ACCOUNTANT
Accountant is a qualified person who is trained in bookkeeping and
in preparation, auditing and analysis of accounts. Accountant also is someone
who keeps track of a company's money and let the company's managers and people
outside the company read their reports. Managers look at the accountants'
reports to see how well their companies are doing while governments use the
reports to tell how much tax a company should pay. Some people read them to
decide if they want to do business with the company and others use them to
decide if they want to lend money to the company or not. Accountants can either
be employed with an accounting firm, a large company with an internal
accounting department, or can set up an individual practice.[1]
To become a
successful accountant one’s need to be logical, methodical, good with numbers, excellent
IT skills as offices are increasingly becoming paperless environments, good
communication skills and to be able to understand the client’s business. They
also should be able to write well, so that they can tell others about their
findings. There are many accounting qualifications on the market Thus, it is
needed to qualify with one of three main bodies outlined below, or one’s will
need to do a lower level course such as the Accounting Technicians (AAT)
course, the work your way up via training. They need to undertake accountancy
exams with one of the following three bodies. First is The Institute of Chartered
Accountants England and Wales (www.icaew.com). On completion, they can become a
chartered accountant in industry or practice, giving professional advice and
making high-level strategic decisions. It also could lead to a career in any of
the following which is Forensic accounting, Audit/assurance, Business
recovery/insolvency, Corporate finance, Financial accounting and Tax advice. Second
is The Chartered Institute of Management Accountants (www.cimaglobal.com), it allows them to run the accounts of a business or be a finance director,
but they are not certified to sign off audited accounts of another business.
Third is The Association of Chartered Certified Accountants (uk.accaglobal.com),
which allows them sign off audited accounts of another business, but they are
not necessarily trained to be a company accountant or finance director,
although often this does happen.
Professionalism and
ethics is examined at the highest level in the ACCA Qualification. It is also a
main part of the practical experience they must complete to qualify. Most
accountants have a college degree in accounting. Therefore, it will normally
take another 3 or 4 years to get through accountancy exams, after taking the
degree. Since they can take time out between the various exams, so it may take
even longer than this. Furthermore, one’s need at least 5 GSCEs with good
grades, including a good grade in Mathematics and at least two good A-levels which
one of it must be Mathematics. Apart from that, Public accountants have to take a special test as
well, resulting in a certification. Public accountants also must have a special
license from the State in which they live.[2]
Accountants are the
persons who play a very important role in an organization without an accountant
an organization cannot work effectively. The roles of accountant are
maintenance of accounting book, audit, internal audit, taxation and consultancy
service. First is maintenance of accounting book. An accountant keeps a
systematic record of the transactions entered by a business firm in normal
course of its operation. A firm cannot work effectively without recording all
the transaction. Therefore, appropriate maintained accounting books will assists
management in planning, decision making, and controlling functions. Second is
audit, auditing is concerned with inspecting of accounting data for determining
the accuracy and reliability of accounting statements and reports. Every company
is required to appoint a chartered accountant as an auditor who is judicially
required to report every year whether in his opinion the balance sheet shows a
true and fair view or the state of affairs on the balance sheet date, and the
profit and loss account shows a true and fair view of the profit or loss for
the year. Third is internal audit, it is a management tool whereby an internal
auditor thoroughly examines the accounting transactions and also the system,
according to which these have been recorded. Fourth is taxation, an accountant
can handle taxation matters of a business or a person and he can represent that
business or person before the tax authorities and settle the tax liability
under the statute prevailing. He can also assist in avoiding or reducing tax burden
by proper planning of tax affairs. Fifth is consultancy service, an accountant
performs an advisory function.[3]
When most people
think about having an accountant, they immediately think of tax season. The
accountant is someone that is going to be able to do the end of year taxes for
a person, while giving them the reassurance that they want in order to know
that the taxes are getting done properly. However, the accountant can help a
person out in many other situations besides taxes. An accountant can help someone who just start-up a business. They
are going to be the person to go to in order to figure out just what is the
start-up costs and so forth are going to be. They can help the person to
estimate just what they have in terms of funding and what they need in order to
make this business come true. They are one of the people that future business
owners are going to find come in handy when trying to make out a business plan
in order to get approved for funding. Other than that, they are someone that you can go to when you need
money or investing advice, and they are going to be some of the most
knowledgeable in the field since they deal with money issues every day that
they are at work. They can suggest you regarding most suitable sources of
finance, where to invest your hard earned money and selection of a right and
profitable project. For anyone that is struggling with their finances, then accountant
are the one that they should be talking to since they can help out tremendously
in the majority of situations that a person finds themselves in that are
