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Who is a Accountant?
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money ~ Robert Kiyoski
In a career as an accountant, individuals deal with the financial aspects of any firm or company computing the salaries, dealing with payments and receipts, tax computation and more. A person who maintains and analyses financial records is known as an accountant. An accountant handles a wide range of financial activities for both their individual clients and their businesses.
Accountants' work primarily involves tasks related to accountancy such as handling the bookkeeping of a company and preparing financial documents such as profit and loss statements, and balance sheets. In certain cases, accountants also do auditing books, prepare financial reports for taxation purposes, and look after the other financial information that helps in running the business.
Quick Facts for Accountant
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Industry
Finance
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Average Salary in India
₹23743
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Suitable for
Male, Female, Others
A Career as an accountant is not restricted to any particular gender. Since accountant jobs are mostly desk oriented and not restrictive in any form, anyone can take it up. Accountants can be women, men or other genders. Any person with the right eligibility can become an accountant.
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Any special needs
Yes
Yes, people with special needs can also become accountants. Those who are interested in making a career as an accountant, need not worry about their special needs, as long as it does not interfere with their functioning. With most firms and companies being computerised, people with special needs can also take an accountant's job with a bit of training.
Table of Contents for Accountant
What is the role of Accountant?
Individuals who opt for a career as an accountant create financial statements and maintain the financial records of a company/firm or a business. Individuals in an accountant career are responsible for keeping a record of a company’s profit and loss figures in a detailed manner. It should be done in such a way that it helps the management to make better decisions.
Company accountants also help external auditors by providing them with the necessary details and related information. These days accountants' careers in India use various accounting software that helps in gathering and maintaining financial information.
Accountants collect and maintain the organisation’s financial records in compliance with lawful and accepted procedures.
Accountants prepare financial reports which are often used by the management for the development and implementation of the financial policies of the company.
They are also responsible for making sure that all the financial reporting deadlines are met.
They give financial advice on business operations such as revenue trends, financial commitments, and future revenue expectations.
In case there are financial irregularities or discrepancies, accountants analyse financial data to overcome these problems.
Also check in details - Accountant Job Description & Roles and Responsibilities
Types of a Accountant
There are several types of accountant such as management accountants, forensic accountants, and cost accountants. To become a certified accountant one needs to pass professional exams which we will discuss later. Below we have mentioned the types of accountants related to accounting and finance.
Certified Management Accountant: A Certified Management Accountant is a person who supports big organisations and high-value individuals with various financial aspects such as taxation and the planning of financial statements. Some of the tasks performed by CPS are studying financial records, preparing tax forms and overseeing audits. It is compulsory for CPAs to have an accounting degree and a CPA certification.
Forensic accountants: Forensic accountants are a type of certified public accountants who examine financial records and statements that can further be used as evidence. Generally, forensic accountants were assisted in disapproving fake claims and other policies. They can also work on business disputes, divorces, and fraudulent financial cases.
Management Accountants: Management accountants are those accountants who help to keep the financial books of big organisations. They often help business managers by assisting them in making business decisions by telling them about the financial implications of business decisions. They also prepare reports, financial statements, conduct internal audits, and supervise a team of accounting technicians.
Cost Accountant: Cost accountants assist business houses by overseeing, studying, and analysing cost expenditures and purchases within the organisation. They review services and goods, record data and make recommendations about cost-efficient and financially feasible cost options.
Investment accountant: Investment accountants help in preparing monthly investment reconciliations and ensure that there is a timely distribution of the reports and is presented accurately to the top management of the company. They also study various financial activities and make recommendations accordingly. They might also work or pursue a career as investment bankers as well.
What is the workplace/work environment of Accountant like?
A majority of the accountants work at the office and depending on the nature of the employment, they can work from home or remotely. The location of the workplace also depends on the firm, where the accountants are working and on the client’s requirements. Chartered accountants often work at firms run by Certified Public Accountants (CPA) at the national, regional and local levels.
