Do you know that Accounting is one of the growing professions in the digitised modern world? The demand for accounting professionals is increasing day by day because every company needs an accountant to manage its profit and loss. It makes the way to getting several career paths for newly qualified accountants. There are a lot of career opportunities available in the accounting industry for newly qualified accountants. But one should have to improve their skills and knowledge to get a perfect job in the accounting sector. If you are seeking a job in the sector, you need to identify your skills and search as per the matching criteria, which will help you get the best job in the accounting industry.
Explore Various Career Paths for Newly Qualified Accountants
Public Practice Accounting
Public practice accounting means you need to work for accountancy services for a particular company. The company’s size may be shorter or longer, depending upon the company. The main work is needed to take care of the overall accounting of an organisation. The roles and responsibilities of a public practice accountant are to take care of tax issues, prepare accounting sheets for clients, manage audits, and advise the company. How about earning a job at the big four global accountancy companies: PWC, EY, KPMG, and Deloitte?
The major role of a tax accountant is to prepare and submit tax forms properly. Apart from this, a tax accountant should analyse the financial data of an organisation. Tax accountants should have a strong analytical ability along with a problem-solving mindset because they need to solve all the tax problems. There are multiple career opportunities for newly qualified accountants in the accounting industry. All job seekers have to do proper research and find the best company.
The external auditor is important for more types of businesses and charities that need to be audited internally. The major role and responsibilities of an external auditor are to analyse the company’s financial statements to determine whether the data given by a company is proper and accurate. And they need to review investors’ financial statement data to give a clear picture of performance. External auditors should have strong interpersonal skills because they need to give advice and ideas for developing a company to the next level.
A forensic accountant’s main job is to determine if any fraudulent activities are happening in a company. It involves the process of accounting, auditing and investigation skills to find out the fraud activities. A forensic accountant should know numeracy to determine if mishappenings happen in an organisation. Their main work is to trace the records and balance the financial amount.
An accounting career in the corporate sector involves working for a business or organisation to manage its financial records and transactions. This can include tasks such as bookkeeping, financial reporting, budgeting, and tax preparation. It requires strong analytical and communication skills, as well as knowledge of accounting principles and software. Career paths can include staff accountant, financial analyst, or controller positions.
For instance, A Chartered accountant can get many choices like working in a particular company or starting their own company. The major role of a chartered accountant is to manage the client’s budgets, audits, payments, and business ideas. The main work is to provide ideas for clients for managing to save money.
Internal auditors’ main work is to manage large companies’ financial activities, which involves the process of creating financial reports to reduce the risks for a company. The internal auditor should know analytical skills along with stakeholder management skills.
A group accountant is a more needed person for large organisations. Their main work is to create financial reports and manage the company’s financial health. Group accountants should have strong analytical skills and stakeholder management with communication skills.
Management accountants’ main work is to provide ideas for improving businesses. They are responsible for analysing financial reports of the last year’s budget and creating the new budget. Management accountants should have strong communication skills with problem-solving skills.
To become a sole practitioner, one should have a minimum completed three years of experience in the accounting industry. Sole practitioners don’t need to work in any company, but they can have their own company and clients. Their duties involve the process of managing payroll, filing VAT, and Income Tax Self Assessment (ITSA) submissions.
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