An accounting degree opens many possibilities, including career opportunities and diverse paths. Within the accounting field, there are nine different types: financial accounting, managerial accounting, cost accounting, tax accounting, forensic accounting, governmental accounting, public accounting, and auditing, all offering unique responsibilities within each sector.
What is Accounting?
The term accounting can be used in various ways, and often, it is immediately associated with numbers or math. However, accounting is the process of recording, organizing, and consolidating financial information into a clear and understandable format that can later be utilized for informed decisions.
Accounting is vital to businesses because it can assist with determining their financial rights and tax implications, assessing current values and liabilities, analyzing cash flows, determining profits or losses, and forecasting their future.
As an accounting professional, it is important to ensure you stay consistent with your work, such as:
- Record Keeping: As an accountant, it is essential to keep accurate and systematic records. This is pivotal when being audited or comparing current data to historical data. It enables you to help a company assess its performance over time.
- Adhering to Regulations & Laws: Adhering to regulations and laws, which can be learned through an accounting degree program, can ensure compliance and reduce the risk of errors or penalties.
- Staying Up to Date: As new regulations, standards, tax laws, and industry trends evolve, it is essential to maintain expertise within the field and adapt a practice as necessary.
What can you do with an accounting degree?
An accounting degree offers many career options that are in your best interest. The areas include:
Financial Accounting
- The primary function of a financial accountant is to prepare financial reports and statements that accurately display a company’s current financial status. In this role, you will work with others to maintain financial ledgers, ensure policies and procedures are followed, and develop financial strategies as needed. A financial accountant may interact with various departments, including revenue and disbursements, accounts payable, accounts receivable, grant management, fixed assets, or accounts receivable. The collaboration within this role ensures that all financial activities are recorded, that a company complies with regulations and that it makes firm financial-based decisions.
Managerial Accounting
- As a managerial accountant, you assist an organization with internal accounting documentation, monitor financial activities, and support financial planning. Unlike financial accounting, which focuses on external reporting, managerial accounting focuses on documentation primarily for internal use and is often confidential. The primary role of a managerial accountant is to analyze past historical performance and predict potential future outcomes. This allows you to help management make informed decisions around budgeting, cost control, and strategic planning. You can play a key role in guiding a company’s financial direction and improving operational efficiency by providing insights.
Cost Accounting
- A cost accountant has a unique responsibility within an organization, focused on documenting, presenting, and reviewing manufacturing costs to ensure both variables and fixed expenses align with the product price. This includes analyzing production costs with direct materials, labor, and overhead to ensure a company stays efficient and profitable. Oftentimes, they can also assist managers with financial forecasting and the progress of an item in production. Their ultimate concern is managing and allocating overhead costs to ensure that all resources are used effectively while maintaining cost efficiency throughout the production process.
Tax Accounting
- Tax accountants assist businesses or individuals with filing their annual taxes through the Internal Revenue Service (IRS). In addition to preparing and submitting tax returns, tax accountants can assist businesses and individuals with financial planning regarding future tax returns to alleviate tax burdens or implications from certain economic decisions. Often, companies will bring in a tax accountant to manage and navigate the complexities of their financial records.
Forensic Accounting
- A forensic accountant is utilized to investigate the financial records and transactions of an individual or a business when discrepancies or incomplete information arise. They may have to reconstruct financial data when the information is missing, tampered with, or unable to be reviewed. The primary role of a forensic accountant is to find all documentation and provide a comprehensive overview of the financial situation being investigated. Forensic accountants are frequently requested during legal cases such as fraud investigations, insurance claims, financial disputes, or embezzlement.
Governmental Accounting
- Governmental accountants play a vital role in managing the financial planning and allocation of funds at the federal, state, or local government levels. These types of accountants are experts in the public accounting sector. They have specialized knowledge regarding the Governmental Accounting Standards Board (GASB) at a local or state level and the Federal Accounting Standards Advisory Board (FASAB) at a federal level. Their primary responsibilities include budgeting, financial reporting, and auditing to ensure transparency, accountability, and proper management of taxpayer money.
Public Accounting
- Public accounting encompasses many areas, primarily advising clients on auditing, tax returns, or other financial accounting services. Public accountants often work in firms or as independent consultants in various industry sectors.
Auditing
- Auditing comes in two different forms, and as an accountant, this can be vital to an organization’s financial and operational integrity. External auditors, typically Certified Public Accountants (CPAs), conduct assessments of a company’s finances to ensure they comply with accounting standards. Internal auditors, often Certified Internal Auditors (CIAs), focus on reviewing processes, procedures, and employee job duties to assist a business in becoming more efficient.
Benefits of an Accounting Training In New York
Attending accounting training in New York can open the door to numerous key benefits, including:
Enhanced Career Opportunities: By completing accounting training in New York and earning your accounting degree, you can have many career opportunities in both the public and private sectors. With New York being a huge financial hub, individuals with an accounting degree are in high demand.
In-Depth Industry Knowledge: Accounting training in New York will provide you with valuable knowledge and skills that align with the industry regardless of the accounting field or career you pursue.
Networking Opportunities: New York’s population has a dynamic financial community, offering countless opportunities to network with individuals who have an accounting degree, professional organizations, and industry leaders. Building these connections can help you grow professionally and potentially accelerate your career.
Start Your Journey Now!
Begin your journey by enrolling in an accounting degree program in New York. With the right training, career opportunities are endless, ranging from roles such as bookkeeper, accounting & auditing clerk, accounting assistant, CPA, payroll clerk, and more. Don’t wait to take the first step toward enhancing your professional career with an accounting degree today!
Resources/Additional Information:
https://www.indeed.com/career-advice/career-development/what-is-accounting
https://corporatefinanceinstitute.com/resources/accounting/accounting/
https://manhattanschool.edu/programs/comprehensive-accounting-computer-operations/