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Wednesday, February 25, 2015

The accountant's biggest decision

One of the biggest career decisions accountants will make takes place early on in their careers when deciding which area within the field of accounting to specialize in. This decision may be a difficult one; it is one that comes without too much duress for most.

This decision brings persuasion by a number of factors that determines which accounting career is best for the individual. These factors can be a personal inclination to work closely with or be withdrawn from clients, desire to work in a public or private sector and interest in a career working independently or in an organization.

There are many other specific areas within the accounting field; the four major areas of accounting are:
  • Public accounting
  • Management accounting
  • Governmental Accounting
  • Internal auditing

Public Accounting


Public accounting covers a broad area of services, which include preparing and issuing public financial reports for companies, providing business consulting services or personal financial planning services and making tax returns. Accounts specializing in Public Accounting have many options: financial accounting, forensic accounting, tax accounting, and external auditing.

Management Accounting


Management accountants usually have an internal role supporting managers in making financial decisions. These accountants will prepare detailed reports, forecasts, track and analyze financial information by designing, implementing, and managing financial management systems.

Governmental Accounting


Governmental accounting refers to any accounting use to examine the financial records of government agencies, audit businesses and individuals who are subject to regulations or taxation. Governmental accounting can include financial accounting, tax accounting, or any other type of accounting. Governmentagencies can use fund accounting. This is a way to separate resources into categories in order to track the source and use of these funds.

Auditors


Internal auditors role will provide an independent, objective examination of an organization's finances.Internal auditors canidentify financial mismanagement or fraud. The will also identify ways to improve financial management and reduce waste.

There are many different aspects and approaches that can be undertaken within management accounting. It is up to the accountant to make that big decision and decided which area of the accounting field to dedicate their learned education and skills. All four of these major areas of accounting can be very rewarding in personal status as well as compensation for the dedicated individual. Our world revolves around financial data and being an accountant can put you at the top of the career food chain.

Accounting is not for everyone, but those who choose this field will enjoy the challenges that come along the way. Choosing to get into the field of public, management, governmental, or internal accounting is an excellent choice for those who love financial strategies and complicated challenges.

The educational road to get to a successful career is there for those who work hard and can handle the pressure. The accounting field is demanding, and not for the faint of heart. The long hours can be too much for some, but that dedicated individual will see success no matter the cost. Just remember that the biggest decision any accountant will make is which area of accounting they will dedicate their time and passion for accounting.

About the author: This post was supplied by Lyndon who writes for Stringer Mallard, Accountants in Harrogate that can help with much more than tax returns.

License: Creative Commons image source