So You’re Looking for a Career in … Accounting

So you’re looking for a career in…accounting

How much money can you make? What type of training will it take? And what does the job actually entail? Read on to find out whether this is the job for you

What will I be doing all day?

An accountant, in a nutshell, keeps track of the flow of money through a business, an organization, or an individual’s accounts, ensuring that all records of transactions are accurate and compliant with the law.

While there’s a variety of career paths within the field, as an accountant, you will likely be performing some of the following functions:

1. preparing budgets and tracking revenue, expenses, invoices, payroll, and other accounting documents
2. maintaining payroll data and processing monthly payrolls
3. preparing regular reports of company profits and losses
4. analyzing a business’s income and expenditure trends and recommending appropriate budget adjustments
5. reviewing company financial statements and resolving accounting discrepancies
6. developing and implementing accounting procedures for a company

What’s the difference between a public accountant and a private accountant?

In public accounting, the accountant works for a public accounting firm — the Big Four (the nickname used to refer collectively to the four largest professional services networks in the world, consisting of Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) being the most notable examples — that provides third-party accounting services to businesses. His role includes reviewing the client’s public financial statements and serving in the capacity of auditor, tax advisor, or consultant.

In private accounting, the accountant is employed by a private company to set up and manage internal financial systems and prepare financial statements (which are then reviewed by the public accounting auditor).