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What type of career can you expect when you decide to go into accounting? Many people picture themselves as a private CPA or working at a tax firm for at least part of the year. However, these are only a couple of the possibilities for accountants. When you begin your studies in accounting, you find that there are many options available, so you have to decide what type of career path you want to take. Many decide to go into public service while others make their way into the private sector, but all accountants need to know the basics of the field in any career choice.
As the title implies, government accountants or auditors work with one of the branches of government either at the federal, state, or local level. While most people may think that government accountants work for the Internal Revenue Service, these accountants can work for other government organizations.
A clear explanation of accountancy expressed in layman’s terms, All You Need to Know about Accounting and Accountants has the answers to your questions about a fascinating industry.
For instance, some accountants work for the Federal Bureau of Investigation evaluating financial information agents find during criminal investigations. Some accountants simply do books for other government agencies and work on budgets. Many accounts also prepare, examine and analyze financial information including accounting records, financial reports, and financial statements. Accountants also have to create and present reports on their findings and know how to use accounting software in any type of government job.
When you begin your studies in accounting, you find that there are many options available, so you have to decide what type of career path you want to take.Click To Tweet
Many companies have their own internal auditors. This means that the auditor only has to review the books for that company. However, some auditors who work in this career work with their own companies and are hired by other businesses. Internal auditors essentially do detective work. They must examine the internal controls of a company as they look for instances of mismanagement, fraud, and inaccuracy. Some auditors even try to prevent these instances.
Management accountants generally work for one company and hold a position of responsibility and authority. These accountants have to keep up with the company’s income and expenses. Management accountants can work in the private sector, public businesses, or government agencies. They prepare data that the company can use for its benefit, which is something that many public accountants do not have to do.
Different companies may also have different names for management accountants including corporate accountants, cost accountants, industrial accountants, managerial accountants, and private accountants. However, they all perform similar functions as budgeters, decision-makers, planners, risk managers, and strategists. These accountants record and work with the numbers in order to help their companies budget efficiently and perform better. Also, as the name implies, management accountants supervise other employees who perform basic accounting tasks such as preparing income statements, cash flow statements, and balance sheets.
Most people are familiar with public accountants or certified public accountants. CPAs have a broad range of responsibilities, but some may specialize in specific areas including accounting, auditing, consulting, and tax services. While some CPAs work for larger companies, there are many who work for themselves. However, they must build a reputation of trust and honesty if they hope to strike out on their own. Public accountants can work for individuals as well as for corporations, the government, and nonprofit entities.
Sharpen your skills and prepare for the CPA Exam with a wealth of essential facts in a fast-and-easy Q&A
These are the four major fields in accounting. These accountants have many of the same responsibilities, but they also vary depending upon what type of industry they work in and how much experience they have. Many accountants work in government jobs including but not exclusively for IRS and many public accountants offer their services to corporations as well as individuals. You have to decide which industry works best for you.