If you are looking for a career that offers so some advantages like tax perks. Many people are working in some industries where they can get these benefits, but the people are not even aware of that. They do not know that they are sitting on the gold pot that has an unusual tax return. It means that if you are incurring any expenses that are related to your job, then you are entitled to take the claims of those work-related items. There are many things that an employee’s bear-like-
As you all know what a cover letter is? In case you are not fully aware of it, it is a cover letter composed to apply for a job. The standard format of a cover letter is very simple. In the beginning, the person should mention his objectives for going to a particular company. And some other relevant things are mentioned later on.
As there are a lot of freshers in the market who have a little knowledge about designing their CV, Cover Letters, etc. And there are those persons who are trying for many years and that has made them better as compared to the freshers.
Here is a list of things to help you make your cover letter unique:
1. Start with very careful sentences:
- No matter whether you are applying for a job, tax training, or accounting training, you should always start with some sentence that seems unique to the reader. If you start in a traditional way, there is a chance that the employer will not read the whole cover letter. In the beginning, you should mention some of your most significant achievements. Keep in mind that the achievement is relevant to the job post you are applying for. This is enough to grab the attention of the employer.
2. Try to look professional and be genuine:
- Almost everyone is looking for an employee who will fit in the work culture of that company and the employee should think out of the box. Your sentences should be filled with a little bit of humor. This way you will avoid making sentences that include too many technical words. Your cover letter should be full of the things that you consider most important and you will consider speaking those things in your interview.
3. Choose the templates properly:
- These are the things that make your cover letter different from others. You should choose the templates that make your cover letter more precise to the point. There should not be extra designs that may annoy the employer. The design of fonts should be uniform all over the cover letter. You don’t need to think much about it because a lot of online platforms are available to design your cover letter.
4. The Cover letter should be free from any mistake:
- Most people care a lot about the other things and at the last moment, they prepare their cover letter or resume. At that point in time, it is very likely to have some spelling mistakes and other errors. These things are enough to ruin all your efforts. Even if you have missed a comma, that may also become a matter of concern. You should get your cover letter verified by someone who is better than you in checking these things.
5. You can try to make a video for this purpose:
- This step we don’t regard as compulsory but you can try if you are willing to do so. Videos play a very important role in telling a lot of things in less amount of time. But you should make a video which has good quality audio and video. Your employer should clearly hear what you are saying. Be in a completely normal state while shooting the video. If you complete this step carefully, there is a chance that your cover letter would be considered as unique among others.
If you are unable to find a good source of information that may educate you about getting a good job or preparing for the job, Accounts NextGen is there to help you. We provide you the authentic information to help you get a good job. If you are living in Melbourne, you can choose from many accounting training in Melbourne or tax training in Melbourne. Courses related to finance are very helpful in getting a job in this environment.
The Novel Corona Virus has changed the working style across the globe, with the world going virtual. What seemed unrealistic earlier has now become an integral part of our life with the spread of COVID-19. Across the world, with some limitations and a bunch of advantages, every business and every profession is learning to overcome the deadly emotional and fiscal outcomes of the pandemic. For young Chartered Accountants (CAs), the outbreak of the deadly virus has created uncertainty and dilemma about their future.
COVID-19 outspread will be remembered for generations for the commencement of new working styles by facilitating businesses on virtual platforms, pay cuts, work from home trends, and rising unemployment with a large number of people going jobless. Just like other professions, CAs in New Zealand and Australia are also facing the outcomes of economic crunches due to the Corona Virus. They have been the victim of uncertainty about their future too.
Psychology professor Paula Brough requested that the young CAs be prepared for worse conditions, which could be a reduction in working hours or losing a job with the economy getting weak. Losing a job would amount to more significant difficulties of managing households, releasing expenses, payment of insurance premiums, or home installment or rent.
It is, therefore, vital for young professionals to maintain their physical strength. Taking a break is advisable, and so is seeking someone for support.
Working on soft skills
With the businesses facing hold up or multiple issues for their profitable survival, it is considered to be an excellent time for the novice or young CAs to inculcate soft skills which would aid them to combat the uncertain world.
