There are a myriad of career options in the field of Private Accounting one can choose from. Being able to identify the right career in accounting and study and specialize will help you fulfill your dream of a promising future.
Private businesses or organizations hire majority of accountants. These are private enterprises, big or small firms and even wealthy individuals involved in business for the purpose of making and maximizing their income. The main functions of a private accountant job could include:
• preparation of financial statements, business strategies and budget reports
• generating yearly and scheduled accounts
• perform independent audits of company accounts
• management and supervision of clients’ expenditure, budgets, credit, payroll and funds
• filing tax returns and providing tax guidance
• estimating future profits and financial performance
• dealing with liquidations
• guiding companies how to improve their financial systems and profitability
• Check/deter fraud or any other illegal activity (known as forensic accounting).
Private accounting in large businesses comprises of the following accounting careers and opportunities:
a. Financial Accountant
A financial accountant is responsible for preparing many financial reports and statement required by stakeholders.
b. Cost Accountant
Private accountants can also be hired as cost accountants by businesses involved in manufacturing. They evaluate the cost of manufacturing specific products or services by determining both the fixed and variable costs that are incurred in the production.
c. Managerial Accountant
Managerial accountant are involved in the preparation of financial reports that are required by internal users only, such as the business executives or management.
d. Budget Accountant
In the capacity of a budget accountant, he analyzes financial information and formulates a budget or financial plan of the organization for the future.
e. Tax Accountant
A tax accountant works as an internal employee who calculates the earnings and prepares the various tax returns and related documentation for the business. He also ensures that the business adheres to tax regulations.
f. Internal Auditor
An internal auditor monitors accounting procedures, ensures controls are in place within the organization in order to warrant correct and timely financial reports.
In private accounting, the controller will supervise the entire accounting process of the business, and such person is referred to as Controller.
h. Chief Financial Officer (CFO)
The CFO manages the financial risks of the company, his other roles are book keeping, financial planning and reporting to the upper management.
Depending on the size and the need of the organization one might be responsible for either all of these tasks or a particular task. If you are employed by a small accountancy practice you might be required to carry out most of the above listed functions. However, in larger companies the person might specialize in one area such as payrolls or tax guidance.
It is noteworthy, the career prospects in Private accounting are very bright and by knowing about them one can take well-informed career decisions. Also by taking up certain certified courses, not only uplift your skills but also helps in career progression allowing you to apply for Accoutant Jobs with specialized skills..