Different Types of Accountancy: Which One Should You Choose?
Accounting is a profession that is here to stay for the long haul. The prospect jobs in the accounting field are growing day-by-day as new firms are coming up and the old ones are growing bigger. Moreover, if you think that you are pretty inquisitive, have good analytical skills or can play with numbers all the time accounting is indeed your career path. But there are different kinds of job fields in accountancy as well. Whether you want work as the staff accountant, an auditor in public accounting or assistant in a private accounting firm there is a number of career paths to choose from. As a student or a recent graduate, you might get confused which career path to go with. Today we will discuss more the different types of fields in accountancy to help you decide which can be your path to success.
Most of the students who take accounting assignment help from us do not have a clear idea of what kind of job they want. You must understand that your career will lead to different directions depending upon your qualification and which area you choose for services such as business, private firms or financial services. So before we start we would like to discuss some decision criteria that you must consider while choosing your accountancy field.
Think about yourself like where you want to be in the long term like 5 years from now or 8 years from now. Do you want to start your own business or if you want to work with a private firm or which accountancy filed you think you can work in for a long time.
What professional qualification do you have and how these qualifications are helpful in choosing a career path in accountancy.
How do you want to start your career in accountancy? Do you want to work in the private sector, with some small companies or with a big organization?
Once you have some clarity regarding these things choosing your career path will not be that difficult for you. Now let us discuss the different areas of accounting. You can avail our assignment help Perth anytime and find guidance on each of these.
1. Corporate Finance
This field demands personnel who have some extraordinary communication skills, who can work for longer hours and handle quite tough working conditions. Corporate finance is all about raising funds for the organization and adding more value to it. You can work as advisers, auditors or reporting accountants in the firm and perform buying and selling of the assets.
2. Financial Accounting
Do you like keeping track of the finances? If yes then this might be your career path. Financial Accounting basically involves keeping track of all the financial transactions of the company. You will be preparing reports on the basis of the incomings, outgoings and the liabilities of the company. These reports will be further used by stakeholders and investors. This job often requires some good analytical and organizational skills.
3. Auditing
It will be an exciting job for those who want to work with different businesses. Auditors are the external accountants who keep a check on the company’s reports and standards. This job requires tactics to handle people. You must be polite yet strict. Auditors need to have great analytical skills and the ability to get into the details of something. Some companies also have internal auditing teams that completely pay attention to the key areas of their businesses.
4. Taxation
As a tax accountant, your primary duty will be to check how much tax does the company pay and what measures it can take to reduce the tax bills. It requires extremely well interpretation and problem-solving skills. You can also work as an independent tax advisor for different companies, businesses or even individuals. All you need to be good at is devising cost-effective solutions for the taxpayers.
5. Commercial Finance
This job is all about enhancing the products and services of a company. It deals with customer transaction. You will be working with the retail and manufacturing teams and coming up with ideas and advises on how the company can improve their customer satisfaction and make profits. Just like other accounting fields this job also requires some good analytical skills.
6. Management Accounting
This field requires that you should have an in-depth knowledge of the business sector. You must have some planning and organizational skills along with extremely well-accounting abilities. You might have to present the financial information to the staff in an easy to understand manner. You might be providing the financial information so that the company can make better decisions for its progress.
7. Risk Estimation
Risk estimation is a crucial part of every organization as it helps them in identifying the potential risks and how can they avoid them. Effective risk management enables the companies to expand their businesses and achieve their goals. This job requires creativity as well as good interpersonal skills. A logical mindset and problem-solving abilities will always be an asset to you in this field.
So these were 7 of the most intriguing fields of accountancy that you can think about making a career in. Whichever specializations you may choose just make sure that its requirements go along with your talents and personalities. Furthermore, you can always connect with our accounting experts and get complete guidance on different fields and all kinds of academic writings in accountancy.
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