In every business, daily journals, ledgers, Bank Reconciliation statements, Profit & Loss statements and income and balance sheets present an unbiased picture of the financial position of an organization. They tell the true position with regard to its liabilities, cash sources, viability of managerial and investor decisions and compliance with taxation and corporate laws.
Further, accounting helps a business, venture or a nation plan, control and execute their budgets and expenditures, forecast revenues or turnovers, purchase new assets or take on new liabilities, monitor financial health, take decisions with regard to personnel hiring or recruitment and regulate growth in the economy. Considering the vital importance of accounting work to trade, commerce and government, is it any wonder that accounting jobs never lose their significance.
Accounting Most Satisfactory Profession
According to payscale.com, the top salary for an accountant, not being a Chartered Accountant, could go up to Rs. 487,303 a year. There is steady and assured growth for an accountant over the progression of her career. Experience affects accountant salaries markedly. The highest growth can take place during the middle to late career milestones. In a related survey of those working in accounts on the same platform, it was found that an overwhelming 100% gave their profession 5 out of 5 stars. While females made up for only 5% of those in the profession, males made an abnormally high 80%.
What job roles do Accountants perform?
Most accountants become record-keepers, especially at the entry-level. However, they are supposed to check and maintain calculations, create sales and cash flow reports, administer payrolls, prepare balance sheets, carry out billing activity, manage budgets and inventory. At a mid to senior level, the accountant may also be expected to file taxes or go through historical reports to create turnover forecasts. Sometimes, internal audits may be needed to identify trouble areas in performance. An accounting staff must also monitor whether office personnel are adhering to company policies and relevant statutes. It takes skill for the accountant to prepare management reports with the right amount of accuracy, detail and illustration.
Ordinarily, commerce graduates with an additional diploma or certification in specialized accounting practices may start working as an accountant. Given below is a list of suitable certifications required in different organizations:
- GST & Tax Compliance
- Industrial Accounting
- Financial Accounting
- Cost Accounting
- Business computer application software such as SAP, Tally etc.
- CA, CS, CPA (for US based businesses)
How to gain entry into an Accounting career?
Internships as an accountant help in cementing working knowledge and adding authority to your resume. Knowledge of application software such as Quickbooks, Tally or Microsoft Excel is indispensable to reconcile new age imperatives with existing competencies. Accounting work is seldom understood by solo entrepreneurs and small businesses and so the accountant must be a self-starter. However, in other organizations, she may be required to work as part of a team and collaboration must also be part of your skill set.
Additional Competencies for Accountants
Accountants, today, may require additional competencies because of the expansion of digitization to every sphere of business. SAP is one of the most widely used enterprise application programs being used in industry and to obtain veracity and genuineness of training, it is crucial to choose a SAP authorized training delivery partner, such as ICA Edu Skills, to complete your certification in this software.
Over time, an accountant may grow into the roles of Finance Manager, Account Manager, Financial Controller, Chartered Accountant, Chief Financial Officer (CFO) or a Finance Director.
Remember that you need not be a number cruncher to be an accountant. Arithmetic skills are honed by constant practice. Initially, you may even find reporting work to be boring and repetitive. But it will pay the bills while you earn and you can always enroll in and complete more advanced courses that lead into a leadership role. Financial roles are little understood and diligence and open-mindedness can get a long way in this enticing profession.
BY: Dr. .NarendraShyamsukha, Founder Chairman,ICA Edu Skills