Bookkeeping is the process of recording financial transactions and maintaining monetary statements from which the condition of a business may be gauged at any time. Bookkeeping may also be defined as a record of fiscal rights and obligations, of operating expenses, and of returns generated from business transactions. The following article discusses the essential aspects of a bookkeeper’s job.
The onset of the twenty-first century saw corporate scandals at Enron and its auditor, Arthur Andersen, rock the foundations of the financial markets, precipitating the greatest stock market collapse in U.S. history. These Wall Street scandals made clear that American accounting practices and corporate governance were not all that they seemed.
Payroll, commonly called remuneration, is typically one of the largest expenses that most businesses incur on a regular, ongoing basis. An online dictionary defines payroll as ''one of a series of accounting transactions dealing with the process of paying employees for services rendered, after processing of the various requirements for withholding of money from the employee for the payment of payroll taxes, insurance premiums, employee benefits, garnishments, and other deductions.''
Pursuing a career as a forensic accountant means that you will investigate the financial activities of businesses and individuals in order to determine if there has been any illegal activity. If it is found that there has been illegal activity, you will often serve as an expert witness during trial when that business or individual is prosecuted.
Many sectors, such as finance and technology, have global firms that have expanded business overseas and increased operations beyond their corporate U.S. headquarters. Even law firms have opened foreign offices to better serve their clients in other countries and increase their profits. The accounting industry need not be included in this group. Well, maybe the Big Four accounting firms — Deloitte & Touche, Ernst & Young, KPMG, and PricewaterhouseCoopers — can be included in the global enterprise group. However, while many accounting firms may market themselves as single entities with worldwide organizations, they present a different face when they are sued.
A recent trend in business has resulted in corporations creating cross-functional teams to better solve organizational and operational problems. These teams have afforded accounting professionals with great opportunities to advance their careers as they are often sought out to join or oversee such teams.
With the Baby Boomers retiring in the coming years, many job markets, including the accounting job market, will have more jobs available. A variety of other factors will also play into the accounting job market turnout. The five things all accounting professionals should know are that business and government requirements are changing, which means there will be a need for more accounting and auditing professionals; those accountants and auditors with strong accounting education and certification backgrounds will be at the top of their industry; those who are hoping to land high-powered accounting jobs may need to start in part-time or temporary accounting jobs before they advance in the accounting industry; accounting job base salaries increased 3.8% in 2007; and the need for good accountants and auditors is on the rise because surveys show that most American children struggle with math and most American adults struggle with understanding their finances.
Before you submit your accounting resume, be sure to be clear about your objective, include your professional accounting experiences, and write the resume using action verbs. By doing this, you'll be well on your way to crafting an accounting resume that will land you your dream accounting job.
Accounting professionals, in particular certified public accountants, are in demand according to industry analysts. A growing number of companies are in need of CPAs due to various factors. Thus, more and more employers are hiring certified public accountants.
When starting your new accounting job, it is important to lay the groundwork for salary negotiations before the interview even starts. For example, you should conduct research so that you are aware of what competitors are offering for similar positions, but also be sure that you do not bring up the issue of compensation too early in the hiring process.
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