What is Accounting?
Accounting is a diverse field with a wide variety of specializations to choose from. As a result, professionals are able to pursue many different employment opportunities. While your daily responsibilities will vary depending on your area of interest, training, and education.
Exact job tasks will vary depending on the type of services offered. Responsibilities also differ based on specialization. Generally, however, all accountants possess the knowledge and skills necessary to ensure financial statements are accurate and comply with all laws and regulations. Other common tasks include inspecting account books, organizing records, assessing financial operations, identifying risks and challenges, and suggesting ways to reduce costs.
Accountants can find employment within by many different industries and company types. Most professionals in this field work for accounting, tax preparation, bookkeeping, or payroll service companies. The majority of jobs are full-time and professionals spend a significant amount of time in offices. Some employers do allow accountants to work from home, however. While a 40-hour work week is the norm, plenty of employees work part-time as well.
Some of the most common areas of expertise include:
- Cost Estimation
- Human Resources / Payroll
- Project Management
- Risk Management
- Mergers and Acquisitions
Job outlook for the accounting profession is comparable to most other occupations in the United States. According to the U.S. Bureau of Labor Statistics, employment for accountants and auditors is expected to increase by 4% from 2019 to 2029. This change is projected to add approximately 125,700 accounting jobs to the market. Growth and stability in this field are likely due to the fact that both individuals and businesses depend on accounting professionals to maintain accurate financial records. Demand for individuals with finance-related knowledge and skills is high. It is important to realize, however, that this particular job sector is closely linked to the overall health of the economy. If economic development continues as expected, the United States will sustain the need for accounting professionals. A downward economic trend, on the other hand, could lead to an oversaturation of experts in this field.
Many accounting degree graduates choose to pursue careers as accountants. These professionals can provide a wide variety of financial services, but are generally responsible for handling financial information and transactions for individuals and/or businesses. They may also identify areas of opportunity and potential risk, as well as offer possible solutions for monetary problems that arise. Additionally, accountants help ensure individuals and companies are adhering to financial regulations and often submit pertinent information to oversight agencies. It’s also common for these professionals to compute and report taxes for clients, as well as ensuring that funds are paid properly and on time to other collection entities. Yet another routine responsibility is creating financial statements that concisely summarize a person or company’s activities and monetary positions over a specific period of time, usually for reasons of taxation.