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Who is a Accountant?
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money ~ Robert Kiyoski
As an accountant, one is required to focus on managing the account books and look after key financial statements such as balance sheets and profit and loss accounts. In some roles, accountants are also required to conduct audits, prepare tax-related reports and offer financial insights to support business decisions.
The individual is also handles tasks such as payroll processing, calculating taxes, and supervising daily transactions. One of the key responsibilities of an accountant is to ensure that the records are accurate, complete and according to the rules.
Accountant in a Nutshell
The primary responsibility of an accountant is to maintain and review financial records to ensure accuracy and legal compliance. They prepare financial statements, conduct audits, and offer support when it comes to tax planning and financial management. Accountants work in private companies, corporate organisations and government departments. The role has also been evolving due to the extensive use of technology and automation.
Quick Facts for Accountant
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Industry
Finance
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Average Salary in India
₹23743
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Suitable for
Male, Female, Others
People of any gender can become an accountant. It is an office-based role, and there aren't any physical restrictions; it is suitable for anyone who has the required qualifications.
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Any special needs
Yes
People with special needs can pursue this career. As long as the condition does not affect the job functions, individuals with special needs can become accountants.
Table of Contents for Accountant
What is the role of Accountant?
Individuals who opt for a career as an accountant create financial statements and maintain the financial records of a company/firm or a business. Individuals in an accountant career are responsible for keeping a record of a company’s profit and loss figures in a detailed manner. It should be done in such a way that it helps the management to make better decisions.
Company accountants also help external auditors by providing them with the necessary details and related information. These days accountants' careers in India use various accounting software that helps in gathering and maintaining financial information.
Accountants collect and maintain the organisation’s financial records in compliance with lawful and accepted procedures.
Accountants prepare financial reports which are often used by the management for the development and implementation of the financial policies of the company.
They are also responsible for making sure that all the financial reporting deadlines are met.
They give financial advice on business operations such as revenue trends, financial commitments, and future revenue expectations.
In case there are financial irregularities or discrepancies, accountants analyse financial data to overcome these problems.
Also check in details - Accountant Job Description & Roles and Responsibilities
Types of a Accountant
There are several types of accountant such as management accountants, forensic accountants, and cost accountants. To become a certified accountant one needs to pass professional exams which we will discuss later. Below we have mentioned the types of accountants related to accounting and finance.
Certified Management Accountant: A Certified Management Accountant is a person who supports big organisations and high-value individuals with various financial aspects such as taxation and the planning of financial statements. Some of the tasks performed by CPS are studying financial records, preparing tax forms and overseeing audits. It is compulsory for CPAs to have an accounting degree and a CPA certification.
Forensic accountants: Forensic accountants are a type of certified public accountants who examine financial records and statements that can further be used as evidence. Generally, forensic accountants were assisted in disapproving fake claims and other policies. They can also work on business disputes, divorces, and fraudulent financial cases.
Management Accountants: Management accountants are those accountants who help to keep the financial books of big organisations. They often help business managers by assisting them in making business decisions by telling them about the financial implications of business decisions. They also prepare reports, financial statements, conduct internal audits, and supervise a team of accounting technicians.
Cost Accountant: Cost accountants assist business houses by overseeing, studying, and analysing cost expenditures and purchases within the organisation. They review services and goods, record data and make recommendations about cost-efficient and financially feasible cost options.
Investment accountant: Investment accountants help in preparing monthly investment reconciliations and ensure that there is a timely distribution of the reports and is presented accurately to the top management of the company. They also study various financial activities and make recommendations accordingly. They might also work or pursue a career as investment bankers as well.
What is the workplace/work environment of Accountant like?
In most cases, accountants work in an office environment; however, there can be instances where remote work may be allowed. It all depends on the employer, job role, and client needs. CPAs work at local, regional or national levels, while others might be employed in banks and financial institutions. A small business might hire a single accountant for all tasks, whereas larger businesses and organisations have dedicated accounts departments to help manage bookkeeping and major financial operations.
Does Accountant require travelling?
Likely
If an accountant has multiple clients, then there might be a need for travel to meet them or to review files and records on-site. In most cases, accountants work from an office setup. Those who work as auditors travel more.
Time Pressure
Likely
Under normal circumstances, there is not much work pressure. However, during tax season or the end of the financial year, overtime is common. During these times, there is tremendous amounts of work pressure which is primarily due to pending files and reviews, which in turn leads to longer working hours and tighter schedules.
How to become a Accountant?
Steps to become a Accountant
If you are someone who is interested in dealing with payments and receipts, tax computation and accounts then a career as an Accountant is the best option for you. If you are someone interested in maintaining and analysing financial records, then you must opt for an accountant career. We have mentioned below the steps for how to become an Accountant in India or how to become an accountant after 12th.
What are the skills and qualities required to become a/an Accountant?
An individual is required to develop strong command on soft skills along with the technical skills, as these skills play a crucial role to function as an accountant. Below we have explained all the necessary soft skills which are required to become a successful accountant.
Adaptability: Individuals feel anxious when challenged with numerous challenges, but having the adaptability and recognising possible alternatives allows the best Chartered accountants to adapt to change. The accounting industry is highly dynamic and with technology bringing constant change, accountants need to be able to adapt quickly and react to whatever curveball is thrown at them.
Leadership: Individuals in the accounting career are often seen as financial leaders who determine the growth strategy and productivity of the companies they represent. Leadership capabilities in accounting jobs may include strategic thinking and long-term planning. An accountant has to reconcile being a role model while also being part of the team and the individual in charge.