Individuals who opt for a career as an accountant also work at financial institutions or banks. These usually have office settings. Work responsibilities of the accountant may vary depending on the size of the organisation. Small enterprises hire a single accountant while the bigger organisation has a specific accounts department to manage financial transactions and handle the bookkeeping of the company.
Does Accountant require travelling?
Likely
If the accountant is working for a client who is at some other location, then the accountant might have to travel to the client a certain number of times in a month. Otherwise, accountants work from an office. Accountants who work as auditors. Say if you have offices in various locations, you may require to travel to oversee the accounting of the branch and tally with the main office.
Time Pressure
Likely
Time pressure increases during the end of tax months or financial years. In a career as an accountant, individuals are required to work overtime. Generally, when the work pressure is low, accounting work often gets finished by the scheduled time. But the time pressure increases during the end of tax months or specific project deadlines. On such occasions, pending accountancy work gets expanded and it results in increased working hours.
How to become a Accountant?
Steps to become a Accountant
If you are someone who is interested in dealing with payments and receipts, tax computation and accounts then a career as an Accountant is the best option for you. If you are someone interested in maintaining and analysing financial records then you must opt for an accountant career. We have mentioned below the steps for how to become an Accountant in India or how to become an accountant after 12th.
What are the skills and qualities required to become a/an Accountant?
An individual is required to develop strong command on soft skills along with the technical skills, as these skills play a crucial role to function as an accountant. Below we have explained all the necessary soft skills which are required to become a successful accountant.
Adaptability: Individuals feel anxious when challenged with numerous challenges, but having the adaptability and recognising possible alternatives allows the best Chartered accountants to adapt to change. The accounting industry is highly dynamic and with technology bringing constant change, accountants need to be able to adapt quickly and react to whatever curveball is thrown at them.
Leadership: Individuals in the accounting career are often seen as financial leaders who determine the growth strategy and productivity of the companies they represent. Leadership capabilities in accounting jobs may include strategic thinking and long-term planning. An accountant has to reconcile being a role model while also being part of the team and the individual in charge.
Organisational Skills: Accountants must remain aware of all statistics, documentation and paperwork. They need a system for quickly finding the information they need. In order to maximise productivity, accountants should be able to organise their work and allow time for undisturbed research and analysis.
Honesty: Honesty is highly valued in the accounting world and an accountant must be honest. Honesty and transparency play a very significant role in accounting, as they allow businesses to rely on the information they provide about the businesses they are engaged in. Accounting authenticity is the key element of the occupation that enables financial decision-makers to make the right decisions.
Communication Skills: In a career as an accountant, individuals should be capable of communicating complicated facts in ways that are accessible to all. To do so requires not just excellent communication skills but also client awareness. A successful communicator will convey his or her statement through trust and importance. Obviously, accountants need to be able to interact and work with various departmental colleagues. Communication is also essential to the establishment of effective customer relations.
Attention to Detail: Individuals who opt for a career as an accountant are considered accountable for ensuring accuracy and preventing mistakes at the time of planning the financial statements and revenue statements. He or she needs to make sure numbers work and are right. An eye for detail and due diligence for accuracy should be part of their daily routine.
Time Management: In a career as an accountant, an individual's work responsibilities can increase quickly, specifically throughout the financial year ending with deadlines. A workload management solution is only useful if the accountant knows how to organise the time. The ability to work within time limits and continuously re-prioritize to-do lists will take a career as an accountant a long way.
Which certifications and internships can be helpful in becoming Accountant?
Certifications related to accounting play an important role in developing skills and knowledge about accounting. While completing a certification is not mandatory but it is recommended for an individual pursuing his or her graduation to complete certification as it will be an added advantage. We have given the list of best certifications related to accounting and finance.
Executive Development Program in Advanced Financial Management
Professional Certificate Program in Applied Financial Risk Management
Internship Availability
An accounting internship is a period of work experience offered by an organisation for trainee accountants to develop accounting skills and learn from senior accountants. Accountants' careers have the opportunity to learn and gain first-hand experience in a real accounting department or an accounting firm.
