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What Does a Career in Accounting Demands for?

Posted by in Accounting, Financial Accounting, Financial Management, ManagementAccounting, Project Management, Training & Development on Jan 21st, 2015 | 0 Comments

Career in #Accounting

Are you vying for a career in accounting field?

Everybody envy accountants for there is a misconception that they are Demi-Gods. Though agood #accounts manager can act like one who can save you from a dire situation bymanipulating the accounts skilfully, the demands and challenges in this field are too high to besavored.

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So what does it take to become a reputedaccounts man in your circle and also enjoy whatyou do!

Self analysis is the best way to understand what youreally want to be. There are certain traitscharacteristic to people belonging to this community.See if you are gifted with those attributes; if not, youcan always train yourself to gain expertise.

1. Are you good at numbers– Mathematics, Yuck! If this is your reaction please quit readingthis article as numbers play an integral role in accountancy. Figures, Figures and moreFigures determine the profit and loss status of a company. If you are passionate about playingwith numbers it goes without saying you are already a half #accountant.

The thrill of taking control and handling numbers make or break a company. Jackie Mansionjocularly puts it – “Did you ever hear of a kid playing accountant – even if they wanted to beone?”

2. Are you a good listener and can you read between the lines?

A good #auditor will allow the client to talk and listen to what he says. Then he tries to extractthe exact kind of information he needs to make the ends meet. Empathy is an innate quality

and if you are not going to be a good listener then please revise your consideration ofbecoming an accountant. Sometimes the client may not know what you wish to seek; it is yourresponsibility to frame simple questions in a language that he understands and pull outanswers.

3. Can you avoid being temperamental?

90% of the time your clients are going to say “No” to whatever you suggest. Alas, it is not theirfault; the corporate Bosses and CEO’s always aim big and most probably will not be aware ofthe consequences of their impulsive actions. They always think about clinching a deal andconveniently overlook the effects of their financial and corporate decisions on the account andsubsequently on the accountant.

For example cash has to be handled very carefully and every penny has to be accounted forproperly. A bank cashier will know the importance of #cash handling as it is very important forthem to balance the inflow and outflow at the end of the day.

For corporate firms, it becomes mandatory to reduce the cash dealings and account everytransaction in the form of a check or electronic transfers like RTGS or NEFT or EFT.

The point is, you should have the nerve to talk to a company’s head if he is planning for a badmove and suggest what could be done for the good of the company (#Income tax and Salespurposes).

4. Are you wise when it comes to choosing clients?

Whether you are a part time practitioner, Full time accountant, Accounts manager or Freelancer, do your homework before accepting the offer. Ultimately you need to see yourpayments coming through and nobody works here for a song. Big practitioners take a big cuthalf yearly or annually but if you are a part time accountant, it is always better to go formonthly payments or get paid after the completion of individual project s.

5. Are you updating yourself with the new #tax laws, software and technology?

Who said accountants are zombies! Modern accountants are full of vigor and they’vetransformed themselves into much sought out heroes. Now there is so much demand for aknowledgeable accountant who can see through things.

There is a range of software available online to purchase and train yourself to be up-to-date. Ifyou are running a big auditing firm it is good to listen to the freshers as they are the ones withlot of ideas and access. Utilise the fresh minds to inject innovation into your business –adapting to new technology, #social networking, all these are strategies that will bring you Hi-Funda clients who love to embrace new technology.

6. Are you a solitary reaper or try to be Social?

Though your work may demand solitude for concentration purposes, you need to be socialwhen you want to present your report to the high command, right? You need to be good in

communication, no excuses here; you need to be good at convincing your higher authorities;you need to be good at pacifying your client if he hesitates and above all you need to be boldwhen you know you are right. More importantly you have to be pals with your financialcounterpart for smooth sailing.

7. Do you hold a good degree from a decent instituion?

Always come to the play ground with good credentials and background. It makes things easyfor you. Many a times I’ve heard people saying that they’ve passed INTER in ChartedAccountancy and not cleared the FINAL. Why is it so? What made you stop from being acomplete pro?

Just remember people who have achieved successAre not necessarily more skillful and intelligent than othersWhat separates them is the burning desire and thirst for knowledge,The more one knows, the more one achieves – Robin Sharma.

CPA in US and CA in India:

CPA stands for the #CERTIFIED PUBLIC ACCOUNTANT , the American equivalent of theIndian Chartered Accountant qualification. One has to pass the uniform CPA examinationsadministered by the American Institute of Certified Public Accountant (AICPA) to become aCPA. The CPA examination tests one’s technical knowledge in auditing, law, taxation,#management accounting and financial accounting.

Benefits of acquiring a CPA qualification and it’s relevance in India.

1. CPA is the highest professional accounting qualification in U.S.A. and is recognizedinternationally, including India.

2. Job opportunities for CPA’s exist all over the world.

3. CPA confirms knowledge of U.S. #GAAP and #GAAS

4. The Australian and Canadian Chartered Accountants have a reciprocal arrangementwith AICPA, U.S.A.

Let us end the discussion with his hilarious quote:

“There was a small typing error in our Half-Year Results Statement. For ‘profit’ pleaseread ‘loss’. ” Ex – CFO.