How to Become a Accountant

Individuals who opt for a career as an accountant create financial statements and maintain the financial records of a company/firm or a business. Individuals in an accountant career are responsible for keeping a record of a company’s profit and loss figures in a detailed manner. It should be done in such a way that it helps the management to make better decisions. 

Company accountants also help external auditors by providing them with the necessary details and related information. These days accountants' careers in India use various accounting software that helps in gathering and maintaining financial information.

• Accountants collect and maintain the organisation’s financial records in compliance with lawful and accepted procedures.

• Accountants prepare financial reports which are often used by the management for the development and implementation of the financial policies of the company.

• They are also responsible for making sure that all the financial reporting deadlines are met. 

• They give financial advice on business operations such as revenue trends, financial commitments, and future revenue expectations.

• In case there are financial irregularities or discrepancies, accountants analyse financial data to overcome these problems. 

Also check in details - Accountant Job Description & Roles and Responsibilities

There are several types of accountant such as management accountants, forensic accountants, and cost accountants. To become a certified accountant one needs to pass professional exams which we will discuss later. Below we have mentioned the types of accountants related to accounting and finance.  

Certified Management Accountant: A Certified Management Accountant is a person who supports big organisations and high-value individuals with various financial aspects such as taxation and the planning of financial statements. Some of the tasks performed by CPS are studying financial records, preparing tax forms and overseeing audits. It is compulsory for CPAs to have an accounting degree and a CPA certification.

Forensic accountants: Forensic accountants are a type of certified public accountants who examine financial records and statements that can further be used as evidence. Generally, forensic accountants were assisted in disapproving fake claims and other policies. They can also work on business disputes, divorces, and fraudulent financial cases.

Management Accountants: Management accountants are those accountants who help to keep the financial books of big organisations. They often help business managers by assisting them in making business decisions by telling them about the financial implications of business decisions. They also prepare reports, financial statements, conduct internal audits, and supervise a team of accounting technicians.

Cost Accountant: Cost accountants assist business houses by overseeing, studying, and analysing cost expenditures and purchases within the organisation. They review services and goods, record data and make recommendations about cost-efficient and financially feasible cost options.

Investment accountant: Investment accountants help in preparing monthly investment reconciliations and ensure that there is a timely distribution of the reports and is presented accurately to the top management of the company.  They also study various financial activities and make recommendations accordingly. They might also work or pursue a career as investment bankers as well. 

A majority of the accountants work at the office and depending on the nature of the employment, they can work from home or remotely. The location of the workplace also depends on the firm, where the accountants are working and on the client’s requirements. Chartered accountants often work at firms run by Certified Public Accountants (CPA) at the national, regional and local levels. 

Individuals who opt for a career as an accountant also work at financial institutions or banks. These usually have office settings. Work responsibilities of the accountant may vary depending on the size of the organisation. Small enterprises hire a single accountant while the bigger organisation has a specific accounts department to manage financial transactions and handle the bookkeeping of the company.

Does Accountant require travelling?

Likely

If the accountant is working for a client who is at some other location, then the accountant might have to travel to the client a certain number of times in a month. Otherwise, accountants work from an office. Accountants who work as auditors. Say if you have offices in various locations, you may require to travel to oversee the accounting of the branch and tally with the main office.

Employment Shifts

Part Time, Work From Home

Employment Nature

Contractual

Time Pressure

Likely

Time pressure increases during the end of tax months or financial years. In a career as an accountant, individuals are required to work overtime. Generally, when the work pressure is low, accounting work often gets finished by the scheduled time. But the time pressure increases during the end of tax months or specific project deadlines. On such occasions, pending accountancy work gets expanded and it results in increased working hours.  

An individual is required to develop strong command on soft skills along with the technical skills, as these skills play a crucial role to function as an accountant. Below we have explained all the necessary soft skills which are required to become a successful accountant.

Adaptability: Individuals feel anxious when challenged with numerous challenges, but having the adaptability and recognising possible alternatives allows the best Chartered accountants to adapt to change. The accounting industry is highly dynamic and with technology bringing constant change, accountants need to be able to adapt quickly and react to whatever curveball is thrown at them. 

Leadership: Individuals in the accounting career are often seen as financial leaders who determine the growth strategy and productivity of the companies they represent. Leadership capabilities in accounting jobs may include strategic thinking and long-term planning. An accountant has to reconcile being a role model while also being part of the team and the individual in charge.

Organisational Skills: Accountants must remain aware of all statistics, documentation and paperwork. They need a system for quickly finding the information they need. In order to maximise productivity, accountants should be able to organise their work and allow time for undisturbed research and analysis.

Honesty: Honesty is highly valued in the accounting world  and an accountant must be honest. Honesty and transparency play a very significant role in accounting, as they allow businesses to rely on the information they provide about the businesses they are engaged in. Accounting authenticity is the key element of the occupation that enables financial decision-makers to make the right decisions.

Communication Skills: In a career as an accountant, individuals should be capable of communicating complicated facts in ways that are accessible to all. To do so requires not just excellent communication skills but also client awareness. A successful communicator will convey his or her statement through trust and importance. Obviously, accountants need to be able to interact and work with various departmental colleagues. Communication is also essential to the establishment of effective customer relations.

Attention to Detail: Individuals who opt for a career as an accountant are considered accountable for ensuring accuracy and preventing mistakes at the time of planning the financial statements and revenue statements. He or she needs to make sure numbers work and are right. An eye for detail and due diligence for accuracy should be part of their daily routine.

Time Management: In a career as an accountant, an individual's work responsibilities can increase quickly, specifically throughout the financial year ending with deadlines. A workload management solution is only useful if the accountant knows how to organise the time. The ability to work within time limits and continuously re-prioritize to-do lists will take a career as an accountant a long way.

Certifications related to accounting play an important role in developing skills and knowledge about accounting. While completing a certification is not mandatory but it is recommended for an individual pursuing his or her graduation to complete certification as it will be an added advantage. We have given the list of best certifications related to accounting and finance.

• Executive Certificate Program in Financial Accounting and Auditing

• Executive Programme for Banking and Financial Sector

• Aptech Certified Accounts Professional

• Financial Analysis of Business (Online)

• Executive Development Program in Advanced Financial Management

• Professional Certificate Program in Applied Financial Risk Management

• Professional Certificate in Accounting for Managers

• Executive Certificate Program in Digital Finance

• Smart Pro Business Accounting

• Business Accounting

It is a fact that accountants are required in each company to manage its financial records.  companies are looking for expert accountants, who are not only good at crunching numbers but also have a keen business sense. The scope of an accountant career is wide and extends to business, trade, government, financial institutions, individuals and families, and every other area. 

Accountant career prospects play an important role in the organisation and the duties of an accountant include auditing and assurance, tax consultancy, accounting services, accountants and finance outsourcing, and financial reporting. The raging speed of expansion of firms certainly provides a lot of opportunities and growth for the aspirants looking forward to building a career in this job profile.