With the recent tax cuts, expect an influx of tax accountants. Businesses have become a lot more efficient over the years, and accountants have grown in numbers, with an increasingly diverse base of customers and clients. For example, the growing online market for financial products has increased the demand for accountants who understand regulations and the financial market.
Not only is the need for accountants as strong as ever, but so are the opportunities for those who choose to get into this field. Look for openings that involve more than just tax preparation or planning for a specific business, such as bookkeeping and management.
Accounting positions are now commonly held in accounting firms and banks, as well as in government agencies, educational institutions, non-profits, private businesses, and the government.
Not all accounting jobs involve tax preparation. Many new-found positions are in tax management and accounting management. For example, there are payroll administrators, financial advisers, and payroll professionals who work in corporate accounting or financial management.
Public sector accounting jobs
Generally, public accounting jobs are in accounting offices of state, county or municipal governments. Many are in larger cities that tend to be the best spots to get a foot in the door of the public sector.
Private sector accounting jobs
Generally, private-sector accounting jobs are in the accounting offices of private firms. Although there are not a lot of private accounting firms in the metro area, there are a lot of private firms in a variety of industries that need accounting services, including finance, insurance, real estate and communications sectors.
What qualification is required for an accounting job?
An accountant must have a professional qualification and these vary from employer to employer and specifically country to country. The best qualifications are either Chartered Accountancy or Practising Accountancy. A real accountancy job requires specialized skills like reading and calculating, following the rules of record-keeping, reporting, and auditing. The job is very much different from an accountant’s job in software.
What are the top things that accountants do?
Determining the Financial Information
An accountant prepares the financial statements for a company and then determines the numbers that the company will be reporting on. An accountant will determine the values of all the assets, liabilities, and financial statements for the company.
Determining the Information
An accountant determines information about the financial information of a company. This information includes financial statements, such as the balance sheet, income statement, cash flow statement. Accountants also determine information about the assets of the company, including the value of all the assets, liabilities, and financial statements.
Completing the Financial Statements
An accountant must complete the financial statements of a company that is being audited by an accountant.
What are the responsibilities of an accountant?
- Manage all Financial transactions
- Prepare budget forecasts and submit a detailed revenue forecast for each tax year
- Prepare VAT returns for each client
- Prepare and submit a detailed cash flow forecast and an overall cash management report
- Take account of current and future developments such as product innovation or changes of competition or market conditions
- Gather and analyze relevant client financial statements and related financial information
- Execute cash flow plans for each client based on their historical and forecasted trading patterns
- Pro-actively advise clients on ways to improve business processes and generate cost savings
- Ensure appropriate compliance with legislation in the areas of accounting, taxation, and business services and advise clients on how to comply with new regulations and changes to legislation
- Prepare annual accounts for clients
- Prepare financial statements for each client
- Confirm compliance with regulatory and internal processes and procedures
Before filing an income tax return, you must file an income tax return form called the TDS return. After completing the TDS return form it has to be signed by a company accountant or a person who knows the TDS rules. The company accountant cannot be a chartered accountant as he/she does not have the required qualifications to do the job. An accountant or a person qualified for the job of a chartered accountant can sign the TDS return form.
Possess knowledge and understanding of tax laws and regulations applicable in their area of expertise, and have knowledge of and skills to apply those laws and regulations in the best interests of the business