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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
In a career as an accountant, individuals deal with the financial aspects of any firm or company computing the salaries, dealing with payments and receipts, tax computation and more. A person who maintains and analyses financial records is known as an accountant. Accountants handle a wide range of financial activities for both their individual clients and their businesses. An accountant works responsibility primarily involves tasks related to accountancy such as handling the bookkeeping of a company and preparing financial documents such as profit and loss statements, and balance sheets.
In certain cases, accountants also do auditing books, prepare financial reports for taxation purposes, and look after the other financial information that helps in running the business. Students can study for Bachelor of Commerce, and Bachelor of Business Administration to become an accountant. Here, we will discuss the details of accounting careers, such as career fields in accounting, the scope of an accountant, how to become an accountant in India, and alternative careers for accountants.
Accountant in a Nutshell
Individuals who opt for a career as an accountant maintain accounts of a variety of small or medium businesses. Some of the general duties of an accountant are summarizing the financial status by collecting information, preparing balance sheets, profit, and loss statements. Students can study Master of Commerce, Master of Business Administration to become an accountant. Those interested in accountant careers in India are required to be sharp and precise.
Quick Facts for Accountant
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Industry
Finance
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Average Salary in India
₹33000
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Suitable for
Male, Female, Others
A Career as an accountant is not restricted to any particular gender. Since accountant jobs are mostly desk oriented and not restrictive in any form, anyone can take it up. Accountants can be women, men or other genders. Any person with the right eligibility can become an accountant.
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Any special needs
Yes
Yes, people with special needs can also become accountants. Those who are interested in making a career as an accountant, need not worry about their special needs, as long as it does not interfere with their functioning. With most firms and companies being computerised, people with special needs can also take an accountant's job with a bit of training. They might require a work environment which is friendly towards their needs and increasingly a lot of companies and firms are accommodating in this regard.
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. While accountants are of different types, the expertise required for each kind of account job differs. The qualification also varies with the nature of the accounting job. 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.
Financial data management
It is the prime responsibility of an accountant to collect and maintain the organisation’s financial data. An accountant makes sure that the storage of financial records is in compliance with lawful and accepted procedures.
Financial report preparation
Accountants prepare financial reports that can include monthly or annual reports. These reports are often used by the management for the development and implementation of the financial policies of the company.
Compliance auditing
Accountants are also responsible for making sure that all the financial reporting deadlines are met. Quarterly, semi-annual and annual financial reports have specific deadlines, which are to be met. If they are not met, there might be some tax implications.
Advisory
Giving financial advice on business operations such as revenue trends, financial commitments, and future revenue expectations for an important part of an accountant’s job profile.
Analysis
In case there are financial irregularities or discrepancies, accountants analyse financial data to overcome these problems. They sometimes recommend developing efficient resources and procedures for specific financial shortcomings or problems.
Types of a Accountant
Here, in this section, we have described various types of a careers in 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 where assist 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?
A majority of the accountants work at offices. Depending on the nature of the employment, accountants can work from home or remotely. The location of the workplace also depends on the firm, where the accountants are working and on the client’s requirements. Chartered accountants often work at firms run by Certified Public Accountants (CPA) at the national, regional and local levels.
Individuals who opt for a career as an accountant also work at financial institutions or banks. These usually have office settings. Work responsibilities of the accountant may vary depending on the size of the organisation. Small enterprises hire a single accountant while the bigger organisation has a specific accounts department to manage financial transactions and handle the bookkeeping of the company.
Does Accountant require travelling?
Likely
If the accountant is working for a client who is at some other location, then the accountant might have to travel to the client a certain number of times in a month. Otherwise, accountants work from an office. Accountants who work as auditors. Say if you have offices in various locations, you may require to travel to oversee the accounting of the branch and tally with the main office.
Employment Shifts
Full Time, Part Time, Work From Home
Individuals who opt for a career as an accountant can definitely opt for full-time, part-time or home-based work. It totally depends on the person to choose any of the options available in the field. Full-time accountants work 9 to 5, Monday to Friday (40-50 hours a week). Whereas, a part-time accountant works 4-5 hours (25-35 hours a week). Chartered accountants can work from home and can work up to 40-45 hours a week depending on the firm or client’s requirements.
Employment Nature
Contractual, Permanent
Accountancy jobs provide both contractual and permanent roles varying from organisation to organisation depending on their respective needs and can use different types of employees to meet their labour needs at a reasonable cost. The duties and responsibilities of the accountant also vary depending on the nature of employment.
Work Place
Office, Work From Home
Individuals who opt for a career as an accountant typically work in offices. This may be in a corporate office, a government office, or a private office. Because many of the documents accountants prepare and submit are time-sensitive, the work environment is often fast-paced. Most Chartered accountants work in offices, but some work from home.
