The path of finance and accounting career is a highly rewarding and interesting career option and is an essential space of any company or business. Accounting spans several areas to suit the varying requirements of businesses and clients. It is helpful to know the various kinds of accountants and their duties, as well as the several available accounting fields.
Usually, an accountant performs several various accounting functions which include audit, financial analysis, tax returns, consulting and advisory services, and many more. They either do perform work individually or independently or get employment from an accounting organization or a multinational firm.
A few accountants also pass a national-level accounting program from a reputed credentialing body. A few accountants also learn and practice either under other senior-level accountants like chartered accountants. The main responsibility of qualified accountants involves, being honest and avoiding negligence while performing duties.
In this article, let’s dive deeper and explore the various kinds of accountants and their duties:
A bookkeeper primarily works in-house at an organization or directly for private clients. Bookkeeping is considered the first stage of the accounting process. The main duties overlap with that of an accountant such as balancing accounts, processing invoices, payments, and receipts, processing and amending cash flow statements, and finishing the VAT returns. They are also responsible for filing financial documents and preparing invoices.
Public accountants perform their daily accounting work such as auditing, tax planning, consulting, and advisory services, either through their practice or in an accounting organization. A certified management accountant works include forensic accounting, business recovery, and insolvency accounting.
They are also qualified to work in the public sector, public practice, or industry. Their role also consists of auditing accounts, providing accounting advice, and offering details about financial records and corporate finance.
An auditor makes sure that the firm is in compliance with all the financial regulations and helps them correctly to record their books of accounts. They review financial statements, books of accounts, internal accounting systems, and fiscal records.
Auditing is considered one of the most chosen finance and accounting careers. It can be done both internally and externally. Several organizations usually prefer to employ internal auditors for the preparation of financial statements, advice on tax and treasury issues, approval procedures, employee financial responsibilities, and management policies.
A tax professional is someone who is also an accounting professional that generally gets well-trained in the field of taxation. They help individuals, partners, and firms irrespective of their size to file tax returns and also to offer consultancy and advisory services in tax-related matters.
Payroll managers are someone who works in a payroll team that usually performs tasks that consists of advising on tax and employment laws which are mainly related to the finances like remuneration. They make salary decisions and calculations to incorporate employees’ overtime and holiday pay and ensure that the firm sticks to the employment laws as well as minimum wage demands. They also perform duties that are related to making payments to the employees and also for developing payroll procedures to ensure the smooth running of the department. Auditing the department and processes is essential to ensure that payroll adheres to government legislation, protecting the firms.
Investment accountants are someone works in investment banking. They usually work in investment brokerage or asset management firms. They are mainly responsible for the compliance of a company and also to be adhering to all the rules and regulations in the investment banking industry. Doing accounting programs is the best way to be an investment accountant. An investment accountant also helps in enhancing the firm’s overall strategy.
Financial consultants are basically accountants who possess immense skills in the area of finance and also consulting services to their clients and give them proper assistance to take better financial decisions. They may perform various types of accounting tasks such as reviewing the client’s financial statements and also comply it with the regulations. As a result, they can help businesses with their financial requirements on a high level.
Chartered Management Accountant
A Chartered Management Accountant is someone who is qualified enough to work in the public sector, public practice, or industry. Their role consists of auditing accounts, providing accounting advice, and also offering information that is related to financial records and corporate finance.
Their duties also consist of forensic accounting, business recovery, and insolvency accounting. Chartered accountants usually hold a university degree within a certain field and then acquire further certified accounting programs.
Check out CIMA Certification for dual Specialization in investment and management accounting.