Careers in Accounting Flashcards
+ Careers within the accounting professions (18 cards)
What skill do you need as an accountant?
- Attention to detail: An accountant finds loopholes + errors in tax records or financial statements and deals with large sums of money. Maximise profits for clients while minimising risk.
- Computer skills: Accountants rely on technology to simplify the process. Understanding spreadsheet, stock and accounting software can help to streamline your workflow.
- Numerical literacy: A strong understanding of maths speeds up how quickly you can make calculations and lowers the chance of mistakes.
Organisational skills: Efficient
Qualifications for a career in accounting
AAT qualifications
ACCA qualifications
ICAEW Standard Chartered qualifcation
CIMA Professional Qualification
Financial Accountant
The main focus of a financial accountant’s work is providing and checking the information that a business provides to external bodies like (HMRC).
They prepare and check these records to ensure that businesses and individuals are in compliance with the relevant laws and regulations.
Management Accountant
They work closely with an organization management team
They prepare financial information, develop analyses and provide reports or other documentation that help inform decision-making.
Inform the organisation’s internal management and leadership of how it’s performing. Management accountants might work with various departments and ensure that they operate within their budgets.
Types of accounting careers: Auditor
- Checks the company’s financial records to understand performance
- Suggests ways to improve the business
- Makes sure rules are followed and looks for signs of fraud
Types of accounting careers: Chartered Accountant
- Works in various roles, including certified accountant, management accountant, and public finance accountant
- Handles financial reporting, taxation, and managing accounting systems
- Analyzes financial data to support decision-making
- Uses key skills like attention to detail, communication, and time management
- Builds transferable skills useful in other areas of accounting
Types of accounting careers: Forensic Accountant
- Calculates losses, revenues, and tracks missing funds
- Prepares reports with findings and insights on criminal activity
- Focuses on researching and uncovering fraud or financial crimes
Types of accounting careers: Mortgagee advisor
- Advises clients on the most suitable mortgage products based on their financial situation
- Meets or speaks with clients regularly to understand their needs and offer tailored solutions
- Uses strong communication and people skills to explain complex mortgage information clearly
Types of accounting careers: Retail Banker
- Helps clients manage their money and suggests financial products or services
- Assists with transferring personal funds and may approve loans or overdrafts
- Talks with clients daily to support their personal financial needs
Types of accounting careers: Stockbroker
- Buys and sells stocks, shares, and other securities for private or commercial clients
- Monitors market trends, financial news, and performance to guide trading decisions
- Writes analysis reports and conducts trades on behalf of clients
Types of accounting careers: Tax Advisor
- Advises clients on tax laws to ensure correct payments and identify tax-saving opportunities
- Prepares and submits tax documents, and calculates how much tax clients owe
- Works with both personal and corporate clients, depending on the role
What are the professional roles and responsibilities
- Financial support staff: bookkeepers, credit controllers, payroll administrators
- Accountants: financial/management accountants, chartered accountants, auditors, technicians
Who do professional accounting services give advice to?
- Private companies: sole traders, partnerships, limited companies, multinational corporations
- Public sector departments in county councils and NHS
- Voluntary/not-for-profit organisations.
Main routes into accounting professions and their advantages:
- Government initiatives/apprenticeships: high quality work placements; financial support to employers; employees may only be paid the National Minimum Wage/National Living Wage.
Main routes into accounting professions and their
disadvantages:
- University degrees: costs; may not offer internships; exemptions from some professional qualifications
- Specialist qualifications: may be expensive; some employers will pay the fees on behalf of employees
What are challenges arising for private individuals and organisations of skills shortages of accounting professionals:
- Difficulties of obtaining up-to-date accounting services from qualified accounting professionals
Building and maintaining long-term relationships with customers:
- Having professional, competent and qualified staff
- Understanding customer needs
- Understanding products
- Providing high levels of customer service
- Paining referrals from trusted sources
Customer needs analysis and its importance:
- Determining financial needs of customer
- Sourcing customer information
- Reviewing customer needs on a regular basis
