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Accountants the most underrated dark horse of the business

Accountants the most underrated dark horse of the business

Stats and profession 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 U.S bureau of labour statistics says that the need for accountants will reach its peak by 13 per cent 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 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 analyzation 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 the better picture of your crucial funds and availability of money.

Not knowing that from where your money is coming 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 aspect 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 the finance.

Conclusion

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.

Top accounting careers to pursue

In the world of economy, accounting is the backbone. From keeping the tracks of the money of every financial account to detecting any discrepancies which can shake the economic structure of a business, accounting is needed.

Management accounting is the field of accounting which is specialized in the financial planning and monitoring of the corporate society. The main objective of the field is to record, report and balance the data of business accurately. Management accounting has different people in different specializations and positions which take care of the different aspects of business and finance. And similarly, many private companies assign different job positions for each specialization which follows a usual structure by setting a framework and a specific job description.

So, let’s check out the main-centric accounting job and its various aspects.

Financial Analyst

A job of a financial analyst has a very specific role in companies like insurance, international agencies or firms. This job can be seen with the various titles like staff accountant or accounting staff, risk analyst or maybe like portfolio managers. A financial analyst directly reports to finance managers, accounting head or any other senior official in the finance department. They need to do and are responsible for the tasks like-

1) Fund investment or budget trend analysis

2) Reporting or data analysis

3) Cost management decision.

4) Financial practice improvement and evaluation.

Budget Analyst

Budget is one of the crucial aspects for any firm because it relates to investment and investment on return aspect. That is why this aspect needs to be tackled with perfection. The job of a budget analyst can be seen in the private as well as the public sector too. They work with different titles like a budget accountant, management analyst or cost estimator. They directly report to accounting managers or finance managers. They work on the task like-

1) Budget making

2) Financial task management

3) Cost monitoring

4) Budget reporting

5) Planning and allocation of resources on recommendation

Accounting Manager

The job of accounting manager is very essential for any corporate firm. You can see this job profile with various names like managing accountant, accounting supervisor or like a senior accountant. And this job has a very essential role to play in a non-profit organization like education or health care institutes. They are mostly responsible for-

1) Auditing requirements

2) Regulation compliance

3) Supervision of whole accounting processes

4) Supervision and training of accounting staff

Controller

As the name is itself suggesting us, the position of a controller comes with a lot of responsibility and roles because as a controller you need to manage and systemize everything. They indulge themselves in the works like-

1) Supervision of all accounting functions and processes

2) Financial data maintenance

3) Financial documents and process auditing

4) Tax returns filling

5) Financial reports creation

6) Internal accounting policies establishment

CFO (Chief Financial Officer)

This is considered as one of the high-levels position in any large or small scale organization or company. They have large responsibilities to hoist on their shoulders. They deal with high-level decision making responsibility, supervision and auditing process, policies and budget planning, management and reporting to BOD (Board of directors) or strategic planning and fundraising too.

Conclusion

So, these are the main centric jobs of accounting field, but you can also go for some other interesting job in the field of accounting area. These jobs that we have mentioned require great experience along with your expertise and your accounting degree and diploma.

Few tips to prepare better in an accounting interview

Accounting being a difficult field to study and work has numerous jobs available in the market, but it depends on your skills if you qualify for that interview or not.

Here are some tips which if you follow will definitely help you to do better in an accounting interview:

  1. Go through the basics:

To get top grades in college does not guarantee success in the interview. So before you go to the interview, make sure you go through the basics.

  1. Proper research regarding job profile:

When you don’t get a good job, you go for any job and this affects your CV. Just don’t get into a wrong job for the sake of earning money or simply doing the job.

To start your career, you should select your sector in the starting itself and it is better to wait for the right job than indulging into any kind of job.

  1. Motivation:

Motivation is one of the factors to be considered while you prepare for an interview. Do see some videos to motivate yourself and don’t take much stress.

  1. Excel:

Accounting work includes system work where Excel plays a major role. Make sure you know the formulas and also know the shortcuts of excel.

