Accounting

Roles of an Accountant

• Advise on ways to increase revenues, bring costs down and improve upon profits for businesses
• Make sure that financial statements follow nationwide regulations and laws
• Prepare tax returns, calculate taxes owed and be sure payment is made promptly
• Maintain accurate records for both business owners and businesses
• Look at financial records and prepare them properly for businesses
• Help management assess financial operations

Even with all of our technology today an accountant’s main role is to be sure that everything is entered with accuracy. Although an accountant’s job is to correct any errors that are made, especially at tax time they are responsible for many other elements. For example their job is to keep companies organized and help them meet business standards and requirements which are set by the government. Accountants with good track records are always in demand to help keep businesses and individual financial affairs in order. Below is a list of both professional and personal attributes that are required to be successful.

A good accountant is:

• very organized
• tech savvy
• focused on his or her goals
• someone who can analyze
• particularly good in mathematics
• someone who pays special attention to details
• able to focus in on one task
• capable of working and collaborating with a team of people

Another Extremely Important Attribute, Ethics

As in many professions ethics is a huge part of this profession. Along with completing the required coursework a person must have the following core code of ethics:

• Trust, an accountant’s clients must trust that their confidentiality will be kept.
• Integrity, both in business and professional relationships
• Compliance, rules and regulations are there for a reason and must be followed
• Avoidance, of anything that would discredit or embarrass the profession

Although having the ability to be a good accountant is extremely important, business professionals are going to remember you per your ethics. If you become known as an accountant that is professional, can be objective and trustworthy your career will go far. However, if you break confidence or don’t act in a professional manner you will not be in this career very long.

Many times, upon being hired, you will be required to sign a professional code of ethics. Although the code may very on occasion most businesses will use a code of conduct that is similar to what the American Institute of Certified Public Accountants (AICPA) uses called code of professional conduct. Other organizations such as Institute of internal auditors, have their own code of conduct, but all come back to the same types of attributes.

While earning your accounting degree ethics will pop up in various classes covering the following topics:

• Being objective
• Having integrity
• Showing due care

These attributes are an integral part of being a very good accountant. Those attributes will also help with understanding and analyzing economic developments, social and legal aspects of being an accounting professional. It is extremely important to understand and be able to navigate relationships clients and keep up with current trends both internationally and nationally.

You must learn how to keep your distance and remain free of questionable practices and watch out for conflicts of interest. Due care means being aware of any legal changes that come along, understanding financial information and being confident and competent in using that knowledge that you have gained.

Which accounting program is best for you?

To begin you will need a bachelor’s degree in order to enter the field. Depending on your long-term goals you may also be required to get your master’s degree. There is also the option of becoming a Certified Public Accountant (CPA), which is in demand at this time.

To take the bachelor’s degree route there are two ways you can go:

1. you can get your Certified Management Accountant Certification, or
2. you can become a Certified Public Accountant

The more established degree is by far the Certified Public Accountant degree. Getting a CPA gives you more options in both the business world and internationally. Along with allowing you to more employable there are of course more educational requirements. In order to obtain certification you must be licensed by the Board Accountancy within the state you wish to obtain a position and you must pass a four-part Uniform CPA exam.

The four parts are:

1. Business Environment and Concepts (BEC)
2. Financial Accounting and Reporting (FAR)
3. Auditing and Attestation (AUD)
4. Regulation (REG)

Before taking the CPA exam, the AICPA requires a minimum of 150 hours of undergraduate or graduate education. Also, anyone belonging to the AICPA will also have to obtain hundred and 20 hours of professional development every three years. Another important piece is experience and although the required experience varies from state to state most require at least two years as a public accountant before licensing.

Should you choose to become a certified management accountant instead the requirements are not nearly as stringent. A CMA usually works with one business or one corporation helping them with their finances and day-to-day operations.

To become a CMA the following requirements are necessary:

• Earn a bachelor’s degree, minimum
• Become a member of the IMA (Institute of management accountants)
• Two years of financial or management experience
• Complete CMA program, this can be done online

Earning a CMA is easier, however it does limit your career choices, significantly.

Tips to help you be successful

Becoming an accountant requires a certain type of personality. So, do not jump into a long-term program lightly. Do your research, talk to other accountants and make sure this is the right fit for you before making a commitment. If you are a motivated person, have a strong background in math, feel you are a detail focused person, tend to be analytical and have a high level of ethics this might be the right path for you. It will also be important that you are able to communicate very well, with different types of professionals.

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