Communication with the client is vital.
It is immensely crucial for young CAs to have strong communication with their clients and not rely on others. With the outburst of COVID-19, we shouldn’t expect them to be experts or technically proficient. CA’s are expected to work on their interpersonal skills. Communication from both ends is important and more significant to develop understanding and reliability between the two.
With everything on the internet, clients can have easy access to all information, but an advisor is always needed for expert and sound advice. Your communication skill should have an impact on being remembered and understood by the client. Your words should encourage clients to react and act. The bespoke response is requested to clients in their verbal style as one key won’t fit in all locks. New technology should be used to make the client understand like video calling or conferencing in place of traditional phone calls.
Adapt the new trends and be tech-savvy
The young and new CAs should be versed with the latest technology trends and be tech-savvy as much as possible. Being a CA, you should be creative, forward-thinking, and do planning to be ahead of time with new technology as it eases the work with newly added and improved features. So, go and check the most exceptional software company and its ideal pricing proposal. Know what tools are being used for screen sharing or video recording.
Every year, thousands of technological tools are introduced. Use the best one for an appropriate time to know it entirely before you suggest them to your client.
Virtual association with like-minded people
Owing designation of CA is like icing on the top and imparts excellent benefits as you get to associate with the people having a similar mindset, approach, and knowledge. It facilitates you to connect with the folks belonging to the same industry and get acquainted with other chartered accountants.
It is very hard to cross the line for CPA because most of the students who opt the stream of commerce, always look for CA or CPA. So, you should be very joyful and optimistic for your CPA designation. But now it is also very important to identify what sort of choices you want to make to clarify the further career obstacles.
A huge bunch of people think that after achieving the culmination of CPA, now you only have to associate yourself with big corporate firms. And if you also have the same notion about this, then you are completely disoriented about the CPA and its field.
Why one should go for CPA?
First of all, let it be very clear because enrolling yourself in CPA’s world means you are now part of one of the finest and international renowned accounting fields. And if you are the student of accountancy or commerce, then what can you imagine better than that. CPA’s can indulge themselves in imperative roles in any corporate firms all around the world because CPA has its own recognition and it’s administered by AICPA (American institute of certified public accountant).
Make your best while opting the career path
It would be pretty enough for you to clear out yourself from the state of ambiguous about the CPA’s. But now you need to be very specific before finalizing your decision on your career path. And that is why we have compiled some career options for you to give you some aid to figure out the things.
Conventional career choices
Taking traditional routes sometimes gives the essential aid for that you are looking for. Traditional jobs may include accounting positions. But each position requires a different set of skills and framework. First and foremost you need to decide in which sector you want to work.
In this field, you can do auditing, provide consulting services or tax service to someone by collaboration with any firm or independently too.
This job solely focuses on the audit aspect of any company or firm. It means you need to review or thoroughly scrutinize company’s book to ensure their practices and records are up to the standards or not.
2) Tax Services
As a public accountant, you need to provide the best guidance and aid to your client in terms of calculating the tax income, tax return, fill up work of documentation or tax statements.
In this, you need to provide better advice and insight of business topics and related to financial aspects.
If you want to indulge yourself in the private sector, then you have to stick yourself with one firm only. It means you can’t work with several clients at the same time. And your work would be like-
1) Accounting Clerk
As an accounting clerk, you need to perform various tasks like maintaining financial records, journals, balancing accounts, managing payroll or bank reconciliation and many more.
2) Staff Accountant
Staff accountants usually handle the work like staff credit, accounts payable and they provide extra aid to CFO.
3) Internal Auditor
The work of an internal auditor is more specified than external. Because they work on areas like risk management, company’s financial reliability or operation effectiveness.
Off-beat Careers choices
Off-beat career choices means if you are not finding yourself comfortable in the conventional accountancy world, then you can follow your passion or dreams. For example, if you love entertainment and cinema genre, then you can join any production house because big production houses always look for a better person who can manage their production budget well.
If you love sports and want to indulge yourself in that sport, then you can associate with sport player because they also need some experts who can manage their payrolls.
