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Accounting: You Just Cannot Do Without It!

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Accounting is a source of communication related to financial information of any business firm or entity to various users like managers and shareholders. It is the job of an accountant to communicate through financial statements, showing the various economic resources in terms of money, controlled by the management of the entity.

In accounting jobs the sole responsibility of an accountant is to monitor and also record the flowing of money in an agency, organization or a business. Verification of accuracy in the monetary field and cash transaction is the job of an accountant. And to make sure that all is according to the legality and as per the guidelines of the state is an accountant's responsibility. A company or firm may directly hire an accountant or on a contract basis for analyzing the tax returns or books of the agency. Accountants can also work for individuals assisting him or her in making some investments, financial decisions, tax related decisions, and other matters related to money.

The application of accounting principles is the basic role of an accountant. This is done in the analysis of financial information. An accountant has the job description of preparing various financial reports through the compilation of monitory and legal information, preparation of statements in account of loss and profit, and the utilization of the various controlling procedures of accounting.

The basic responsibilities of an accountant are preparation of statements indicating loss and profits, making monthly or annual reports, and the compilation and analyzing of financial details. Coordination, establishment, implementation, and maintaining accounts of a firm or business are done by an accountant. Apart from these, the other responsibilities are analysing the trend of expenditure and revenue, reviewing the budget, invoices, entries of payroll, and other documents of accounting. The key responsibility is to provide billing and accounting invoices, policies, etc to the vendors, staffs, and clients. An accountant also has the responsibility of offering recommendations for the development and maintenance of various databases of finances, systems of software, and filing systems too. As a financial communicator, an accountant has to interact with auditors externally or internally in the completion of audits. A company's financial system is basically supervised by an accountant.

The requirement to start a career in this field is by getting a Bachelor's degree in accounting. Apart from this, an added advantage would be completing the CPA examination. To start a career as an accountant or an auditor, especially in the government, one must have at least a back up of 4 years duration in college or a related education. There are employers who prefer applicants having a master's degree in accounting or business administration.

The required skills in this field are the presence of knowledge in budgeting, finance, principles of cost control, accounting. Prior knowledge of software applications related to accounting and finance, regulation of state, and federal finances is needed. Then an accountant should also possess the ability of analysing data and financial reports. A career in this field means the possession of aptitude in mathematics and also a speed with facts and figures.

Better the prospects in this field would be if a person has 3 to 5 years experience in accounting. Prior experience is always a plus point for the applicants. There are many institutions that provide opportunities, so that a student can garner experience via the various internship and training programs conducted by various business firms and public accounting organizations. A certified professional recognition or even a licence gives advantage to the prospect in the market of jobs.

Prospective graduates from accredited institutions and universities who possess at least 2 years experience as auditors have chances to get the designation of CIA or Certified Internal Auditor from the IIA or Institute of Internal Auditors.

The salaries of an accountant as compared to other professionals are quite healthy. Accountants possessing a doctorate degree work as professors, writers, and economic analysts. Public accountants can earn up to $50,000 annually. Then the accountants in the government field and firms can have a salary scale of $30,000 annually. Apart from these lump sum figures, an accountant can also avail facilities like health and medical benefits, annual leave, retirement plan etc.

With the globalization and establishment of various firms, businesses and organizations, the need for accountants and auditors are also on the rise in recent days. Given the fact that the current meltdown in the financial scenario has prompted companies to employ and consult accountants. This is for the proper and ethical management of their finances, taxes, records, figures, etc. Institutions and universities allow the corporate world to directly employ students, whether for internships or jobs have increased opportunities. The career prospects in this field of accounting are vast and fruitful, given that a person should pursue the basic degree and experience.
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