Opportunities in the Field of Accounting
In today's existing job market, a competent accountant has a wide range of career opportunities to choose from. There are a lot of sub fields in the area of accounting and just like any other professional, an accountant may specialize in a particular discipline. Hence, the accounting discipline is divided into two broad classifications; private and public accounting.
Private accounting refers to career opportunities tied with a particular firm. On the other hand, public accounting refers to being a Certified Public Accountant (CPA). Needless to say, a CPA practices accounting discipline in a freelance nature. A CPA works with various clients, making him more flexible and experienced as stereotypically compared to accountants in private firms.
The following are some of the accounting sub fields and disciplines from where various career opportunities arise.
Auditing
Auditing can be further classified into internal and external auditing. From the name itself, an auditor audits the work of a fellow accountant/bookkeeper engage in the preparation of financial statements such as the balance sheet, income statement, cash flow statement and statement of changes in equity.
Auditors are often hired by a private firm to check and ensure the correctness of the private firm's internally-generated financial statements. Likewise, auditors also work in government tax regulators such as the Internal Revenue Services (IRS) in the United States.
Managerial Accounting
Apart from the mechanical work of preparing financial statements and other bookkeeping duties, a managerial accountant also plays a role in the decision-making process of a private firm. Managerial accountants help in making short-term and long-term goals. In addition to such decision-making duties, a managerial accountant also sees to it that certain plans and courses of actions are effectively implemented.
Managerial accountants, due to the nature and importance of their work, are sometimes given certain performance bonuses and additional compensations. Hence, higher managerial and supervisory positions in multi-national corporations are usually occupied by managerial accountants.
Tax Services
Tax accountants are tasked to prepare tax filings and other necessary tax forms. They collaborate with bookkeepers in ensuring that the right amount of tax is reflected in the company's financial statements. Tax accountants are also expected to be knowledgeable in tax procedures and guidelines in order to capitalize on tax exemptions and similar government incentives.
Moreover, government tax regulators also hire tax accountants to counter-check the tax filings of business firms and assess the truthfulness of the tax filings and financial statements.