Organisational Skills: Accountants must remain aware of all statistics, documentation and paperwork. They need a system for quickly finding the information they need. In order to maximise productivity, accountants should be able to organise their work and allow time for undisturbed research and analysis.
Honesty: Honesty is highly valued in the accounting world and an accountant must be honest. Honesty and transparency play a very significant role in accounting, as they allow businesses to rely on the information they provide about the businesses they are engaged in. Accounting authenticity is the key element of the occupation that enables financial decision-makers to make the right decisions.
Communication Skills: In a career as an accountant, individuals should be capable of communicating complicated facts in ways that are accessible to all. To do so requires not just excellent communication skills but also client awareness. A successful communicator will convey his or her statement through trust and importance. Obviously, accountants need to be able to interact and work with various departmental colleagues. Communication is also essential to the establishment of effective customer relations.
Attention to Detail: Individuals who opt for a career as an accountant are considered accountable for ensuring accuracy and preventing mistakes at the time of planning the financial statements and revenue statements. He or she needs to make sure numbers work and are right. An eye for detail and due diligence for accuracy should be part of their daily routine.
Time Management: In a career as an accountant, an individual's work responsibilities can increase quickly, specifically throughout the financial year ending with deadlines. A workload management solution is only useful if the accountant knows how to organise the time. The ability to work within time limits and continuously re-prioritize to-do lists will take a career as an accountant a long way.
Which certifications and internships can be helpful in becoming Accountant?
Certifications related to accounting play an important role in developing skills and knowledge about accounting. While completing a certification is not mandatory but it is recommended for an individual pursuing his or her graduation to complete certification as it will be an added advantage. We have given the list of best certifications related to accounting and finance.
Executive Development Program in Advanced Financial Management
Professional Certificate Program in Applied Financial Risk Management
Internship Availability
An accounting internship is a period of work experience offered by an organisation for trainee accountants to develop accounting skills and learn from senior accountants. Accountants' careers have the opportunity to learn and gain first-hand experience in a real accounting department or an accounting firm.
Individuals in the accountant career help perform research, prepare financial reports, and assist with reconciling accounts and other duties, as needed. There are huge options available for the interns in order to get a hand on the work that they would be performing in their long accounting careers ahead of them. Accounting internships are provided by numerous firms depending on the requirements of the firm.
Accountant Jobs and Salaries
Senior Accountant
Permanent
- Average Salary 29786
Job Description
The Accountant job description includes reconciling account and bank balances, preparing the general ledger of the company, and producing month-end close procedures. A senior accountant is also responsible for managing a team of junior accountants and ensuring the bank payments are done on time and publishing the financial statements on time.
Salary Description
The estimated Accountant salary in India ranges from Rs 2.2 Lakhs to Rs 8.6 Lakhs with an average annual salary of Rs 4.0 Lakhs per annum. Senior Accountant Analyst salary may vary depending on the various job factors.
Salary Source: AmbitionBox
Junior Accountant
- Average Salary 17700
Job Description
The Junior Accountant job description includes preparing, filing and paying taxes. A Junior Accountant analyses trends and financial data and makes budgets.
Salary Description
An entry-level Accountant salary in India ranges between Rs 0.2 Lakhs to Rs 3.6 Lakhs with an average annual salary of Rs 2.0 Lakhs per annum. Junior Accountant in India may vary depending on the various job factors like the skills and experience of the candidates, job location, and others.
Salary Source: AmbitionBox
What is the job outlook for Accountant?
Accountants are required by organisations to manage their financial records. The scope of accounting is vast and covers sectors such as business, trade, government, financial institutions, and even individual and family finance management. They are responsible for auditing, taxation, and accounting services and financial reporting. With businesses expanding rapidly across industries, there are several growth opportunities for aspiring accountants.
Frequently Asked Questions for Accountant
Que. How to become chartered accountant after bcom?
Ans.To become a chartered accountant after B.Com, you need to pursue a CA Foundation course, an Intermediate course, Integrated Course on Information Technology and Soft Skills, Articleship, and a Final Course.
Que. What are some of the job roles of an accountant?
Ans.As an accountant, an inidividual is required to perform a variety of job roles such as summarizing current financial status by collecting information; preparing balance sheet, profit, and loss statement, and other reports. Substantiates financial transactions by auditing documents. Maintains accounting controls by preparing and recommending policies and procedures.
Que. What skills do you need to be an accountant?
Ans.Some of the key soft skills for chartered accountants are adaptability, leadership, excellent organisation, openness, communication, attention to detail and time management. Along with this proficiency in accounting tools and software like quick books are essential.
Que. Can I work as an accountant without a CPA?
Ans.With accounting, being a personal accountant is pretty much impossible without a CPA, and most accountant jobs are either extensions of being a CPA or being a CPA is how you get to them.
Que. What is the lowest position in accounting?
Ans.The entry level incorporates the lowest level in the accounting career hierarchy. They normally are the professionals who work under the supervision of middle-level accounting professionals. They perform executive-level work for their professionals.
Que. How many years to become an accountant?
Ans.Approximately, it takes a minimum of 5 years to complete a CA course as it includes articleship of 2 years. Although it depends on individual preparation level and number of attempts taken to clear each level of CA course.
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Did you know?
Fact 1
Accounting dates back to 3000 BC in Mesopotamia for tracking trade and goods.
Fact 2
Luca Pacioli's 1494 work introduced double-entry bookkeeping.
Fact 3
The earliest Indian accounting records, Bahi-Khata, date back to the 11th century.
Fact 4
Over 2 million accountants work in the U.S. as of 2022.
Fact 5
India has 8 lakh Chartered Accountants, with ICAI being the second-largest global body.
