Accountants prepare and examine financial records. They ensure that financial statements such as balance sheet, income statement and statement of cash flows are accurate and taxes are paid on time. Accountants can either work for an accounting firm or a large company or can set up individual practice and provide accounting services.
Accountants should have attention to details and should be good with numbers. Basic skills required for accountants: Accounting, Corporate Finance, Reporting Skills, Attention to Detail, Deadline-Oriented, and general math skills. Tend to have undergraduate and graduate degrees in Accounting, Commerce or Finance with a relevant certification like CPA/CA.
Typical Day in The Life (DILO) or Work Schedule of someone pursuing that career.
This is a fictitious calendar and is meant to give an idea of the different tasks that the professional performs and different people that the professional needs to coordinate with.
This may differ from organization to organization and context.
Senior accountant having an individual practice.
DILO, Day In The Life of:
|9:00 am – 9:30 am||Arrive at office, check emails and respond to mails.|
|9:30 am – 11:00 am||Review the financial statements for a large client prepared by a junior accountant and provide feedback.|
|11:00 am – 12:30 pm||Call with a client regarding an ongoing tax audit and follow up discussion with the internal team on the next steps.|
|12:30 pm – 1:00 pm||Lunch|
|2:30 pm – 3:30 pm||Internal team meeting to review the client accounts to ensure that the targets are met and the issues are resolved.|
|3:30 pm – 5:00 pm||Client call to review and advice on the investment limits and tax treatment of the same.|
|5:00 pm – 5:30 pm||Review and edit a report prepared by a junior accountant regarding the impact of the new tax laws and prepare the weekly digest mail for the large clients.|
|5:30 pm – 6:30 pm||Respond to the emails from the clients regarding the queries and new requests.|
Exact career path or career ladder, i.e. career progression may change from organization to organization, but below is a typical path.
Career Ladder Image:
Description For Certifications:
Professional Certifications or Credentials:
|Certification||Description||Career Level||Certifying Body|
|CIMA Certificate||Chartered Institute of Management Accountants Certificate||Entry Level||CIMA|
|CA||The Chartered Accountant||Entry Level/Expert/Professional||ICAI|
|CMA||Certified Management Accountant||Entry Level/Expert/Professional||IMA|
|CPA||Certified Public Accountants||Entry Level/Professional||AICPA|
Description For Associations:
Professional Associations or Organizations:
|IMA||Association for Accountants and Financial Professionals in Business||IMA|
|IAA||India Accounting Association||IAA|
|AICPA||American Institute of CPA’s||AICPA|
|IAAP||International Association of Accounting Professional||IAAP|
Links to a few Tools/Techniques (Also called Career Management Tools or Career Tools) and Methods (Also called Career Method Tools or Techniques) that the professionals in that career path tend to use, like this:
|QuickBooks||Accounting software for small businesses.||QuickBooks|
|Kashflow||Kashflow presents information clearly and the fact that it enables direct filing of VAT is one of its strongest points. Many small setups find tax filing a challenge, but with Kashflow this can be effortlessly done without exiting the application.||Kashflow|
|Xero||For an accountant who needs to maximize on team work, Xero can be a very helpful tool. The tool enables easy access and sharing of data, and bank accounts can be connected without difficulty.||Xero|
|Designwoop||DesignWoop is feature rich, and this probably explains why it is liked by accountants. The tool can be accessed on both the computer and on mobile gadgets and with this, accountants can easily post journal entries.||Designwoop|
|Outright||For a business that requires basic accounting such as a sole proprietorship, Outright can work pretty well. The software helps you manage what you are receiving and spending and gives you a clear picture of your business finances. In addition, an accountant can use this tool to determine what a business owes in terms of taxes.||Outright|
Links to a few Methods (Also called Career Method Tools or Techniques) and Tools/Techniques (Also called Career Management Tools or Career Tools) that the professionals in that career path tend to use, like this:
|Cash-basis Accounting||In cash-basis accounting, companies record expenses in financial accounts when the cash is actually laid out, and they book revenue when they actually receive cash.|
|Accrual Accounting||If a company uses accrual accounting, it records revenue when the actual transaction is completed (such as the completion of work specified in a contract agreement between the company and its customer), not when it receives the cash. That is, the company records revenue when it earns it, even if the customer hasn’t paid yet.|