What do accountants do?
Keep reading to learn more about this financial field of specialty, including an accountants responsibilities and skills. An accountant might work as an individual professional consultant or part of a larger accounting team. Theyre responsible for preparing and analysing financial statements, as well as ensuring compliance with all government regulatory standards. Accountants also assist with financial analysis and business consultation. There are a few different types of accountants, each of which perform slightly different functions within their typical day on the job. Management: Management accountants are hired by businesses to prepare financial information to be used internally. Public: Public accountants are either self-employed or work as part of a larger accounting firm. They prepare tax forms and accompanying financial documentation. Public accountants can also perform audits or prepare you for the auditing process. Government: A government accountant works within a government agency to organise financial statements, but they might also audit external businesses and individuals as part of government activities. For example, the IRS hires government accountants to perform audits. An accountants responsibilities will depend on the type of company they work for. In general, accountants maintain and verify financial statements. However, there are many specific responsibilities that could fall under an accountants job description. Examples include:  Perform cash flow forecasts  Identify operating and launch costs for start-up businesses  Assist with goal setting to create and track key performance indicators (KPIs)  Set up accounting software to monitor KPIs  Help set up a budget for improved cash flow  Advise on borrowing strategies and debt management  Write loan applications  Create and monitor invoice systems  Deal with late invoice payments  Track cost of managing inventory for more efficient storage systems  Audit financial statements for compliance  Improve record-keeping procedures  Reduce tax exposure  Prepare and file business taxes  As you can see, an average day for an accountant could be quite varied depending on whether theyre assisting a start-up business or an established corporation. How to be an accountant  If youre wondering how to be an accountant, the answer is a blend of formal education and soft skills. It doesnt hurt to have a head for numbers, but good communication skills are also essential. How to be an accountant: education and qualifications  Accountants hold a bachelors degree at a minimum, but many will pursue graduate-level degrees and additional certifications. Some employers look for accountants holding a masters degree in accounting. A masters degree in business with a concentration in accounting is another possible education track to take. In addition to a college degree from an accredited university, accountants often go on to become a certified public accountant (CPA). This requires passing the Uniform CPA Examination. Specific licensing requirements will depend on the state, as each has its own regulations for practicing accountants. How to be an accountant: soft skills  A common misconception about accountants is that they spend their workdays shut in a back office doing equations. While this is part of the job, when you really examine the answer to what do accountants do youll see that theres a wide range of soft skills involved as well. Accountants often have customer-facing roles or collaborate with multiple departments within a large organisation. To that end, the following soft skills are involved:  Problem-solving skills: Accountants help clients solve financial problems. Customer service skills: Accountants must assess client needs by listening closely to issues and conversing to work out a solution. Computer skills: Many businesses hire accountants specifically to set up cloud-based accounting software. Apart from this, accountants must be handy with spreadsheet applications like Excel. Organisational skills: Its essential for an accountant to be highly organised, since the job requires the ability to organise and track financial data. Becoming an accountant can be a fulfilling career path for anyone who enjoys helping businesses grow. In return, businesses benefit from balanced books and accurate returns. We can help  GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.