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Accounts Professional Career Opportunities in India

15 Oct, 2020        240 views

The Insights of Accounts Professional Career Opportunities

Securing a job as an accounting professional is a smart decision. Accountancy is always on high demand and it is easy to climb the ladder if you have the right skills. Accounts Professional Career Opportunities are increasing among most learners in India because:

  1. Easy promotional opportunities
  2. High paying job roles
  3. Ample job opportunities
  4. Be a part of the international market

Accounting is a field that will always be in demand where you can continue to grow and move up inside or outside your company. There are several job roles that you can find with accounting. Career opportunities in accounting can range between entry-level positions to executive level.

However, you must choose the right accounting career- determining the placement options, course fees, institution networking and modern learning. You can select which course interest you most, learn what it entails and the salary you can potentially earn.

Modern accountants have careers that include a wide variety of skills applicable to highly focused roles. Here are some real-time statistics.

accounting career

Factors that are driving high demand for accountancy are:

  • Changes in tax laws (since the introduction of GST)
  • Financial regulatory environment
  • Expansion of global commercial business
  • Increased financial controls

All of these continue to drive the demand for skilled accountants in the public, private and NGO sector.

The foundation of accounting is built on uniform accounting practices and financial principles

What is an Accountant and What Do They Do?

Accounts Professional Career Opportunities involve working with organizations, individuals, small businesses, large corporations, NGOs to prepare and organize financial and tax documents.

Accounting is an organized way to

  • keep records of business
  • maintain financial transactions
  • summarize financial transactions,
  • analyse, verify, and report financial statements

Other functions of financial accounting involve

  • identifying
  • measuring
  • recording
  • communicating
  • producing reliable, relevant, and consistent information
  • finalizing financial activities of an organization

Accounting roles involve financial transactions that are expressed through monetary terms. Since accounting is the language of business, it caters to accounting information for better decision making.

Here are the core functions of an accountant:

  • Maintaining and organizing financial records
  • Evaluate financial operations
  • Make plausible recommendations for managing the best financial practices
  • Inspect account books
  • Monitor accounting systems for efficient functioning
  • Ensure that the accepted standards and accounting procedures are legit
  • Prepare tax returns
  • Examine financial statements making sure they are accurate and meet legal necessities
  • Suggesting innovative ways to generate revenue, decrease costs, and improve profits

Accounts Professional Career Opportunities

Accounts & finance course

Public Accounting

  • Public accounting encompasses a large series of services including formulating and delivering public financial reports for a company.
  • Providing public accounting consultation services or individual financial forecasting
  • Public accounting involves preparing a company’s public financial statements.
  • Forensic accounting is also a part of public accounting which examines financial records related to fraudulent, reconstruct missing financial records and other illegal activities
  • Public Tax accounting focuses on individual and business taxes. It helps in limiting the tax obligations as much as possible.
  • External auditing in public accounting is based on reviewing financial statements to determine that authenticity.
  • Fresher public accountants can find a job in any public firm (through exams or qualification) and serve as staff auditors who scrutinize and verify activities for assigned clients.
  • Public accountants are part of grunt work of auditing where there is zero client involvement.
  • Tax staff accountants who are also equipped with accounting software handle accounting firms for tax return preparation and research.
  • Experienced public accountants can easily get promoted to senior roles, taking on multiple roles and be in a management position of a firm

Public Accounts Professional Career Opportunities include:

  • Audit Manager
  • Tax Manager
  • Management Services
  • Consulting Manager
  • Financial planner
  • Accounting Entrepreneur

Management Accounting

  • Management accounting entails serious job roles such as
    1. Managerial accounting
    2. Cost controller
    3. Corporate tax consultant
    4. Industrial accountants
    5. Private accounting
  • Management accountants are involved in internal corporate roles that support company managers in making business decisions
  • Management accountants perform in-depth financial reports which forecast economic profits and losses for managers. These reports are strictly for internal auditors and not for public record
  • Management accountants track and determine internal financial information by
    1. designing
    2. implementing
    3. and managing internal financial records
  • They assist with risk management, performance management and strategic management
  • Fresher managerial accountants start as
    1. junior internal auditors
    2. staff accountants
    3. junior financial accounting and reporting consultant
    4. tax accounting consultant
  • Management accountant ensures that the company has accurate records and adequate financial controls to protect illegal frauds by examining and evaluating internal controls, management procedures, financial and information systems

Financial Accounting

  • Financial accountants are responsible for reporting staff accountants.
  • They are assigned with responsibilities such as
    • payroll
    • receivables
    • payables
    • general ledger
    • treasury management
    • asset management
    • financial statements management
  • Financial accountants collate accurate cost data, prepare initial cost to analyse and maintain reports
  • Financial accountants are a big part of management and executive leadership
  • They are also responsible for managing staff members who prepare tax returns, schedule reviews, stay updated with financial information, perform deductions according to current tax laws

Government Accounting

  • Government accounting is the type of accounting that records and examines the financial records of government agencies.
  • They are responsible for auditing private businesses who are working closely with the government.
  • The role of government accountants also entails engaging in activities subjected to government taxation and regulations.
  • Governmental accounting include
    1. financial accounting
    2. tax accounting
  • Government accountants take help of fund accounting by separating resources into categories for better tracking and usage of funds. It makes the whole process transparent and easy to manage

Job Roles of Government Accountants include:

  • junior and senior auditors
  • staff accountants,
  • tax examiners
  • revenue accounting
  • accounting consultant to track income, sales, and excise tax returns

Internal Auditing

Accounting & Audit
  • Internal accounting auditors work independently for an organization’s finances objectively.
  • Internal auditors identify financial negligence, track extra costs, illegal activities, and profit margins.
  • They are experts at improving financial management and reducing company loss

The accounting field will always be the backbone of every business and organization. The requirement for professional accountants is always on demand with opportunities for a higher wage, being a part of a well-reputed company and respect for the job role.

Now is the best time to get certified with an industrial accountant course and get placed in some of the best public, private or government agencies. For more information click here and get access to industry-ready short term and long term accounting courses.

Disclaimer: The content posted in this weblog is intended for general information purposes only and does not include any professional accounting, tax, legal or financial advice. We strive to provide accurate and up-to-date information based on laws, regulations, and best practices which may vary by jurisdiction, industry, and individual circumstances.

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