Accountants are vital to the running of all businesses so there is huge diversity in the type of companies you could end up working for if you decide to pursue a career in this sector. There is also huge scope in the type of work accountants carry out. Essentially they analyse and provide reliable information on financial records which could involve financial reporting, taxation, auditing, forensic accounting, corporate finance and business recovery to name a few.
Accountancy is the process of managing the income and expenses of a business. Measuring a business’ finances is legally required for tax purposes and is also necessary so that managers, investors and others in the business can make decisions about where to allocate resources or identify where losses are being made and decide how to rectify them.
Accountants are regularly used to calculate how much tax a company pays or to complete payroll functions. They can also prepare complete profit and loss accounts and can be trained to provide specialist advice on a particular area of business. Accountants may work within a business or be employed by an accountancy firm which businesses outsource their accountancy needs to.
In reporting, there are two types of accountancy, Management Accountancy and Financial Accountancy.
Management accountants provide financial expertise and insight internally within a company or organisation which includes helping out with decision making, budget analysis and forecasting potential gains or losses.
Financial accountants however, provide information externally to different clients and this can be for individuals, shareholders, investors and creditors.
There are many different entry points into the accountancy profession and it has a great reputation for successful school leaver schemes, internships and graduate schemes alike.
You don’t need a degree to train as an accountant and most employers will support you financially and academically while you work towards gaining the professional qualifications necessary to become a chartered accountant. You can find out the entry requirements to become a chartered accountant here.
While academic ability is important in the accountancy profession, it is also necessary to have the right skills, character and outlook to become a successful accountant. Read our Essential skills to become a successful Chartered Accountant article to find out more.
There are a number of benefits associated with working in the accountancy profession and these vary depending on the company and area of accountancy you choose. Discover the various reasons to become a chartered accountant here.
Becoming a chartered accountant also means you will hold an internationally recognised qualification, making you eligible to work anywhere your heart desires.