If you have ever thought of becoming an accountant, this article is for you! Many people who think about pursuing a career in accounting don't necessarily know what the're getting themselves into. Working with numbers is one thing, but being a full time accountant is way more complex and needs good time management skills overall. This article should help you understand what a day in the life as an accountant looks like, to be able to judge if this is really what you've always wanted to do. Also, I'm motivated to write this article to give a real life overview of what an accountant actually does on a day to day basis.
Being an accountant consists of doing many important tasks. However, there are different types of accountants. First of all, Internal Auditors spend their time reviewing paperwork, documents, and accounting procedures, and also engage in communication with various stakeholders such as executives, clients, and divisional auditors. Second of all, Personal Income Tax Accountants track clients income, make quarterly payments to government agencies, and handle the preparation and submission of paperwork for the tax returns, particularly during the busy period. Lastly, Corporate Tax Accountants are involved in corporate decision-making throughout the year, analyzing the tax implications of corporate investment policies, and advising other managers on tax planning issues. Each type of accountant has its own responsibilities.
In general, accountants have a wide variety of tasks. An accountant's role involves monitoring payments, financial standings, and the movement of capital or income for individual or institutional clients. They must possess strong number handling skills and also dedicate substantial time to scrutinizing others' work, particularly when delivering unfavorable updates or information. However, there are different types of accountants.
In the morning, an accountant typically starts his day with a quick review of their calendar and to-do list. This method helps them stay organized and manage their workload in an effective way. Also, they prioritize tasks based of deadlines and the needs of their clients or employer. Once they have a plan for the day, task like reviewing financial statements and reports or analyzing financial data are the priority. This involves having client and team meetings to discuss financial matters, provide updates, an address any concerns. This helps to build a strong relationship with the client and with their work colleagues. Towards lunchtime, accountants use their lunch break to network with other professional, attend corporate events, or participate in continuing education courses. Networking is essential to build a successful career. It keeps you up to date. In the afternoon, accountants often spend their afternoons analyzing financial data, identifying trends, and addressing any challenges that arise. As the day comes to a close, accountants often review their progress and update their to-do list for the following day. This helps them stay organized and ensure that they’re on track to meet deadlines and complete tasks efficiently.
Accountants can work in different environments depending on their interests. The ones who like more stability in the workplace tend to go for a corporate accounting job. The advantages of a corporate job are that your job is almost guaranteed, meaning it’s really hard to lose your job unless you do something that gets you fired. Also, you’ll more than likely get dental, health, or other types of insurance from your employer. However, the salary might not get exponentially high, meaning you’ll be well-paid but not any crazy amount of money. This brings me to the second type of work environment for accounting : having your own firm. This can be hard to start at first since you need to have a certain number of clients. But once you’ve been offering accounting services for a while, it gets very interesting money wise.
To pursue a career in accounting, most accounting firms typically require candidates to possess a bachelor’s degree in accounting, finance, or a related field. Employers often value candidates with strong computer skills or relevant work experience in data-intensive roles. Some applicants pursue a master's degree in business, accounting, or finance. A prevalent certification that accountants get early in their careers is the Certified Public Accountant (CPA) title, which involves passing a rigorous four-part exam. The CPA exam is increasingly favored over other certifications like Public Accountant (PA), Registered Public Accountant (RPA), or Accounting Practitioner’s (AP) exams.
The amount of money accountants can make ranges from around $60 000 (with 1-3 years of experience) to over $105 000 (with 8+ years of experience).
Accountants typically require additional training beyond their initial education to stay up-to-date with industry standards, regulations, and advancements in accounting practices. Many accountants are required to complete a certain number of hours of Continuing Professional Education each year to maintain their professional certifications, such as Certified Public Accountant (CPA) or Chartered Accountant (CA). Others choose to pursue advanced degrees, such as a Master of Accounting or a Master of Business Administration (MBA), to deepen their knowledge and expertise in accounting principles and practices. Also, Accountants often receive on-the-job training to familiarize themselves with specific software programs, company policies, and industry practices relevant to their roles.
Being an accountant is really safe to say the least. Working in an office and sitting behind a desk is not dangerous in any way. However, the worst scenario is when problems appear in the client relationship. For example, if a corrupt mobster hires me for my accounting services and bribes me or even threatens me it could get really bad really fast.
Artificial intelligence is getting more and more advanced within the years. While some tasks may become automated, accountants will likely still be needed for complex analysis, interpretation, and strategic decision-making. So, it's unlikely to fully replace accountants in the near future.
After all the years of experience, an accountant can retire at 65 years old if he wants his whole pension from the government.
In conclusion, being an accountant isn’t all about numbers. You need to have good time management skills and be able to work cooperatively with clients and colleagues. At the moment, I’m about to start university in the fall of 2024. My trajectory is to finish my bachelor’s degree in accounting in 3 years. Then, I’ll apply to become a Chartered Professional Accountant (CPA) and gain that title within a year and a half. Eventually. I’ll be working a nice corporate job that has many benefits and a great pay check. Who knows, I might open my own accounting firm one day. I hope this article had what you were looking for, and I wish you good luck in your future career.
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Rationale: to inform or educate
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