external auditor, you will first need to be a registered chartered accountant. This means you will likely have to have a degree in accounting or a relevant financial field. You will also need to complete the National Audit Offices 3-year auditing course. If you are organized and meticulous and enjoy things kept neat and tidy, financial accounting could be the right choice for you.Financial accounting is the traditional view of accounting, the one that people fruchtwein associate with the field in general. This is the book-keeping side of accounting, the columns and ledgers of numbers. An accountant must ensure that financial reports for stakeholders are easy to read with financial information presented clearly.Every company has a different way of keeping the ir finances in order, from the financial software they use to how they gather and process financial information. It is the accountants job to ensure that accurate records are kept, and then this financial information can be transcribed and interpreted alongside legal issues and compliance guidelines. In some companies, the accountant is important in streamlining these processes, and they then have a larger say on the budget and how money is spent. To be an accountant of this kind, you may be surprised to learn that experience is more important that an accounting degree. Keep the following the guide to find out why.Are you strategic and ambitious? If so, management accounting may be the ideal choice for you.Management accounting is similar to financial accounting in many ways. It still involves tracking the companys financial position, but a management accountant also produces reports that are used internally.In essence, management accounting is not just about producing figures it is also about interpreting trends, making predictions and forecasts, both financially and non-financially. Do you have what it takes to work at this level?Tax accounting is all about tax liabilities in other words, how much tax is owed to the government.Self-employed or employed, we all have tax liabilities. For a company or organization, the tax picture can be much more complex.Tax rules continually change, and as a tax accountant you are expected to interpret these and apply new rulings to the companys (or an individuals) finances.A tax account will often work with companies and small businesses, as well as with individuals. They will interpret complex information and solve problems. Does this sound like the type of accounting you would like to do?Forensic accountants are like financial detectives , investigating financial crimes such as fraud and embezzlement. They use accounting techniques to detect and solve financial crimes that can be complex and far-reaching.Fraud, theft , embezzlement and other financial-related crimes happen all the time, costing companies, governments, charities, businesses of all kinds and taxpayers thousands of pounds in lost revenue every year. If you have an interest in law and are analytical and logical in your approach, forensic accounting could be for you.Most forensic accountants are qualified accountants with many years of experience who have chosen to specialize in this field. However, there are now some universities offering specialist forensic accounting degree courses, as well as post-graduate courses.You will need a key eye for detail, as well as well-developed detective skills that will help you to see through elaborate scams and fraudulent behavior. Other Specialist Areas of Accounting WorkAccountants can explore and specialize in all kinds of financial work, including project accounting , insolvency, internal audits and government accounting .With so many specialisms, it is no surprise that accounting is s een as a dynamic career, and it is an increasingly popular choice with many people. Heres how to go about becoming an accountant in this day and ageBecoming an accountant demands a high level of concentration, along with an ability to focus on detail for long periods of time. With the right qualifications, you can enjoy many avenues of accounting work. Accounting is open to anyone, from school leavers to graduates, and to people of all ages.For example in the UK, at GCSE level and A-Level education, you will need to show you have a high level of academic ability. In most cases, there are no prerequisites required to study accounting courses. Qualifications in maths, economics, business studies or basic accounting courses can be beneficial. You dont need a degree in accounting to be an accountant, but accountants are coming to the market with increasingly sophisticated accounting degrees. Some accountants know which areas they want to specialize in before they begin to practic e, and so they take a degree in this area.An accounting and financial degree are useful if you want to work asAccounting degrees can also be useful for jobs such asMany people study to become accountants by working alongside private clients and larger companies to gather experience alongside qualifications.As with qualifications in all sectors and industries, qualifications should have a recognized accreditation process. This shows profil clients and employers that your range of skills and qualifications have value. In other words, you have the accounting, budgeting and analytical skills that they need. There are many avenues open to you when it comes to gaining accounting qualifications, from attending a local college to online & distance learning accounting courses . Online courses allow you to study at your own pace, at a time and place which is comfortable for you. Many people come to accounting from different backgrounds, often studying accounting qualifications whilst workin g at their day job. For example, bookkeepers will often use accounting for their career progression. Other people who want a change in career will study a new profession at home in their own time.2 Continuing Professional DevelopmentFinancial accounting rules, regulations and guidelines are constantly changing to address our constantly changing world.The biggest impact on how companies and individuals keep accounts has been the invention of the computer and sophisticated software, followed by the digital revolution.At one time, a business accountant was responsible for the payroll, physically giving out wage packets at the end of the week.Now, many of these processes are completed electronically, with an accountant and bookkeeper overseeing the payroll, as well as paying invoices and bills.Credit control is also an important part of an accounting role with some businesses. This means they are managing the cash flow into and out of a business. An accountant will have other profes sionals who help them complete these tasks, such as a bookkeeper or accounting assistant. Many people use these openings as the first step on the ladder to becoming a fully-fledged accountant, using the experience to back up their qualifications.Accountants must understand the important of staying relevant with their qualifications, completing courses that see them specialize in widely used software and processes, such as Sage Accounting . Many accountants also take on a philanthropic approach by volunteering their services as a professional to local and national charities. In recent years, the increase of people in debt has meant that many charities struggle to assist all of people in need of their services. Accountants can help.Debt counseling is the process of managing debt, dealing with creditors and maximizing income over expenditure. Many accountants work with charities to help people whose lives are crippled with debt.Accounting is an active field of work. You need to show potential employers that you not only have the right mix of qualifications and skills, but the right mix of experience too. Initially, this means getting a wide range of experience. As well as work experience with businesses and organizations, charities and community organizations will also welcome your financial skills in a voluntary way. In exchange, they will often provide you with a reference to highlight the key skills you have shown whilst volunteering on their project. It is perfectly feasible to enjoy a long-lasting and widely varying career as a self employed accountant or by managing your own accounting practice.If you want to specialize, you will need to start the processesbyFrom a basic accounting qualification, you can acquire all kinds of specialtiesthat place an increasing value on your skills and abilities.Although qualifications are important, most accountants would stress that accounting is an experienced-based profession. This means gaining knowledge and skills th rough working with the financial information of individuals, as well as with larger firms and organizations.That said, the world of accounting is changing. The digital era is upon us and accountants must now adapt to working online with complex financial software. Do you have what it takes to be an accountant?A version of this article was originally published by NCC Home Learning . Edited and reprinted with permission.