Accountant
An accountant is a professional responsible for managing financial records, ensuring financial efficiency, and providing reporting and advisory services to individuals, corporations, non-profits, and government entities. They engage in various tasks such as tax preparation, payroll management, budget analysis, auditing, and investment guidance. The accounting profession encompasses several fields, including internal, public, managerial, and government accounting, with certified public accountants (CPAs) being the most recognized role. Accountants typically work in office environments, utilizing computers and accounting software, and may telecommute or travel to client locations as needed.
Successful accountants are generally detail-oriented, organized, and comfortable with technology and regulatory changes. A bachelor's degree in accounting or a related field is the standard entry-level requirement, and while no prior work experience is necessary, internships can be beneficial. The profession offers a promising employment outlook, with a median annual salary of approximately $79,880. Accountants play a crucial role in advising clients and organizations on financial practices and compliance with laws, making them indispensable in the financial landscape.
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Subject Terms
Accountant
Snapshot
- Career Cluster(s): Business, Management & Administration Finance, Government & Public Administration
- Interests: Keeping records, working with numbers, offering guidance, analyzing data
- Earnings (Yearly Median): $79,880 per year $38.41 per hour
- Employment & Outlook: 6% (Faster than average)
- Entry-Level Education Bachelor's degree
- Related Work Experience None
- On-the-job-Training None
Overview
Sphere of Work. Accountants are responsible for the financial record keeping, financial efficiency, and fiduciary reporting of individuals, corporations, non-profit organizations, and government entities. Accountants offer diverse financial services, including financial document preparation and review, payroll, budget analysis, investment guidance, auditing, bankruptcy filing, and tax preparation. The main fields of accounting include internal accounting, public accounting, managerial accounting, and government accounting. Certified public accountants (CPAs) are the most common accounting position. CPAs may be independent contractors or employed by public accounting firms providing financial services to businesses and individuals.
Work Environment. An accountant’s work environment is generally office-based. Depending on the employer and particular job description, an accountant may telecommute from a home office, visit client offices as a contractor, or work on a full-time basis in an employer’s office. Accountants may work as a full-time member of a team responsible for targeted financial responsibilities or may be hired as a project contractor. An accountant’s work environment is dependent on technology (computers and accounting software programs), as well as having access to the most recent government regulations. About one in five accountants work more than forty hours per week.
Occupation Interest. Individuals attracted to the accounting profession tend to be well-organized and detail-oriented people who find satisfaction in manipulating numbers and tracking financial trends. Accountants may also have an interest and affinity for technology and regulatory issues. For instance, those who excel in accounting tend to be adept at educating themselves about and responding to technological and regulatory change. Analytical people choosing to pursue the occupation of an accountant may find satisfaction in implementing and auditing financial record keeping, as well as staying up to date on accounting best practices, ethical issues, and legal matters in accounting.
A Day in the Life—Duties and Responsibilities. Typical daily work tasks of a general accountant will include activities such as tax preparation, payroll, bookkeeping, and auditing. Organizations may also require accountants to select, implement, and troubleshoot accounting software systems, as well as stay up to date with regulatory and ethical issues and news in accounting by reading accounting industry journals and participating in industry associations. An accountant’s daily occupational duties and responsibilities may also include meeting with clients, colleagues, supervisors, and employees as needed.
Clients, on a daily basis, may require accountants to provide financial counseling, tax preparation, payroll management, purchase order tracking, auditing, bankruptcy help, and contract preparation. Colleagues, on a daily basis, may require accountants to participate in discussions of work teams, workflows, dynamics, and best practices. Supervisors, on a daily basis, may require accountants to present their work and account for their work hours, take on extra work as needed, and strategize about organizational operations and best practices.
The duties of those accountants who have or supervise employees in their organizations will include managerial roles and responsibilities. Employees, on a daily basis, may need their supervising accountants to provide a review of the employee’s financial document preparation or specific training related to accounting practices or technology. It is not unusual for accountants to advise or provide analysis to senior management on the financial implications of corporate performance, growth or acquisitions. Periodically, supervising accountants will also need to perform employee performance reviews.
External accountants who work for organizations with remote or multiple locations often travel to those locations to perform in-house auditing and bookkeeping work. Busy accountants will need to accommodate educational training, certification renewal, extended work travel, and commuting into their daily work schedules.
Budget Accountants (160.162-022). Budget Accountants apply principles of accounting to analyze past and present financial operations in order to prepare a budget.
Management Accountants (160.162-026). Management Accountants plan, set up and direct the operation of an accounting system to determine the cost of producing or selling an item or service.
Property Accountants (160.167-022). Property Accountants identify and keep records of company owned or leased equipment, buildings and other property.
Systems Accountants (160.167-026). Systems Accountants devise and install special accounting systems and related procedures in establishments that cannot use a standardized system.
Internal Auditors (160.167-054). Internal Auditors examine and analyze the accounting records of a business and prepare reports concerning its financial status and operating procedures.
Work Environment
Immediate Physical Environment. Accountants generally work in office environments. The work of an accountant largely requires sitting at a desk and using computers for long periods of time each day. Accountants often meet with their immediate staff, and may be required to meet with corporate officers and outside auditing firms. Access to meeting spaces is often necessary.
Human Environment. An accountant’s human environment may be social or isolated depending on the assignment and organization. Accountants, depending on their work assignments and organization, may interact with clients, employees, supervisors, or colleagues.
Technological Environment. An accountant’s technological environment will generally include computers, financial software packages for bookkeeping and auditing, telecommunication tools, and reference materials outlining legal and regulatory matters.
Education, Training, and Advancement
High School/Secondary. High school students interested in someday pursuing a career in accounting should prepare themselves by building good study habits and exercising personal discipline. For those who feel at ease with numbers and mathematical functions, it is helpful to maximize the school’s offering of mathematical and business courses, as well as participate in any extracurricular activities relative to business and mathematics. Students should consider applying for internships or even volunteer work with local accountants or financial organizations to learn what it is accountants do on a daily basis.
Postsecondary. Postsecondary (college and university) level students interested in pursuing a career in accounting should prepare themselves by building a foundation in mathematics, basic accounting, and business. Due to the importance of technology, law, and ethics in the practice of accounting, postsecondary students interested in pursuing a career in accounting will also benefit from studying computer science, political science, and possibly even philosophy (in order to explore the field of ethics). Postsecondary students committed to pursuing accounting may gain experience and build connections through accounting internships and entry-level employment with accounting businesses and firms. It’s important to note that a college degree is a condition of CPA licensure in most states, and most employers require a BA in accounting or a related field.
Related Occupations
− Auditor
− Bookkeeper & Accounting Clerk
Bibliography
"Accountants and Auditors." Occupational Outlook Handbook, US Bureau of Labor Statistics, 29 Aug. 2024, www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm. Accessed 12 Nov. 2024.
Kagan, Julia. "What Does and Accountant Do?" Investopedia, 2 Oct. 2024, www.investopedia.com/terms/a/accountant.asp. Accessed 12 Nov. 2024.
Miller, Kelsey. "What Does and Accountant Do? Responsibilities, Skills & Trends." Northeastern University, 27 Nov. 2019, bachelors-completion.northeastern.edu/news/what-does-an-accountant-do/. Accessed 12 Nov. 2024.