So, these are some important areas and choices you can make for your greater future possibilities. If you want to take the route of conventional way, then it would be very easy for you; but if you are looking for an off-beat way, then you need to have some patience because you might get some rejections too. But again this is what life is because you need to prepare yourself hard to overcome the hard phases.
Stats and professional vitality
Research has been conducted by the career cast job website in 2014 to find out the most underrated job and the report has shown that accountants or accounting field holds the number one rank in the list. Certainly, the data is not too updated but despite all that, the condition of the accounting profession is still the same.
Another report by the U.S bureau of labor statistics says that the need for accountants will reach its peak by 13 percent in 2022. Basically, all these stats and data says that the role of accountants for any business firm is very vital and their contribution is a must for the success of the business; but despite all the essentiality, accountants are considered the underrated dark horse of the business.
Accountants are the Predictor of financial possibilities
An accounting expert from Ohio University says that you need to have high-level analysis power, problem-solving abilities, and technical skills for analyzing financial statements. The quality of being advanced and providing detailed statement analysis can make you the luminary of the field and these aspects will give long-term aid for the business.
Accountants are very good at predicting the future financial possibilities of the company. It is very important for the company to know whether they are going on the right path or not because you need to have a specific idea of success while working with the investors.
Accountants decode the concept of expenses and profit
You need to be very cautious and smart while taking your first step in the business world. Indeed, because we have seen that a silly mistake or decision can ruin your all hard work and arduous efforts in a short span of time. As a businessman, you must make your decision on the basis of how much amount of profit you are getting back on your expenses. And this is one of the aspects where usually we make mistakes. We need to understand or decode the concept of expenses and profit for better success possibilities.
And this is where the role of the accountant comes because they have a very deep understanding of this concept and they can mitigate your workload with their intelligence and analytical power.
Accountants provide the aid in budgeting
A budget has a very essential role to play in any business firm. It allows you to do your all work without unnecessary expenses. The budget helps the firm to spend the money accurately, spend and saving aspects, and last but not the least, it gives a better picture of your crucial funds and availability of money.
Not knowing that from where your money is coming from and where you are spending is one of the worst situations for any business firm or businessman. And in this case, he/she is nowhere in the picture to expand the business, (written by Lisa Mcquerrey in Small business chronicle).
Accountants are very good at budgeting aspects and they will give you a better understanding of budget and its allocation.
Accountants give better insights
No matter how good you are or how deep understanding you gave in your respective business, but at some point, you need better advice and support to make your best decision. Accountants excel in providing great guidance and knowledge of finance.
So, all these points can easily prove the essentiality of accountants in the business firm. Those who still believe that they do not require any better insight and advice from an accountant should at least spend their one hour with an accountant and they will definitely get what they are missing.
The job prospects for qualified accountants are never low as it is a must to have department in every company belonging to any industry. If you want to pursue a career in accounting and reach at the top notch spot expertise in the field of accountancy, have a look at the accounting qualifications available –
Associate Chartered Accountant (ACA)
It is a top accounting five years duration course extended by the Institute of Chartered Accountants in England & Wales (ICAEW). The ACA qualified accountants are catered off the cuff learning and workplace training component for complete proficiency in the realm of accountancy. The cart off point with this course is that the candidate is supposed to join a training agreement with an authorised boss before taking admission to the aforesaid qualification.
Association of Chartered Certified Accountants (ACCA)
This is the most popular accounting course amongst students looking for top notch spot in the accounting field. It confirms extra ordinary career in accountancy, management and finance. The biggest advantage of the course doesn’t need any type of training agreement giving choice to establish links with different employers while pursuing the course.
Check out the list of ACCA’s digital qualifications for aspiring students with non business background who still look to gain ACCA course online experience.
Financial Accounting: This preliminary qualification aids candidates to:
- become skilled at recording, processing and reporting business dealings;
- the study of trial balance showers the skills of tracing, identifying and correcting slip-up;
- It offers intrinsic knowledge about making financial statements and comprehending the qualitative features of functional information.
Accountant in Business:
Accountant in business (AB) is the option for those interested in learning the interconnection between the employees and the system of an organization. This course is a sort of preparation for the ACCA exam while giving the certification of diploma in AB course.
