careers in accounting 4
Careers in Accounting
Accounting focuses on using principles to measure the viability ofeconomic entities. The process of accounting involves keepingfinancial accounts, balancing financial books, calculating costs,expenses, and surplus of business transactions. A business has theresponsibility to monitor their income, expenditure, assets, andliabilities with regard to its overall performance within a givenyear. With that said, the two career options that someone with anaccounting education can pursue are Auditing and Financial(Accounting Associationof Government Accountants, (1997).
Ideally, auditing is the monitoring and analysis of public andprivate companies independently from the company’s financialrecords. In this case, auditors investigate whether a company’saccounting transactions are compliant with the law. This is in termsof ethical and fair trade. This is a viable career option because atrained accountant can use their expertise to ascertain thecredibility and financial state of a company in the event of amerger, legal issue, or even transfer of assets (UnitedStates, et al, 2008).
On the other hand, financial accounting focuses on the publicizing anorganization’s financial status. For example, financial accountantscollect financial data, analyze the changing trends in the industry,and prepare financial statements needed for reference by companyowners, investors, shareholders, and management. A person trained inaccounting can select financial accounting as a suitable careeroption because one can work in both in the public and private sector.In addition, the position is competitive and can earn an employee aposition in the top rankings of an organization (NationalBusiness Education Association, 2002).
One research accounting position is CFO (Chief Financial Officer)which involves making financial decisions for a company. Theessential skills required for this position include, effectivefinancial management, analytical, and strategic management. Theprimary manner in which the position adds value to the company isreduced cost of production, increase profit margins, increase inequity, and growth/expansion of the company (UnitedStates, et al, 2008).
Associationof Government Accountants. (1997). TheGovernment accountants journal.Arlington, Va.: Association of Government Accountants.
NationalBusiness Education Association. (2002). Businesseducation forum.Washington, D.C: National Business Education Association.
UnitedStates Department of Labor. United States Department of Statistics.(2008). Occupationaloutlook handbook.Baton Rouge, LA: Claitor`s Pub. Division.