related to finances, whether it be to help them or to just teach them. The
accountants can also help with investments and other financial decisions such as
getting loans and so forth, so that the person knows what they are getting and
know exactly what they will be paying.[4]
Although many people
think that all accountants do the same task, there are special areas of
expertise within the accounting industry such as Chartered Accountants, Management
Accountants and Forensic Accountants. A Chartered Accountant is defined as a
British accountant who is a member of a professional body that has a royal
charter, for example, The Institute of Chartered Accountants in England and
Wales. A
typical chartered accountant will work in many different environments and
settings, with roles ranging from chief executive of a multinational company to
sole practitioner. In public practice firms, they provide a variety of professional
services to a wide range of fee-paying clients, from large commercial and
public sector organisations, including banks to private individuals. In the industry
and the public sector, chartered accountants may work in areas such as, fund
management, venture capital and equity analysis. Next, Management Accountants
apply the principles of accounting to provide organizations and businesses, in
the public and private sectors, with the financial information necessary for
financial protection. Management accountants may either be employed in a finance function
or within specialist departments providing financial advice and information to
help support strategic business decision-making. Then, Forensic Accountant can
be defined as an accountant who performs an orderly analysis, inquiry,
investigation, inspection, or test in an attempt to attain the truth, and
develop an expert opinion in matters of disagreement. In general, a forensic
accountant is engaged in a combination of fraud detection and litigation
support.[5]
Working in
accounting is very challenging. An accountant constantly has to continue to learn
and adapt to new situations. Accountants are required to use a great deal of
professional judgment to make appropriate decisions. Accountants tend to work
in a fast-paced, deadline-oriented environment. This is because accounting
information is very time sensitive and needs to be processed in a timely
fashion. Also, much accounting work requires individuals to work as a team.
This helps in the completion of projects as well as the spreading of knowledge
between team members. With accounting constantly changing and since it covers
such a wide array of complex topics, there is no way one person can know
everything there is to know about the subject. Thus, teamwork makes projects
more attainable. Besides that, the work environment for an accountant is
typically a professional office setting. Most accountants work in an office
setting where things are clean and orderly. The offices are usually very well
lit. Self-employed accountants may be able to do part of their work at home.
Accountants and auditors employed by public accounting firms and government
agencies may travel frequently to perform audits at branches of their company,
clients' places of business, or government facilities. Although accountants
work primarily in an office environment during business hours, during busier
periods or when dealing with a financial crisis they may need to work much
later hours in order to successfully manage complex situations and procedures. Accountant
hours can range from the traditional 40 hours a week to more strenuous hours
which are from 55 to 80 hours a week during the three-month busy season
especially during reporting period, such as year-end or tax season.[6]
Accounting can be an
exciting and rewarding career, one that offers higher-than-average starting salaries.
Although salaries will vary from state to state, experienced accountants can
easily earn six-figure salaries and have many opportunities for advancement. Other
benefit is that accounting offers a wide variety of career choices. As the need
for more accountability, transparency and controls in financial reporting increases,
all types of accountants whether it is public, management, government, internal
auditors, will be in demand. As an accountant, you can work almost anywhere
such as private industry, government office, tax preparation firms and college
and university campuses. You can also consider the self-employment option. If
you decide that you don't like the first one you choose, you can change. For
example, operating a small accounting business from your home to serving as an
auditor of international subsidiaries for a major corporation, allowing you to
travel the globe. Apart from that, you can easily calculate your own expenses
and income taxes. You do not need to trust your investments and hard-earned
income to someone with nothing invested to lose. You are able to take every
precaution and possible deduction to maximize your wealth. Furthermore, you can
gain experience to make informed investment and business decision. As an
accountant, you will have a thorough understanding of the tax ramifications of
all personal or business expenditures and purchases. Last but not least,
accountant is a well-respected career because in the business world, people
seek your advice and show respect for your answers on a wide range of issues. A
company's future may depend on your approval or disapproval of their accounting
records.[7]
Everyone needs to have a positive value
especially in a job. As said in Al-Quran, “O mankind! Reverence your
Guardian-Lord, Who created you from a single person, created, of like nature,
his mate and from them twain scattered (like seeds) countless men and women –
reverence Allah, through Whom you demand your mutual (rights), and (reverence)
the wombs (that bore you): for Allah ever watches over you.”[8].
A positive value that an accountant should have is that a member should behave
with integrity in all professional and business relationship. Integrity implies
not merely honesty but fair dealing and truthfulness. Integrity implies not
merely honesty but fair dealing and truthfulness. “Let there arise out of you
band of people inviting to all that is good, enjoining what is right, and
forbidding what is wrong: they are the ones to attain felicity.”[9].
