Career in #Accounting
Are you vying for a career in accounting field?
Everybody envy accountants for there is a misconception that they are Demi-Gods. Though a good #accounts manager can act like one who can save you from a dire situation by manipulating the accounts skilfully, the demands and challenges in this field are too high to be savored.
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So what does it take to become a reputed accounts man in your circle and also enjoy what you do!
Self analysis is the best way to understand what you really want to be. There are certain traits characteristic to people belonging to this community. See if you are gifted with those attributes; if not, you can always train yourself to gain expertise.
1. Are you good at numbers– Mathematics, Yuck! If this is your reaction please quit reading this article as numbers play an integral role in accountancy. Figures, Figures and more Figures determine the profit and loss status of a company. If you are passionate about playing with numbers it goes without saying you are already a half #accountant.
The thrill of taking control and handling numbers make or break a company. Jackie Mansion jocularly puts it – “Did you ever hear of a kid playing accountant – even if they wanted to be one?”
2. Are you a good listener and can you read between the lines?
A good #auditor will allow the client to talk and listen to what he says. Then he tries to extract the exact kind of information he needs to make the ends meet. Empathy is an innate quality and if you are not going to be a good listener then please revise your consideration of becoming an accountant. Sometimes the client may not know what you wish to seek; it is your responsibility to frame simple questions in a language that he understands and pull out answers.
3. Can you avoid being temperamental?
90% of the time your clients are going to say “No” to whatever you suggest. Alas, it is not their fault; the corporate Bosses and CEO’s always aim big and most probably will not be aware of the consequences of their impulsive actions. They always think about clinching a deal and conveniently overlook the effects of their financial and corporate decisions on the account and subsequently on the accountant.
For example cash has to be handled very carefully and every penny has to be accounted for properly. A bank cashier will know the importance of #cash handling as it is very important for them to balance the inflow and outflow at the end of the day.
For corporate firms, it becomes mandatory to reduce the cash dealings and account every transaction in the form of a check or electronic transfers like RTGS or NEFT or EFT.
The point is, you should have the nerve to talk to a company’s head if he is planning for a bad move and suggest what could be done for the good of the company (#Income tax and Sales purposes).
4. Are you wise when it comes to choosing clients?
Whether you are a part time practitioner, Full time accountant, Accounts manager or Free lancer, do your homework before accepting the offer. Ultimately you need to see your payments coming through and nobody works here for a song. Big practitioners take a big cut half yearly or annually but if you are a part time accountant, it is always better to go for monthly payments or get paid after the completion of individual project s.
5. Are you updating yourself with the new #tax laws, software and technology?
Who said accountants are zombies! Modern accountants are full of vigor and they’ve transformed themselves into much sought out heroes. Now there is so much demand for a knowledgeable accountant who can see through things.
There is a range of software available online to purchase and train yourself to be up-to-date. If you are running a big auditing firm it is good to listen to the freshers as they are the ones with lot of ideas and access. Utilise the fresh minds to inject innovation into your business – adapting to new technology, #social networking, all these are strategies that will bring you Hi-Funda clients who love to embrace new technology.
6. Are you a solitary reaper or try to be Social?
Though your work may demand solitude for concentration purposes, you need to be social when you want to present your report to the high command, right? You need to be good in communication, no excuses here; you need to be good at convincing your higher authorities; you need to be good at pacifying your client if he hesitates and above all you need to be bold when you know you are right. More importantly you have to be pals with your financial counterpart for smooth sailing.
7. Do you hold a good degree from a decent instituion?
Always come to the play ground with good credentials and background. It makes things easy for you. Many a times I’ve heard people saying that they’ve passed INTER in Charted Accountancy and not cleared the FINAL. Why is it so? What made you stop from being a complete pro?
Just remember people who have achieved success Are not necessarily more skillful and intelligent than others What separates them is the burning desire and thirst for knowledge, The more one knows, the more one achieves – Robin Sharma.
CPA in US and CA in India:
CPA stands for the #CERTIFIED PUBLIC ACCOUNTANT, the American equivalent of the Indian Chartered Accountant qualification. One has to pass the uniform CPA examinations administered by the American Institute of Certified Public Accountant (AICPA) to become a CPA. The CPA examination tests one’s technical knowledge in auditing, law, taxation, #management accounting and financial accounting.
Benefits of acquiring a CPA qualification and it’s relevance in India.
- CPA is the highest professional accounting qualification in U.S.A. and is recognized internationally, including India.
- Job opportunities for CPA’s exist all over the world.
- CPA confirms knowledge of U.S. #GAAP and #GAAS
- The Australian and Canadian Chartered Accountants have a reciprocal arrangement with AICPA, U.S.A.
Let us end the discussion with his hilarious quote:
“There was a small typing error in our Half-Year Results Statement. For ‘profit’ please read ‘loss’. ” Ex – CFO.