Intermediate Bookkeeping: Accountants with certified book keeping course are taught the skills to
- augment their monetary and book-keeping skills;
- Preparation of financial statements;
- For preparation of the maintenance of Financial Records (FA2) exam;
Management Accounting: The qualification in management accounting aids the candidate to take right business decisions concerning to finance and investment. Check out the following points to understand it more clearly-
- It provides skills regarding the financing of business operations.
- To strategise and control inflow and outflow of cash.
- It teaches and acquaints the students with the decision of capital investment.
- Optimum and best utilization of working capital
Certified Public Accountant (CPA)
To pursue the certified public accountant (CPA), the work experience and good grades in the comprehensive exam is needed and is conducted by the American Institute of Certified Public Accountants (AICPA). The student with the licence in CPA can work and grow in diverse fields of financial management and accounting.
Chartered Financial Analyst (CFA)
CFAs course imparts training in investment analysis and portfolio management. It requires successful accomplishment of three –level exams consecutively before procuring the CFA license. It is an internationally recognised certification and enhances the expertise as portfolio managers. CFAs can also become research analysts or consultants.
While summarising about online accounting qualifications, it can be said that they are highly beneficial and offer-
- the confidence to commence a profession in finance, business or accountancy;
- It caters an opportunity to swot up business or finance at the level of school or college;
- It caters courage and podium to initiate your own business.
Accounting is a rapidly growing field, but do you know that getting jobs in it are not easy. But for a well qualified applicant nothing is tough. No matter how good your academic records are, your performance in interview plays a key role in filling the vacancy of the accountant job. Your interview may help you beat other applicants with better records for the same vacancy.
An interview serves the opportunity to showcase your brilliance, confidence and spirits to the recruiter. Therefore, to impress and convince the recruiter, here are some basic guidelines that must be followed by an interviewee. Just tag on the following eleven tips to outshine your competitors-
- Do some research about the nature of the job
Before sending application for the post to any organization, do some research about the accounting firm. Try to have intensive knowledge about the business and the post that you apply for. For example, if you have applied for audit, then gather information about auditors, their work, their duties and liabilities along with knowing the function and motive of the concerned department.
Further, get verse with the culture and values of the firm to have edge over the other applicants during interview. Stay attuned with any new revision in existing laws and introduction of new concerning laws as such questions are generally asked to know about knowledge of current state of affairs concerning to the specific field of accounting.
- Know your application form & CV
Interviewer will put some questions to you directly about details mentioned by you in your CV and application. Don’t forget to go through them. On being asked about information filled in by you in the form, do not give copied and pasted answer. Respond in detail and make sure any statement of yours should not contradict information penned in the CV.
- Exhibit your extra ordinary points
Everyone knows better about himself, showcase what best traits that can fetch you preference over others. It could be your experience, education, extraordinary communication skills or interpersonal skills. Explore and showcase your best qualities and unique things about you that can make the interviewer impressed and ultimately can enlist you amongst the preferred candidates.
- Try to cast impressive first impressions
The old saying of first impression does turn true in accounting world too where direct communication with the customers is involved. Moreover, it matters during an interview too. Go for interview with appropriate dress, utmost confidence and zeal. Step in with a smile and shake hand with warmth with your interviewers. Remember eye to eye contact is necessary. Also either switch off your mobile or keep it on silent mode before you step in the room for interview.
- Provide evidence
Carry evidence of document in support of statement uttered by you regarding your essential competencies. Instances are not advised. Present certificate of all educational achievement and accounting course backing your answer with evidence.
- Be honest
Honesty is the trend of all ages. Reply honestly to all questions and a bit of exaggeration or false detail may cast wrong impression of yours on interviewers. Cheesy replies are not recommended at all. We recommend honest reply.
- Get ready to deal with typical situations
You may be asked to find the solution for any situations or technical issues that are quite common to the accounting world. Such questions are often put before candidates to check their vigilance, communication skills, capability to tackle the problem, mental strength to keep calm in adverse situations and other skills. Prepare such stories to avoid embarrassing silence during interview
- Try to be a good listener and request for clarification in the case of ambiguity
In case of any reason, you could not understand the question asked to you; then simply without hesitation, request the interviewer for clarification thereon. It is vital to be precise during an interview and running out of the track is simply not suggested.
