Sunday, October 1, 2023

Working as an Accountant: Different Kinds of Accountants

If you want to be an accountant, then several different branches of this career path are open to you. There are diverse roles available for accountants that go beyond just handling tax returns for businesses.

As the accounting profession develops and grows, the opportunity for accountants to work in diverse industries continues to increase. Here are ten career paths that you can pursue as an accountant:

1. Certified Public Accountant

Also known as a CPA, you will need to work on federal as well as state-level taxes. You could also be hired by a business to manage the staff accountants of that business. To become a CPA, you need to pass specialized examinations. This is why a CPA is also treated as a valuable financial advisor. You could also need to look over audits for businesses.

2. Staff Accountant

If you have a bachelor’s degree in the field of accounting, then you can work as a staff accountant. You will need to report to the COA of the business. Your work will involve creating and analyzing financial reports. You could also need to manage the accounts payable as well as the accounts receivable of the business. Staff accountants also help in creating budgets and ensuring that the business is complying with the financial regulations of their industry.

3. Investment Accountant

If you want to be an accountant but don’t like doing taxes, then consider becoming an investment accountant. In this career path, you’ll find yourself working for investment brokerages or asset management firms. You’ll need to know the basics of handling accounts and should also be good at looking for opportunities for investments. You should also make sure that the business you’re working for is complying with both federal and state regulations.

4. Cost Accountant

As a cost accountant, you’ll need to help the business ensure that they are being cost-efficient. You won’t find work in this field on the basis of projects. Instead, you’ll be hired by a business that needs help in managing its budget, as well as the profitability of its supply chain. You should know how to analyze costs associated with labor, materials, shipping, production, and more.

5. Project Accountant

You will be hired on a per-project basis. You could be a contractor, or you could also be brought in as a long-term employee. Remember to develop a good working relationship with the business that you’re working for. This would ensure they return to you again and that they refer your services to their contacts as well. Your work will involve preparing invoices, approving expenses as well as billable hours, maintaining the budget of the project, and more.

Situated towards the South Central part of the US, you’ll find the state of Oklahoma. This state is well-known for its cowboy culture, as well as the rich history of the Native Americans of the region. Oklahoma is also home to a large number of businesses and industries, such as the popular iodine production businesses or its oil and gas industries. The great number of businesses in this state make it a perfect place to work as an accountant.

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6. Forensic Accountant

As a forensic accountant, you’ll need to analyze financial records in order to fund out whether everything is in order or not. You’ll be looking for errors, fraud, omissions, and whether the records are complying with federal and state laws or not. You could find yourself working for a forensic accounting firm, for the government, or even for yourself. Forensic accountants are in high demand as expert witnesses within litigation cases as well.

7. Management Accountant

You’ll be analyzing how well a business is doing financially and how its finances could affect business operations. You will also be expected to help the business improve its financial health. You’ll be working on budgeting, risk management, profitability analysis, as well as financial reporting.

8. Financial Advisor

As a financial advisor, you’ll be helping the client by offering financial planning services. At the end of the day, you’re expected to help the client improve their finances. You’ll need to create financial plans for the client and assist them in reaching their monetary goals. If you work for a business, you’ll need to check the financial statements of the business to assess how well the business is doing financially.

9. Auditor

An auditor helps ensure that the business is recording its financial information properly. For many organizations, it’s necessary to get an audit done by someone who isn’t their employee. As an auditor, you’ll be looking at the financial statements of the business. You’ll also need to ensure the business is complying with financial regulations.

10. Financial Consultant

As a financial consultant, you’ll be helping individuals, as well as businesses, make good financial decisions. You could work for a business or be self-employed as well. You’ll need to know how to prepare financial reports, understand financial statements, and what regulations individuals and businesses should be complying with.

Conclusion

There are several kinds of accountants that you can choose to become. Depending on what your interests are and what aspect of accounting you want to focus on, you can be everything from a forensic accountant to a staff accountant. This guide takes you through the ten kinds of accountants that you can become.

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