JOB PROFILE
What Is An Accountant?
IN THIS JOB PROFILE
You Will Learn.
- What is an Accountant?
- What does an Accountant do?
- What qualifications does an Accountant need?
- How to become a Chartered Accountant
- How much does an Accountant make?
- Who employs an Accountant?
- What areas can an Accountant work in?
- What are the progression opportunities for Accountants?
- What makes a good Accountant?
- Where are the latest Accountant jobs and how do I apply for them?
What Is an Accountant?
An Accountant is a professional who provides specific accounting and financial services to individuals or businesses. Their skills ensure the accuracy and integrity of financial data and also help others make informed financial decisions.
What Areas Can an Accountant Work In?
An Accountant can serve in different areas including:
- Taxation.
- Financial accounting and reporting.
- Applied finance.
- Management accounting.
What Are the Responsibilities of an Accountant?
An Accountant role can be split into many different areas and specialisms and your day-to-day responsibilties will depend on which area you specialise in. Accountants can work for individuals, businesses, organisations, and government departments.
The main responsibilities of an Accountant include:
- Managing and documenting accounting and financial transactions.
- Preparing budget forecasts, statements, and reports.
- Publishing financial statements.
- Preparing and submitting tax returns.
- Reviewing financial documents and resolving any discrepancies or irregularities.
- Auditing financial transactions.
- Analysing business plans.
- Handling monthly, quarterly, and annual closings.
- Reconciling accounts payable and receivable.
- Making and recording bank payments.
- Managing balance sheets and profit/loss statements.
- Reporting on a company or individual's financial health and liquidity.
- Complying with the latest financial policies and regulations.
- Ensuring financial confidentiality is kept at all times.
Frequently Asked Questions
What Qualifications Do Accountants and Chartered Accountants Need?
The term ‘Accountant’ is a fairly broad term and there is no legal definition of what the responsibilities of an Accountant are.
To become an Accountant, you could study through a number of different academic courses or you could acquire the title through building knowledge ‘on the job’ over a number of years.
Both Accountants and Chartered Accountants must adhere to the Financial Reporting Council’s (FRC) Corporate Governance and Stewardship Codes.
To become a Chartered Accountant, you must intensively study, complete a series of demanding exams and gain up to five years professional experience working within a firm of Chartered Accountants to gain a professional accreditation.
Due to the hard work, years of training and increased responsibilities of being a Chartered Accountant, you can command a much higher salary than that of an Accountant.
What Is the Average Salary of an Accountant?
Through independent research conducted by Spencer Clarke Group, the average salary of an Accountant is:
- London - £40,197
- Manchester - £39,600
- Birmingham/Wolverhampton - £43,350
- Leeds/Bradford - £37,649
- Liverpool - £36,750
- Newcastle - £32,955
- Glasgow - £42,375
- Southampton/Portsmouth - £43,450
Accountants with more experience, qualifications, and specialised skills can earn significantly higher salaries than those who are just starting out in their careers.
In some cases, Accountants who work for larger organisations or in specialised industries, such as finance or healthcare, can earn salaries that are well above the average range.
Generally speaking, it is a well-paying profession with good opportunities for career advancement.
Popular perks of the job for Accountants include:
- Company pension.
- Performance related bonus.
- Cycle to work scheme.
- Employee discounts.
- Gym membership.
- Life insurance.
- Flexible working.
- Company events.
- Private medical insurance.
- Sick pay.
- On-site parking
Who Employs an Accountant?
Accountants can be hired by an individual or a business. All different types of businesses from Manchester United Football Club to McDonalds will have their own internal financial department which requires Accountants. This is known as working in industry.
Accountants may also belong to an accountancy practice or firm which sells their services to other businesses. This is known as working in practice.
The ‘Big Four’ are the four biggest professional services employers of accountants in the world. The ‘Big Four’ are Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC).
How To Become a Chartered Accountant
To become a Chartered Accountant, you must intensively study, complete a series of demanding exams and gain up to five years of professional experience working within a firm of Chartered Accountants to gain a professional accreditation.
A Chartered Accountant must also adhere to the Financial Reporting Council’s (FRC) Corporate Governance and Stewardship Codes.
Due to the hard work, years of training and increased responsibilities of being a Chartered Accountant, you can command a much higher salary than that of an Accountant.
What Skills Does an Accountant Need?
Key skills of an Accountant include:
- The ability to work solo or as part of a team.
- Problem solving and critical thinking.
- Strong numerical skills.
- Great communication skills - written and verbal.
- Confidentiality of personal and private financial information.
- Proficiency in IT and an aptitude for technology.
- Attention to detail.
- The ability to interpret and analyse data.
- Time management and the ability to meet deadlines.
- A good knowledge of how businesses work.
- Organisational skills to manage multiple caseloads at once.
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