Next, a member should strive for objectivity in all professional and business
judgements. Objectivity is the state of mind which has regard to all
considerations relevant to the task in hand but no other. Then, a member should
not accept or perform work which he or she is not competent to undertake unless
he obtains such advice and assistance as will enable him competently to carry
out the work. Besides that, a member should carry out his or her professional
work with due skill, care, diligence and expedition and with proper regard for
the technical and professional standards expected of him as a member. Lastly,
a member should conduct himself or herself with courtesy and consideration
towards all with whom he comes into contact during the course of performing his
work.[10]
An accountant is
needed when someone is just starting a business. The accountant will take the
form of another business adviser. They will be able to give advice on your
business plan and the tax issues of registering a new business. Accountant also
is needed for you to know how much profit the firm earn last year, tax that the
firm owe the Internal Revenue Service and amount of cash that the firm have to
pay lenders and suppliers. As the business grows the accountant will help you
manage your money. Whether you are starting up or a growing business, they can
advise you on the best way to arrange additional finance without putting your
business at risk. You should use your
accountant's expertise to help you analyze your financial statements so you can
understand what they are telling you. Therefore, an experienced accountant's
advice will be invaluable in such matters. In addition, you will also need an accountant if you have questions
about what kinds of business expenses are deductible. Most of these rules and
regulations are moving targets they change frequently and often vary from state
to state. A good accountant will always be on top of the changing laws and
regulations and, more importantly, will know what applies to you. It's also
important to ask your accountant's advice before you take action. It's almost
always easier and cheaper to structure things properly upfront, as opposed to trying
to fix something later. Just as important as saving you money, employing the
services of an accountant will save your time. Moreover, you need an accountant
to handle your business taxation. Taxation is a large business expense and as
accountant’s job, an accountant can effectively minimize these costs. Accountants
needn't be that expensive anyway. It's unlikely you'll need to employ one full
time. Instead you can pay a flat fee for regular consultancy or pay-as-you-go.
Most accountancy firms offer a range of packages for businesses of differing
sizes and stages.[11]
The reason why I
want to be an accountant is because it offers numerous opportunities for
self-employment. To be an accountant, I will have to take an accounting major.
Taking an accounting major will enable me take on the different accounting
paths that are there. If I take the accounting major so many career
opportunities will be opened for me, for example, I could study public
accounting and become a public accountant, can also study private industry
accounting. I also can simply carry out my activity at the comfort of my home.
Hence, accounting can be considered a flexible career as compared to other
causes that require me to be at a particular specific place, for example,
teaching. Accounting is also a demanding career, many companies require the
help of an accountant to run their businesses, hence, creating high chances of
being employed. The career is well paying, and creates an opportunity to
progress[12]. The salary of accountants
also is expected to rise in the future. Accounting can be considered the
backbone for any business anywhere, to grow. The biggest economic contributor
in any country is business, hence there is need to have people who are good in
bookkeeping. Knowledge of accountancy and the skills learnt, enable me who am
good in accounting to contribute in the growth of a country’s economy. Hence,
the importance of accounting cannot be underestimated. This is because every
person needs accounting in their day to day activities. Hence, being an
accounting major gives me an upper hand, as I already will be equipped, with
the accounting skills.
[1] Ronald Duska, Brend Shay Duska and Julie Anne –
Accounting Ethics 2nd Edition – IIUM Press – WILEY-BLACKWELL – 10 –
2011.
[2] Jason
Alba & Manisha Bathija – VAULT CAREER GUIDE TO ACCOUNTING – IIUM Press –
VAULT Inc. – 41-43 – 2005.
[3] Ronald
Duska, Brend Shay Duska and Julie Anne – Accounting Ethics 2nd Edition – IIUM
Press – WILEY-BLACKWELL – 20 – 2011.
[4] Jason
Alba & Manisha Bathija – VAULT CAREER GUIDE TO ACCOUNTING – IIUM Press –
VAULT Inc. – 41-43 – 2005.
[5] Jason
Alba & Manisha Bathija – VAULT CAREER GUIDE TO ACCOUNTING – IIUM Press –
VAULT Inc. – 31-33 – 2005.
[6] Jason
Alba & Manisha Bathija – Vault Career Guide to Accounting – IIUM Press –
VAULT Inc. – 31-33 – 2005.
[7] Jason
Alba & Manisha Bathija – Vault Career Guide to Accounting – IIUM Press –
VAULT Inc. – 8-9 – 2005.
[8]
Surah al-Nisa: 1. See; `Abdullah Yusuf `Ali, The Holy Qur’an: Text and
Translation, 85.
[9]
Surah al-Nisa: 104. See; `Abdullah Yusuf `Ali, The Holy Qur’an: Text and
Translation, 69.
[10] Jack
and Maurice – Accounting Ethics – Pearson Professional Limited – PITMAN PUBLISHING
– 96 – 1996.
[11] Kevin
Sullivan – Handbook of Geriatric Care Management – Cathy Press – Jones &
Bartlett Publishing – 33 – 2006.
[12] Jason
Alba & Manisha Bathija – Vault Career Guide to Accounting – IIUM Press –
VAULT Inc. – 8 – 2005.
No comments:
Post a Comment