Everyone is aware of an accountant’s importance in today’s world. Now accounting may appear to be a simple job at first sight; it’s all just numbers, yes? Although working with financial data is an essential component of the job, accounting is a critical function that requires far more problem-solving than you may believe. It goes beyond what many think it is. This article will let you know everything you need, the salary prospects, how to become an accountant and what is an accountant’s job. So dive in!
What is an Accountant?
An accountant retains, inspects, and analyses financial records. You can describe it as a person who records and reports business transactions and performance on behalf of a firm. They interpret the firm’s operations and efficiency and create financial statements.
Top picked jobs for youWhat does an Accountant do?
An accountant’s work can vary from entry to executive level. Some of their regular tasks comprise:
- Using analytical skills to craft a suitable plan for a firm
- Communicating with other accounting professionals to establish alignment in the team
- Doing technical-financial tasks
- Securing financial data using backups
- Managing payrolls and auditing
What are an Accountant’s Roles and Responsibilities?
Even if an accountant’s daily work differs depending on position and organization, some of the most typical jobs and responsibilities of accountants include:
- Checking the accuracy and conformity of financial documentation with the relevant laws and regulations
- Conducting risk evaluations and forecasts
- Generating and managing critical financial reports
- Providing cost-cutting, revenue growth, and profit-maximizing advice
- Analyzing financial processes to advocate best practices, detect concerns, find solutions, and assist businesses in functioning effectively.
- Drafting tax returns and guaranteeing appropriate and timely payment of taxes
How to Become an Accountant?
Becoming an account takes work. But it is not impossible. So is there a simple answer for how to become an accountant? Yes, there is!
Here are a couple of tips you can contemplate to become a successful accountant:
1. Choose Commerce stream after class 10th
Suppose you are sure about becoming an accountant. Knowing that you must initiate the process once you finish your 10th class is vital.
- Consider selecting the Commerce stream in your school for higher classes.
- It will help you build a foundational base with subjects like accountancy, business studies, and economics.
- Although a bachelor’s degree is not mandatory to become an accountant. But it is better if you opt for it to give you an edge against the competition.
- You may need to clear undergraduate entrance exams to get admission to some institutes.
- Once you have enrolled in the course, that is – B.Com, you will study courses like corporate accounting, cost accounting, business communications, and tax laws.
2. Apply to courses or Internships
If you expect to get a job immediately after leaving college, it is unlikely to happen without preparation. Firms like experienced candidates to look after their financial matters. Now, where will you get this experience?
- You can work under a chartered accountant (CA) for a few months to gain experience.
- Join a professional accounting or industrial accounting institute to accrue proper training.
- Learn practical knowledge by doing part-time jobs.
- You can enroll for M.Com (Masters in Commerce).
Accountant Salary And Career
The salary in the accounting field is not definite. It depends on your position and job in the department. For instance,
- Auditors and accountants earn an average base salary of ₹ 19000 per month. It amounts to a total of about ₹ 2.1 lakhs annually.
- Conversely, an accounting manager can accumulate around ₹ 6.6 lakhs yearly.
- CA can receive attractive salaries of ₹ 7 lakhs on average.
- Government employees in the accounting sector can easily make around ₹ 3.5 lakhs yearly with other allowances.
There is a remarkable scope after B.Com accounting. You can apply in several opportunities across various domains to put your knowledge to use. Listed below are some of the career opportunities you can consider:
- Finance Analyst
- Managerial Accountant
- Accounts Assistant
- Government Accountant
- Senior Accountant
- International Accountant
- Non-Profit Accountant
- Certified Public Accountant
Conclusion
Accounting is much more than simply crunching numbers. Being an accountant requires more than just theoretical knowledge; you must be analytical and have a keen eye for detail. You should also retain a practical understanding and exceptional numerical ability. At present, it is an in-demand industry with limitless options. Thanks to the rise in the accounting and finance industries, the benefits of attaining an accounting degree are more apparent than ever! Moreover, if you have experience, then you can apply for an Accountant job at Job Hai, which has several listings of accounting jobs.
FAQs
Q1: Who is an Accountant?
A. An accountant is a professional who maintains financial records and is responsible for various financial chores for individuals or companies.
Q2: What is the work of an Accountant?
A. Accountants help firms make critical financial decisions by gathering, tracking, analyzing, and correcting finances.
Q3: What is an Accountant’s salary?
A. An accountant’s salary ranges between Rs. 0.8 lakhs to Rs. 6.2 lakhs yearly. The average salary per year stands at Rs. 2.6 lakhs.
Q4: What skills do you need to be an Accountant?
A. Multiple soft and technical skills are there that an accountant must have to be efficient in their roles. Some of them are:
-Attention to detail
-Computer literacy
-Business acumen
-Data analysis
-Mathematics
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