Presence in Geographical Area
Rural, Semi-urban, Urban
Indian economy is slowly but steadily rising on its growth structure, and the job scenario in accounting sectors has started improving at a rapid pace. Cities such as Mumbai, Delhi, Noida, Gurgaon, Bangalore Chennai, Kolkata, and Hyderabad have the attraction of the accountant as the topmost firms are located there. Students from other states come to these cities to opt for a chartered accountant career. With employment efficiency, these cities do also have learning opportunities with huge numbers of options available. These metro cities offer numerous opportunities for accountant job profiles.
Time Pressure
Likely
Time pressure increases during the end of tax months or financial years. In a career as an accountant, individuals are required to work overtime. Generally, when the work pressure is low, accounting work often gets finished by the scheduled time. But the time pressure increases during the end of tax months or specific project deadlines. On such occasions, pending accountancy work gets expanded and it results in increased working hours.
Overtime Details
Individuals who opt for a career as an accountant are typically responsible for working eight to nine hours a day. The work pressure in the accountant job is considered a little higher than the average. However, it also depends on one’s accountancy job role and responsibilities assigned. Sometimes, Chartered accountants are required to work for long hours depending on the deadlines and such requirements. Apart from this, they generally work under their scheduled time itself.
Weekly Hours of Work
Min 40 Hours
In a career as an accountant, individuals need to work 40-50 hours on a weekly basis. While a part-time accountant works less than 30 hours on a weekly basis. Several accountancy jobs offer work-from-home employment shift with no specific hours. In such accountancy jobs, candidates have to meet the project deadlines according to the requirement of the firm or clients.
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?
You must be wondering how to become an accountant. In this section, we will be answering the most commonly asked question that how to become an accountant. In order to make a career as an accountant, one must possess some skills. Some skills required by an accountant are mentioned below:
Adaptability: By maintaining pace with growing trends, making preparations forward and as well as looking towards the future, accounting professionals could become more capable of adapting. Individuals feel anxious when challenged with numerous challenges, but having the adaptability and recognizing possible alternatives allows the best Chartered accountants to adapt to change. The accounting industry is highly dynamic. 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. Chartered accountants do not have to be the strongest or most affable person in an accounting job to deal with people, but they do need to have enough essential leadership abilities. Leadership capabilities in accounting jobs may include strategic thinking and long-term planning. You have to reconcile being a role model while also being part of the team and the individual in charge.
Organisational Skills: Organizational skills involve the ability to remain concentrated on everyday functions to reach the intended purpose. During their everyday jobs, accountants must remain aware of all statistics, documentation and paperwork. They need a system for quickly finding the information they need. In order to maximize productivity, accountants should be able to organize their work and allow time for undisturbed research and analysis.
Honesty: Honesty is highly valued in the accounting world. Individuals who opt for a career as an accountant and the companies they work for pride themselves on adhering to the highest ethical standards and treating their clients with honesty and integrity at all times. 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: When people get into a bookkeeping or accounting position, they will learn very quickly that even without great attention to detail people can not be successful. 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. Evidently, these characteristics play an important role in the day-to-day life of accountants, who need 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. Because of how the year goes, they would be able to forecast which phases of the year should increase the workload and when not. A workload management solution is only useful if the accountant knows how to organize 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.
Popular Online Finance Courses and Certifications
Which certifications and internships can be helpful in becoming Accountant?
We have mentioned below certifications that individuals may opt for who want to establish a career in the field of finance and accounting.
Internship Availability
An accounting internship is a period of work experience offered by an organization 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.
Career Path Progression for Accountant
Junior Accountant: A Junior Accountant is a professional who works under the supervision and guidance of Senior Accountants. A Junior Accountant is responsible for checking the payments of internal and external stakeholders and processing the tax payments and returns.
Senior Accountant: A Senior Accountant is an experienced professional who leads a team of junior Accountants and other members of the team. A Senior Accountant manages all the accounting transactions and prepares the budget and handles the monthly, quarterly and annual closings.
Accountant Jobs and Salaries
Senior Accountant
Permanent
- Average Salary 33000
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
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?
It is a plain and simple fact that as long as there will be money, there will always be a demand for accounting careers. Having said this, what will possibly change is the nature and competency level of accountants. We are living in an era of startups that are dealing with billions of dollars, in order to keep track of the huge sums of money, companies are looking for expert accountants, who are not only good at crunching numbers but also have a keen business sense.
The scope of an accountant career is wide and extends to business, trade, government, financial institutions, individuals and families, and every other area. The functions of accounting are to keep accounts of those financial transactions. Even accounts are to be kept in the case of individuals and families. A qualified chartered accountant can join the government service, public or even in the private sector.
Accountant career prospects play an important role in the organization and the duties of an accountant include auditing and assurance, tax consultancy, accounting services, accountants and finance outsourcing, and financial reporting. The raging speed of expansion of firms certainly provides a lot of opportunities and growth for the aspirants looking forward to building a career in this job profile.
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Frequently Asked Questions for Accountant
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 skills for chartered accountants are adaptability, leadership, excellent organization, openness, communication, attention to detail and time management.
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 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. How many years to become an accountant?
Ans.It will take six years or more for some people to become an accountant.
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