A business, whether large or small, cannot run properly if the flow of money through the business is not monitored. A business relies for it’s growth and proper management on the verification and documentation of all money transactions and following current guidelines in due course. It is also necessary to have a well-maintained, up-to-date and well-kept record, make the right financial decisions regarding tax returns and other money-related issues, analyze profit and loss, determine the organization progress over a given period of time, compile all the necessary information about the business in the company’s reports or legal files, make new policies and explain them to all the working staff, prepare budgets and money-related documents, analyze and control expenditures and their trends, etc. Failing to fulfill these responsibilities may result in a company’s financial loss and will hinder the possibility of growth and prosperity.
Ever wondered who fulfills and sees to all the aforementioned responsibilities?
The answer simply is “an Accountant”. They are the financial backbone of a business, who prepare and examine all financial records and help the business achieve its goals by helping it running smoothly and efficiently.
There are four major types of Accountants:
• Public Accountant
• Management Accountant
• Government Accountant
• Internal auditor
Whilst there is no particular degree level to enter the profession and a fresh student passed out of school can also join the field, there is a range of recognized qualifications from which you have to choose one for a successful career ahead. Even after graduation, some vocational qualifications are required to make an Accountant acquainted with the much needed practical skills.
Depending on the career they want to pursue, the major qualifications are:
• AAT (Association of Accounting Technicians) is the minimum qualification, is equivalent to studying for a year at university and is highly recognized among employers.
• ACCA (Association of Chartered Accountants) recognized around the world and covers everything from risk and ethics to advanced taxation, designates the professionals as Personal Banker and Financial Analyst.
• CIMA (Certified Institute of Management Accountants) qualification required for broad and deep knowledge of management accountancy, prepares you to outperform in roles from Finance Analyst to Financial Director.
• Chartered accountancy requires the qualifications with one of the following bodies: Institute of Chartered Accountants England and Wales (ICAEW) Chartered Institute of Public Finance and Accountancy (CIPFA)
The earnings of an accountant depend on the type of job, firm they are working with and location.
According to a source, Entry level graduates earn salaries of up to £25,000 and the highest paid Accountants are the Chartered accountants who can earn up to £56,000 per year (including bonus) depending on the years of experience. With more experience, the salary rises up to £90,200 and bonus up to £20,600 per year, on average.
Banking and capital market professionals also get very high salaries.
An Accountant skilled in SAP Financial Accounting and Controlling (SAP FICO) also earns a high pay and after 20 years of experience move on to other positions after in this field
Other benefits may include profit-sharing schemes, medical insurance, pensions and car allowances