Accounting Today
Accounting is a very important part of business. Without the counting and proper control of money in a company, it can fall apart very quickly. The market for accountants is stable and it continues to grown steadily as the world creates new running businesses. Especially businesses that have to pay taxes or have retirement accounts that they need someone to do for them.
Accounting Careers
1. Book keeper: this is the basic accounting with taking care of the basic movement of a companies transactions. usually requiring a two year degree.
2. CPA (Certified Public Accountant): this degree is required for those that want to do accounting for the government or public offices. this requires a four year degree and a final test to become a CPA.
3. Tax accountants: they prepare corporate and personal income tax statements. They also prepare strategies for deferring taxes, when to expense items, and how to approach a merger or acquisition. You need to have a thorough understanding of economics and the tax code. Many large firms depend on these people to know the legal knowledge and best way to save money..
4. Financial accountant: often draw information from the general ledgers to prepare financial statements to show predictions and analisist for the future year.
5. CFO or CEO: A person that has extreme talent and a love for accounting can become a Chief Financial Officer for a company. this position requires at least a six year degree and great leadership skills to lead other accountants lower in the company.
2. CPA (Certified Public Accountant): this degree is required for those that want to do accounting for the government or public offices. this requires a four year degree and a final test to become a CPA.
3. Tax accountants: they prepare corporate and personal income tax statements. They also prepare strategies for deferring taxes, when to expense items, and how to approach a merger or acquisition. You need to have a thorough understanding of economics and the tax code. Many large firms depend on these people to know the legal knowledge and best way to save money..
4. Financial accountant: often draw information from the general ledgers to prepare financial statements to show predictions and analisist for the future year.
5. CFO or CEO: A person that has extreme talent and a love for accounting can become a Chief Financial Officer for a company. this position requires at least a six year degree and great leadership skills to lead other accountants lower in the company.
Accounting Mentor:
Mentor: Jeff Bean JD Bean & Associates PC / Pension Plan Specialists
work phone (360) 694-8409 (503) 228-6626 Fax (360) 696-2113
Questions:
Q. What are your projections for this type of work or industry? Is it stable, growing, declining?
A. Accountant work is stable and going to remain stable for a long time. During this economy accountant work is still staying strong. This is because the fundamental part of a business is the accountants and the flow of money.
Q. What are the key trends or issues? New developments? Key challenges?
A. For the most part accountant work remains steady and consistent. there have been new accounting programs and also training people may be challenging sometimes. Many of the challenges is figuring out problems that sometimes you can't figure out or takes a long time.
Q. What and where are the opportunities?
A. Anywhere you go in accounting there are gong to be opportunities ahead. usually people will start out doing book work or the simple work and then progress over many years. I would say there are many opportunities if you seek for them.
Q. What are typical salaries in this type of job, entry-level to experienced? What are the opportunities for career growth?
A. most beginning jobs are a reasonable pay like 60-70 thousand a year but it quickly rises as they gain experience. money in this career is really go but it requires quality quick and acurret work.
Q. When and how did you get involved in this work?
A. When i was studying at BYU I was going for a degree in Architecture. My room mate was becoming an accountant and i decided to try a class or two. I liked it and decided to go for an Accounting Degree. At this time they only required a four year degree.
A. How important are specific credentials for entry or success?
Q. companies that higher like there employees to have good credentials. This work is rigurus fast passed so those that have not gone through school and have experience the quick environment tend not to do better. so it is very important to have specific credentials for success.
Q. What’s a typical day like for you or someone in a similar position?
A. Most Accountants spend most of there time in an office. There are some that are figuring out problems and certain situations. others are always in the accounting books doing similar procedures every day. I personally own the company so i call clients and deal with the clients that we have.
Q. What do you like most about your work?
A. what i like most is the job of taking care of money and making thing correct. It is a job that very well fits me and the skills that i have.
Q. What do you like least?
A. The work load is sometimes tough and work gets long some days. Especially when the end of the year comes when we do taxes.
Q. What talents or skills do you think are the most crucial to success in this work?
A. A person has to have quick thinking and able to get through things with precision.
Q. How do you advance or get promoted in this type of work?
A. It is all about showing that you are capable of doing work right and being consistent. Many people learn
a certian ablility and then get promoted to learn more skills. It is common among My work.
Q. Are there other jobs similar to yours that you would suggest I also consider?
A. Withing the accounting world there are many similar jobs. like being a CPA for the government or being a Financial accountant. there are are lots of jobs that deal with money.
Q. Knowing what you do now, would you approach this career (or job) in the same way? If not, what would you do differently, and why?
A. I love my job. If i had a opportunity to do something different i probably wouldn't take it considering that i make good money and enjoy most of my work. I am certain there are other jobs that i could do but i like the job I have now.
Key Accounting Terms
Balance Sheet: a written statement of the amount of money and property that a company or person has, including amounts of money that are owed or are owing.
Income Statement: Income statement, also called profit and loss statement (P&L) and Statement of Operations, is a company's financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out.
Statement of Cash Flow: the excess of cash revenues over cash outlays in a give period of time (not including non-cash expenses).
Assets: something valuable belonging to a person or organization which can be used for the payment of debts.
Liabilities: when you are legally responsible for something.
Owners Equity: In accounting terms, after all liabilities are paid, ownership equity is the remaining interest in assets.
Net Income: The amount of earnings remaining after deducting expenses.
Revenue: the income that a government or company receives regularly. also known as any money that becomes profit.
Income Statement: Income statement, also called profit and loss statement (P&L) and Statement of Operations, is a company's financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out.
Statement of Cash Flow: the excess of cash revenues over cash outlays in a give period of time (not including non-cash expenses).
Assets: something valuable belonging to a person or organization which can be used for the payment of debts.
Liabilities: when you are legally responsible for something.
Owners Equity: In accounting terms, after all liabilities are paid, ownership equity is the remaining interest in assets.
Net Income: The amount of earnings remaining after deducting expenses.
Revenue: the income that a government or company receives regularly. also known as any money that becomes profit.