Individuals in the accountant career help perform research, prepare financial reports, and assist with reconciling accounts and other duties, as needed. There are huge options available for the interns in order to get a hand on the work that they would be performing in their long accounting careers ahead of them. Accounting internships are provided by numerous firms depending on the requirements of the firm.
Accountant Jobs and Salaries
Senior Accountant
Permanent
- Average Salary 29786
Job Description
The Accountant job description includes reconciling account and bank balances, preparing the general ledger of the company, and producing month-end close procedures. A senior accountant is also responsible for managing a team of junior accountants and ensuring the bank payments are done on time and publishing the financial statements on time.
Salary Description
The estimated Accountant salary in India ranges from Rs 2.2 Lakhs to Rs 8.6 Lakhs with an average annual salary of Rs 4.0 Lakhs per annum. Senior Accountant Analyst salary may vary depending on the various job factors.
Salary Source: AmbitionBox
Junior Accountant
- Average Salary 17700
Job Description
The Junior Accountant job description includes preparing, filing and paying taxes. A Junior Accountant analyses trends and financial data and makes budgets.
Salary Description
An entry-level Accountant salary in India ranges between Rs 0.2 Lakhs to Rs 3.6 Lakhs with an average annual salary of Rs 2.0 Lakhs per annum. Junior Accountant in India may vary depending on the various job factors like the skills and experience of the candidates, job location, and others.
Salary Source: AmbitionBox
What is the job outlook for Accountant?
It is a fact that accountants are required in each company to manage its financial records. companies are looking for expert accountants, who are not only good at crunching numbers but also have a keen business sense. The scope of an accountant career is wide and extends to business, trade, government, financial institutions, individuals and families, and every other area.
Accountant career prospects play an important role in the organisation and the duties of an accountant include auditing and assurance, tax consultancy, accounting services, accountants and finance outsourcing, and financial reporting. The raging speed of expansion of firms certainly provides a lot of opportunities and growth for the aspirants looking forward to building a career in this job profile.
Frequently Asked Questions for Accountant
Que. What skills do you need to be an accountant?
Ans.Some of the key soft skills for chartered accountants are adaptability, leadership, excellent organisation, openness, communication, attention to detail and time management. Along with this proficiency in accounting tools and software like quick books are essential.
Que. How to become chartered accountant after bcom?
Ans.To become a chartered accountant after B.Com, you need to pursue a CA Foundation course, an Intermediate course, Integrated Course on Information Technology and Soft Skills, Articleship, and a Final Course.
Que. How many years to become an accountant?
Ans.Approximately, it takes a minimum of 5 years to complete a CA course as it includes articleship of 2 years. Although it depends on individual preparation level and number of attempts taken to clear each level of CA course.
Que. What are some of the job roles of an accountant?
Ans.As an accountant, an inidividual is required to perform a variety of job roles such as summarizing current financial status by collecting information; preparing balance sheet, profit, and loss statement, and other reports. Substantiates financial transactions by auditing documents. Maintains accounting controls by preparing and recommending policies and procedures.
Que. Can I work as an accountant without a CPA?
Ans.With accounting, being a personal accountant is pretty much impossible without a CPA, and most accountant jobs are either extensions of being a CPA or being a CPA is how you get to them.
Que. What is the lowest position in accounting?
Ans.The entry level incorporates the lowest level in the accounting career hierarchy. They normally are the professionals who work under the supervision of middle-level accounting professionals. They perform executive-level work for their professionals.
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Did you know?
Fact 1
'Bookkeeping' is the only English word to contain three sets of double letters back-to-back-to-back.
Fact 2
Bubble-Gum inventor, Walter Diemer, was an accountant.
Fact 3
Italian mathematician Luca Pacioli is regarded as the father of accounting. He published the first book on double entry accounting in 1494.
Fact 4
November 10 is recognised as International Accounting Day.
Fact 5
Before a standard numbering system was created, ancient accountants kept track of animals and grain with clay tokens.
