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Accounting

Introduction

Accounting can be described as the act of recording all the financial transaction that occurs daily in a business or an organization. This process entails, summarizing the operation that is carried out through the business, then analyses the content to check the cash flow of information. Later the accountant is required to report the analyzed transaction to the involved offices such as the agencies, tax collections bodies and the regulators. Accounting is the basic unit for any success in any business. This is because it helps in making a decision, plan on the cost distribution and planning, and also helps to record the effectiveness and economic progress of the firm. There are different types of accounting which include the financial, cost, managerial accounting.

Duties and responsibilities involved

He/she is required to prepare the firm budgets. This involves annual or event budget and must cater for all expenses and activities to be carried out.

Always update the data and provide accurate work information, schedules for auditing processes which may occur regularly. This means that the budget prepared should much with the paperwork.

Always send the invoices to the respective accounts

Enrol new payment terms with the accounts involves

Always be updated with the tax laws both local and state to avoid fines in the firm

Be ready to interact with external auditors and learn new techniques in favour of the firm involved.

Always record all the disbursement even if it is from the state and all the payment made in the firm.

Working condition

Since different business varies with the goods and services involved, the accountant is supposed to be present in the firm to take all the information and record. Therefore he/she is supposed to report to the firm at 8:30 until the office closes.

Similar to this, the environment should be conducive where there is with other employees.

Education Requirements

Education: one has to have a bachelor in accounting.

Certification: one has to have completed all the stages of a certified public accountant. (CPA)

Crucial Skills required

One is required to have customer service characteristics. This means both are listening and speaking to their customers.

One has to learn to adapt and recognize problems affecting the firm finances and know-how solve them by suggesting for an effective solution to curb the problem.

One should be well versed with the software’s which include the Microsoft office, which is involved in the day to day routine.

Being well organized is also a characteristic which is required in any job.

Salary

It depends on the firm and the income they make in their business. But in a normal firm, one should be paid $33.34 per hour.

This particular career is likely to experience an increase in job opportunities, as stated by u.s bureau of labour statistics(2017). such job includes Budget analyst, Financial analyst, Cost estimator, and also be involved in taxation of the state or locals.

Challenges faced in this field.

One is unable to recognize their talents as they are confined in one task, which requires attention. In addition to this, accountants find it hard to satisfy all the client’s demands where some demand higher services beyond their capacities. Advancing technology has also affected the accountants as they are unexposed to new technics which have different methods to tackle data analytics, thus becoming a challenge to them. Automation has also become a challenge as it may lead to many losing their job to the advanced machines which tend to do a lot than the manpower.

 

 

 

 

 

 

 

References

Duska, R. F., Duska, B. S., & Kury, K. W. (2018). Accounting ethics. John Wiley & Sons.

Hoyle, J. B., Schaefer, T., & Doupnik, T. (2015). Advanced accounting. McGraw Hill.

 

 

 

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