The Accountant is the most important professional for a business, according to small business report. More than 89% of small business owners think their accountant provides valuable advice. And 60% of business owners think that they don’t have enough accounting knowledge.
Furthermore, when it comes to business job ranking, the accountant winsthe seventh position. It also wins the 42nd position withinthe top 100 job rankings.
The importance of an accountant is far more than one can realize. Here in this post, I will talk about what an accountant is, types of accounting, accounting implications, and how you can become an accountant.
So, let’s begin.
What is an accountant exactly?
Accountants are those who play with the money. They keep track of money and its flows. They also ensure the legality of money transitions. Their job is to make all money transaction clean and accurate. Also, provide useful advice for avoiding financial losses.
Accountants work for both individual people and large organizations. For larger organizations, they use to handle all money-related tasks. On the other hand, for the individual person, they use to provide financial advice, perform tax returns, audit bookkeeping, etc.
Though technology is developing day by day,the importance of accountants is not diminishing. Why? Because as long as money is there accountant is a must, and there is no sign, money is diminishing. That’s why the demand for accountants is increasing every day.
What does an accountant do?
How can you know the business’s financial conditions accurately? It is through an accountant. The accountant uses their skill such as finance, math, accounting, and law to bring the real financial picture of your business. Besides businesses, they can do the same for individual persons.
While investing in a company, investors use the accountant’s provided financial documents for making decisions.
If you want to get loans from banks, in this case, accountants help by readying required financial documents so that you can get the loan easily.
In a word, accountants provide solutions for money related issues.
Types of accounting
Accounting tasks are complex and need accurate performance every time. Otherwise, it will result in financial losses. For this reason, accountants provide the solution to their expertise field.
So, let’s see some major types of accounting;
As you can predict from its name, this type of accounting service is for the general public. But accountants need to be more professional in providing this type of service. In public accounting, accountants work with multiple industries. They actually work as a financial auditor. In this regard, they need to maintain a tight deadline. Compared to private accounting, public accounting is a hard job.
As you can understand from its name, this type of accounting is like one-to-one accounting. Accountants in this field used to provide service for a single industry. They are experts in a single industry.
It is a unique accounting field, and it is more complex than private and public accounting. In this field,the accountant used to create funds for the government, manage the expenditure of this fund for the government. Even it is used to calculate the overall economic capacity of a country.
This field is considered to be the most known accounting field. This field aims to provide advice for taxation so that people/business can solve their tax burden.
Why should you become an accountant?
Accounting is boring!
It may be true for some people, but there are great reasons for becoming an accountant.
So, what are those interesting facts about accounting?
Do you know what the common misconception of accounting is? People think that they need to be a math genius in order to become an accountant. It’s not true at all, you may need to work with numbers most of the time, but this doesn’t mean you must be a math genius as the software handles today’s most of the numeric tasks.
What is your opinion on $68k per year? This is the amount you will earn as an accountant. Even you don’t need to acquire any major certification for this amount of salary. You can earn more with higher-level degrees.
It is a recession-proof field. Yes, you’re reading right. This field is almost 100% recession-proof. Even your demand will rise in the recession.Because in the recession, people will want to use their money more efficiently.
So, want to know how to become an accountant?
Let’s start learning;
Step by step process for becoming an accountant
Becoming an Accountant is not that hard. With the right education and practices, you can become an accountant easily. Here are the steps you need to follow for becoming an accountant;
Step one: Acquire the right degrees
The first step of becoming an accountant is to acquire the right degrees. With a bachelor’s degree in accounting, you can start your carrier as an Accountants. But if you want to become a CPA, then you need to ensure more things. Some places require academic knowledge of accounting, math, and economics for CPA.
Don’t worry! You can do a lot with an undergraduate accounting degree. Then you can expand your qualifications.
Step two: Choose your specialty
I already told you about the different types of accounting. Accounting is a highly professional job. That’s why you must choose your specialty in one field. It’s up to you, choose a field you think will be enjoyable for you.
Step three: Work in an entry-level position to get some experience
What is the common fact in job opportunities?
Experience, Experience, and Experience!
This is what most of the companies will ask for recruiting.
That’s why you need to get into an entry-level position before completing your undergraduate degree. It is better to complete an internship in accounting firms. It will fill some experience gaps.
Plus, you can open profileson professional social sites like LinkedIn. There isa lot of job offerson LinkedIn. It can be a great way to land your first professional job.
Step Four: Search for higher degrees
Now, you have a job, and it’s time to have some fun. Yes, you enjoy it, but you should not sit idle. You should look for higher degrees if you want to move to the next place. You can earn different certifications in accounting and continue your post-graduate studies in accounting.
Here I discussed accounting, its types, its implications, and its importance as a career. Also, I provided a step-by-step process for becoming an accountant. Will you become an accountant, or already decided? Let me know about that in the comment box below.