Accountancy is a professional practice that is concerned with the methods for recording transactions, keeping financial records, performing internal audits, analyzing financial information, and advising on taxation matters. This field is categorized in several subject areas, such as financial accounting, management accounting, forensic accounting, auditing taxation, and accounting information systems.
Accounting professionals tend to specialize in one of these areas that leads them to management-level roles in various industries, including finance, insurance, high tech, construction, manufacturing, and government. Below, we have discussed different types of accountancy in detail to help students decide which one to choose from.
Financial accounting is the bookkeeping side of accountancy that focuses on keeping track of a company’s financial transactions. Accountants working in this specific area calculate and record business transactions and prepare financial statements for the external users. If you are organized, meticulous, and love keeping things tidy, then you must opt for this particular field of accounting.
Management accounting is somewhat similar to financial as both focus on tracking company’s financial position and making reports. The only difference is that management accountants analyze and report the information that managers need to build business decisions on. Individuals who are strategic, ambitious and want to achieve higher management-level roles will enjoy working in this area.
Tax accounting deals with the preparation, analysis, and presentation of tax payments and tax returns of an organization. Accountants, working in this field, complete all the necessary forms for Her Majesty’s Revenue and Customs (HMRC), ensure that the correct amount of tax is paid, and find ways to reduce it. If interpreting and solving complicated information interest you, then tax accounting is your call.
One of the popular trends today, forensic accounting involves court and litigation cases, fraud investigation, claims and dispute resolutions, and other areas of legal matters. It won’t be wrong to term forensic accountants as financial detectives because they use accounting techniques to detect fraud and embezzlement. Students, who are interested in law and take a logical and analytical approach to problem-solving, can do well in this area.
Auditing is concerned with the study of the financial records and reports of a company or an organization. Auditors act as external accountants whose role is to check whether or not the report is accurate and company’s financial practices are maintained lawfully. After inspection, they write a report giving their findings. If you are a people person, like to travel and fascinated by business, you can easily find a role in auditing.
Government accounting is a process of recording and managing all the financial transactions incurred by the government to clarify how resources are being directed at various programs. Every government entity, including federal, state, county, and municipal use this approach for accounting. Working in this area will offer you a flexible work schedule and great work-life balance.
Professionals working in this area are either associated with an accounting firm or have their private practice. Their daily tasks include auditing, tax and financial planning, and providing advice about compensation and benefits. To be a public accountant, an individual must obtain certification by passing Uniform CPA Exam after his graduation. If you want to be recognized as upper-level accountant, then you should go for public accounting.
These were some major types of accounting careers which are open to millenials. Getting a position in any of these would require a detail-oriented, analytic mindset, and strong math and financial skills. Our accounting assignment help experts suggest that every scholar must take out time from their strict academic schedule to instill these competencies
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