- Get verse with basics
This is important as an applicant is supposed to be proficient in the fundamentals of accounting. You could come across across questions related to accounting, be prepared with the subject.
- Maintain the balance between confidence and over confidence
Confidence is constructive and can help you procure job. On the contrary, over confidence may make you lose your job. Be confident and don’t bother if you are less qualified for the job as confidence is majorly looked upon by the interviewers along with decent qualification concerning to the job type. One can express and respond well on being confident. Remember interviewers do not like overconfident chaps. Your qualification already places you in a position that has the potential to put you in a confident position.
- Be prompt and punctual
Time values those who value time. It is well applicable in the world of business too along with fitting well in other walks of life. Reach before or on time at the venue of interview. Exhibit careful and accurate tendency of your personality as it is greatly valued in the accounting world. On the contrary, reaching late and showing carless behaviour may finally end in rejection.
One of the benefits of reaching before time is that you can calm your nervousness before exam; moreover it offers opportunity to get verse with the environment. You can respond with confidence to each and every question asked in an interview without having butterflies and stress in your stomach.
Accounting is not just about balance sheet and formation of other financial statements. It is an extensive field offering large scope of employment in its various accounting streams. We bring you brief information below for fresh graduates not versed with the choices in the accounting realm. Pick the one that fascinates you the most –
Management accounting comprises of providing aid in the making of management decisions, performance management system and devising planning. In simple words, management accounting is the stipulation of non financial and financial decision making information to managers. It does not involve any accounting standards like financial accounting. It is concerned with the estimation of cost, planning of budget and prediction in the interest of the company.
Forensic Accounting is a kind of accounting that involves scrutinizing the deceitful or fraudulent deeds, disagreement, and lawsuit in a company. It is a blend of Investigative accounting (involves criminal cases) and Litigation support (involves investigation of economic losses). Forensic accountant may have to appear in court sometime as an expert witness and their job is all about reviewing and analyzing the data to be presented in court’s proceeding. They simplify the complex financial transactions and figures to avoid confusion during the court proceedings.
Certified Public Accountant – (CPA)
The job of CPA is different from other types of accountants as they assist in the conduction of newly established business houses, or about to commence business or small business. Their liabilities include financial advice, bookkeeping for their client, keeping records of business and computation of Income tax.
Financial Accounting is about summarising, analyzing and reporting of a business’s financial transactions. It is concerned with preparation of financial statements. Financial statements are prepared for external parties like share holders, banks, government and suppliers. In other words, the main objective of preparation of statements is to give the idea of financial proceedings about company.
Set of standards of financial accounting are mandatory to be followed by the company and varies from nations to nations.
Government accounting implies to the process of managing and maintaining the records of financial transactions like income and expenditure incurred by the government. It is mainly concerned with recording, classifying, analyzing, and communing information to the government.
Government accountant’s job is to prepare reports of investment and funding of their respective government agencies. They are supposed to submit reports to the President.
An audit is a systematic examination of books, records, accounts, vouchers and documents of an organization to examine the link between established standards and declaration. It is of two types, namely internal audit and external which are conducted by internal auditors and external auditors respectively. Internal auditors belong to the company itself whereas external auditors are independent auditors who conducts audit to ascertain the genuine operation inside the business.
Which profession to go for?
Decision about profession should not be taken under influence. Go what your heart says and chose the one that challenges your mind.
Looking to get an entry-level accounting job? Read these tips!
So, your studies are done and you are about to enter the world of working. You are all prepared with your skills, learning and confidence and are planning to step into the professional world. But there is a huge difference between college and workplace. Your skills matter only after you get a job.
It is a not an easy task to get an excellent job. It involves a process like preparing your CV, uploading on different websites, choosing your sector to work, and contacting recruitment companies.
So, here are some tips to find an entry level accounting job in 2019:
Decide your Sector:
With an accounting degree, you can explore different kinds of opportunities available in the market whether it would be Public accounting, Govt. accounting, Private accounting or Not for profit accounting.