  1. Communication:

Many of the people get rejected in the first round because of bad communication skills, so make sure you have good communication skills. Prefer to speak in Hindi instead of using wrong grammar and pronunciation. Else to learn English, you can also watch youtube videos.

  1. Good research:

Wherever you are going for the interview, make sure you know about the company and the profile properly; you should be prepared on your part. You can either refer the company’s brochure, website or Wikipedia.

  1. The first Impression does make a difference:

Remember the first impression makes a big difference. So when you meet your interviewers, greet all with a smile or a handshake.

  1. Reach on time:

Never get late for an Interview, as it leaves a bad impression. Sometimes being late also shows about the non-seriousness towards the job.

  1. Ask for clarification:

In case, you don’t under the question asked by the management, make sure you request for clarification. It is better to ask for clarification rather than giving wrong answers.

  1. Honest:

Be honest and don’t write in CV about which you don’t know. If asked the same question, it may affect your impression. If they ask you something and you don’t know the answer, be honest and say you don’t know about that.

  1. Know about your Resume:

Know in and out about your resume. Whatever you write in the resume, you should know about that and you should be confident about that. Your interview totally depends on your CV and form which you fill. So whatever you write in the form and CV will decide about your result of interview. So make sure you write about each aspect carefully.

How To Find An Entry Level Accounting Job In 2019

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:

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.

Verdict:

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.

 

 

Checklist to follow before applying for an Accountancy Job

Accountancy, this word itself is very vast. There are so many people who are not even aware of the skills needed for making a successful career in this field? By name, it might not seem to you like the most glamorous career option, but if you take a closer look at it, you would find yourself sitting at the heart of the business and taking key decisions. It does not matter how big a company gets, but the requirement for an accounts department would always persist. Perhaps the main focus is on auditing, you might be doing management or tax and finance associated work. Major chances are, you would start your career in one of two paths – either technical or commercial.

For those people who feel numerically literate for doing an accountancy job, here are the few tips you need to initiate off for your career journey in accounts-

1) Analyse what kind of firm you wish to work for-

As you are too new for this industry, you would have to be flexible when choosing an organisation. While studying about the firm, you should always check about their corporate culture and think if you would be able to adjust to it. Well, whenever you would go for an interview they usually ask a question that is, why you want to work for them, so it would be great that you study well about that organisation, their history, it’s clients and what do they deal in.

It would be beneficial for you to check about them online, in magazines or it would be fantastic if you meet a current or former employee so that they

could tell you about the better insights and it’s culture.

2) Select your accounting specialism-

As accounting is very vast, its careers can be divided into two main areas- which are management and financial accounting. In these divisions, there are more specialist fields like budget and financial analysis, also working as a controller.

The difference between the two is that management accounting gives information to people inside the company, on the other hand, financial accounting offers information outside of it, like shareholders.

Most graduates enter accounting with financial accountancy, as it provides a number of career prospects like:

* audit

* corporate finance

* business recovery and insolvency

* forensic accounting

* tax

But choose the work which you think would be most enjoyable.

3) See the checklist carefully-

Once you have analysed on what firm and in what field you want to work, next step is to target the potential work profile for yourself. Initially, you would see many options and get attracted to them, but you need to make sure that you read the checklist diligently. As they might have a requirement of different degree which you do not have, so there would be no point in wasting time on it. They would not consider you, no matter how efficient you are.

4) Be sure that you are applying for the apt job-

This is a big decision so should make sure that when you apply for any job, it is the one that suits you and you desire for it. You should always be confident even when applying for a big firm, as if it suits you then you should always apply for it and try to crack the interview.

5) Review the deadline-

It would be great on your part to read the application form thoroughly before filling it. You should take ample of time to fill in the form as it is very vital, in fact, you can take a print out of the form and first fill that and then you can fill the one in actual form. You should always ask for at least one week’s time before submitting the application. Always check about the deadline before applying as there are many organisations who look for immediate joining as well. So be sure before applying for the same. So, these were few tips you should follow when applying for an accountancy job. These would benefit you and make you prepared for a better interview and career.

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