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Exploring Private vs Public Accounting: Choosing the Right Path
05 Aug, 20241-2 minutes
In this blog, you will learn:
- The difference between private and public accounting.
- Responsibilities of a private and the responsibilities of a Public Accountant.
- The skills needed to be a private or Public Accountant.
- Where the latest Accounting jobs are and how to apply for them.
Private or public accounting? That is the question and for some Accountants, it is an important decision to make, one that can influence their career journey.
When it comes to deciding on your career path within the accountancy sector, it is important that you weigh the pros and cons and make the right decision for you. There are advantages and disadvantages to a career in private or public accounting and it all depends on you and your preferences.
Choosing between the private and public sector is a personal decision that can be determined by many different factors including your motivations, goals, experience, and expectations.
Discover which accounting career path fits you best to help you decide between private and public accounting. Whether you’re entering the workforce for the first time or considering a career change, here’s what you need to know about private and public accounting before you make your decision.
What is private accounting?
Private Accountants often begin their careers in one of several specialty areas and are trained in processing a variety of accounting transactions such as tax preparation, accounts payable and billings.
Often they have extensive knowledge that applies to a specific industry with opportunities for varying career paths and advancements. They are usually employed by one organisation, such as a private company, working in the internal financial department.
Private Accountants can also be referred to as corporate Accountants and they are not required to sit for the CPA exam.
Private accounting is a competitive market and aspiring Corporate Accountants are advised to pursue a bachelor's degree to highlight themselves to prospective employers and increase career progression opportunities.
Private Accountants work across every industry and sector, and the duties of a private Accountant can be impacted by factors like the size of the company’s accounting department and the industry your employer is part of.
The responsibilities of a Private Accountant
The responsibilities of a Private Accountant include:
- Analysing data to improve financial performance.
- Developing budgets including spending against budgets.
- Ensuring the accuracy and efficiency of accountancy procedures.
- Ensure financial records are maintained.
- Providing financial guidance and insight to the company, by forecasting future performance.
Skills needed to be a Private Accountant
- Knowledge of technology.
- Excellent communication skills.
- Attention to detail.
Knowledge of technology
Private Accountants need to use technology and be aware of current trends and updates to ensure they have the biggest impact on their own organisation.
By utilising new technology and analysing data, Private Accountants can turn information into insights, and provide accurate forecasts for the future success of the company.
Excellent communication skills
In order to succeed as an Accountant in the private or public sector, it is important to analyse data and convey information to business leaders and managers. This can also help individuals demonstrate their ability to use their initiative to take action and communicate crucial data, analysis and insight to managers.
Attention to detail
In order to be an Accountant in the private or public sector, it is crucial to be meticulous and detail oriented to ensure accuracy in your findings and calculations. Paying attention to the details, adhering to deadlines and meeting expectations is crucial for Private Accountants to feel confident acting with autonomy across every industry and sector.
What is public accounting?
Public accounting refers to the services provided by a Public Accountant or an accounting practice, which includes the preparation of documents and verifying important financial statements such as tax returns.
The minimum education for Public Accountants is a bachelor’s degree in accounting, however, many Public Accountants are Certified Public Accountants (CPAs). This certification means they are qualified to help other businesses and individuals with their tax-related needs and inquiries and have more opportunities for advancing their accounting careers.
The responsibilities of a Public Accountant
The responsibilities of a Public Accountant include:
- Consulting on tax matters and financial planning.
- Filing and preparing financial statements and tax returns.
- Maintaining and reviewing financial records and tax documents for errors or omissions.
- Comply with financial laws and regulations.
- Provide tax advice as well as audit and assurance services.
Skills needed to be a Public Accountant
- Stay composed.
- Specialised knowledge.
- High standards.
Stay composed
In the midst of managing multiple clients and deadlines, Public Accountants need to remain and perform under pressure. Public Accountants provide services for multiple clients which can be overwhelming and
Maintaining strong organisational and time keeping skills is key to thriving in the public sector and ensuring a successful career as a Public Accountant. Public Accountants must be able to work smarter not harder in order to manage their time.
Specialised knowledge
In public accounting firms, there are plenty of opportunities for Public Accountants with expertise in a specific area. It can be beneficial for Public Accountants to specialise in a particular area, in fact, it is necessary to have those that specialise in areas such as tax, audit or management.
High standards
A public accounting professional must have a keen understanding of accounting standards for financial statements. They are also trained to analyse accounting systems, collect evidence, and test to see if a business runs effectively, whilst maintaining accounting standards and analysing accounting systems.
Public Accountants verify important financial documents, reports, and disclosures and so must have an understanding of accounting standards for financial statements. It is important that they maintain high ethical standards and adhere to professional standards as they typically handle sensitive, personal company and financial information.
Which path is right for you?
It is important to remember that embarking on an accountancy career in either the public or private sector and choosing the best option depends on you.
Private Accountants can enjoy greater stability by working for a single employer and public Accountants typically have more travel opportunities but may work longer, less consistent hours. Depending on your perspective, private accounting may offer a more manageable schedule and work-life balance, whereas public accounting typically has more opportunities to travel.
Accountant jobs
If you’re searching for your next Accountant job, why not take a look at the latest vacancies, or simply upload your CV to be notified when a relevant position becomes available.
Struggling to recruit Accountants?
As specialist accountancy recruiters, we support practices nationwide with their permanent recruitment needs.
If you’re struggling to find ACCA, ACA or CIMA qualified Accountants, why not get in touch with Management Consultant, Lauren Bailey on 01772 954200 to see how we can help?
Meet Lauren Bailey
Who is Spencer Clarke Group?
Established in 2017, we’re a vibrant and progressive recruitment agency based in the heart of the North West.
We continually reimagine the recruitment process to challenge convention and defy expectations; from creating a better recruitment experience to remodelling employee engagement, we thrive off doing things differently and turning heads along the way.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