These industries have different roles in the accounting sector. They also have some pros and cons like Public accounting can help you in your CV, govt accounting has different benefits of perks, Not for profit can help you to achieve your goals, etc. So it’s difficult to choose a sector as to where you should go. The risk is that whether you are going in the right sector to work or not because you can’t say about it until and unless you work in it.
A little experience on your CV can help:
Having some sort of experience in the field will put you a level above your competition which has small to no experience. You’ll be able to construct the experience area of your resume by working while graduating. This can include volunteering bookkeeping, offering assistance for different causes or charities or supporting with school or work capacities. It might not be a good showcase of your experience, but it appears to your potential managers that you are super motivated.
Take the help of Job websites
Uploading your CV on different websites can definitely help to reach a large number of companies and to explore different accounting roles available in the market. These Job websites let you reach in all the companies where there is any requirement. This not only helps you to find a job; in fact, gives you options to choose between the roles you want to play.
Recruitment agency plays the same role as job websites. In job websites, you go directly to meet the client but in a recruitment agency, they interview you at the initial and if selected then send you to the client.
Take help in preparing Interviews:
Make sure before you go for the interview that you read about the company and the profile properly. If going through a recruitment agency, they also help you to prepare for your interview.
Sometimes it becomes disheartening, even after a lot of efforts if you don’t find a suitable job. But if you follow the tips mentioned above, it will definitely help you to find a suitable job for your profile.
Accountants work with people, SMEs, large enterprises, non-profits organizations, and government offices to plan and organize monetary and tax documents. Accounting is characterized as an organized way to keep records of money related exchanges, summarize those exchanges, and analyze, confirm, and prepare the reports. Another way to see at bookkeeping is that it’s a data framework planned to report the reliable data for the financial exercises of an organization.
There is an assortment of careers for the accounting grads and some of them are:
Internal auditors give an autonomous, objective examination of an organization’s funds. Internal reviewers basically distinguish budgetary mismanagement or extortion or distinguish ways to progress monetary administration and decrease waste. Reviews are utilized to supply financial specialists with an exact budgetary picture of publicly exchanged companies. Corporate and retail financial specialists utilize the data uncovered through inside reviews to choose which securities are worth acquiring.
Government offices now and then utilize support bookkeeping, which could be a way to partition assets into categories for tracking the source and utilization of these reserves. Fund accounting is additionally regularly utilized by non-profit organizations.
Entry-level employment is too accessible with the government for the state and metropolitan government offices. New accounting contractors may serve as junior evaluators, staff bookkeepers, or charge inspectors who survey recorded assess returns for exactness and adherence to the law or income specialists who audit complex business income, deals, and excise tax returns. Experienced bookkeepers can move into senior and administration positions in comparative parts.
Management bookkeepers have an inner business part that supports business supervisors in making trade choices. Management bookkeepers prepare point by point reports and estimates for supervisors inside the company. These reports are not aiming for public review. Management accountants track and analyze inner money related data by planning, executing, and overseeing inside monetary management frameworks.
New accountants who take occupations in enterprises frequently start as junior inner inspectors or as staff bookkeepers in ranges such as budgetary bookkeeping and announcing, administration bookkeeping, or assess accounting.
Public accounting covers a wide extent of administrations, issuing the open money related reports for a company, giving trade counseling administrations or individual monetary arranging administrations, and planning assess returns.
New accountants who do public accounting may serve as staff evaluators who analyze and confirm exercises in particular assigned client accounts.
Various other jobs:
Bookkeepers can become teachers at the post-secondary level for community colleges, schools of commerce, and colleges. Gaining a Ph.D. is usually required for college-level professorships in accounting. Professionals with foundations in accounting can moreover serve as specialists in any accounting/financial capacity for which they are qualified, or work in non-profit organizations in employment that are comparable to those found within the corporate world. Tax accounting includes keeping records for paying charges and making choices that comply with charge laws.
Notwithstanding of assessing status or commitment, all people and organizations that create income, get pay, or acknowledge subsidizing may advantage from the administrations of assessing bookkeeping experts.