The field of accounting has been around for centuries. It is a crucial component of almost all businesses, whether they are for-profit or nonprofit. Any organization’s success depends significantly on its entry-level accountants. Here are a few things you should be aware of if you are thinking about pursuing a career in accounting.
First and foremost, entry-level accountants need to be knowledgeable with accounting concepts and procedures. They must to be capable of creating income statements, balance sheets, and financial statements. They should also be adept at using accounting programs like Sage, Xero, or QuickBooks. Microsoft Excel is a useful tool in accounting, so having some familiarity with it is also a benefit.
Second, entry-level accountants need to be excellent communicators. They will have to communicate with many different parties, such as clients, managers, and other workers. When communicating complicated accounting principles to non-accountants, communication skills are crucial.
Thirdly, entry-level accountants ought to have an eye for detail. Accounting is a very precise field, and even the smallest error could result in serious monetary issues. Accountants should be able to focus on the small print and detect discrepancies.
Last but not least, beginning accountants should be able to function successfully under pressure. Accountants should be able to handle the stress that comes with having to fulfill tight deadlines in accounting.
Accountants with advanced degrees and credentials like the Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA) typically earn the highest salaries. The highest-paid accountants in 2020, receiving an average salary of $104,610 annually, were those employed in securities, commodities contracts, and financial investments, according to the Bureau of Labor Statistics.
Long hours and deadline pressure make accounting a challenging profession. The stress of producing accurate financial statements and meeting deadlines can wear on accountants, which can result in burnout and unhappiness. Additionally, some accountants could experience career unhappiness due to a lack of career fulfillment.
A Certified Public Accountant (CPA) who has moved to a managerial or executive position is often the type of accountant who earns the highest salary. The highest-paid accountants in 2020, receiving an average salary of $104,610 annually, were those employed in securities, commodities contracts, and financial investments, according to the Bureau of Labor Statistics. However, other specialized fields like auditing, tax accounting, and forensic accounting can also be quite profitable.