Job Description Of an Accountant | Duties, Scope & Salary4 min readReading Time: 3 minutes
There is a major transformation in the economic scenario across the globe. Firstly, businesses and organizations need to keep their financial transactions & economic activities up-to-date. Secondly, Management makes the decision based on financial numbers and information.
In other words, they need a language to analyze all transactions and events of a firm. As a result, there arises a need to manage the financial numbers, transactions, and activities. Accountants fill this important role. If you want to become an accountant, this job description of an accountant has everything you need to know.
Job Description of an Accountant:
There is a very promising career in accounting. Primarily because there is constant flux in the financial world. Secondly, firms need someone who can plan tax, manage finance as well as oversee all the financial and economic activities.
For firms to function effectively, they need people who can take care of big audits and analyze budget and credit. Also for keeping an eye on financial development and suggesting management with updates on finance and state of the economy.
Accountants can fit this role and take responsibility to manage the economic, as well as, financial health of a firm. In fact, they can execute their duties as a chartered accountant, senior accountant, controllers, account managers, etc. The accountant job description in this blog contains everything to guide you to be exceptional.
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Scope of Accounting
There is a wide scope of accounting in business and personal life. Usually, people think it is limited to the financial transaction of business. However, it’s not true instead, accounting is the language of business. The accountant job description includes the scope in business, trade, government, financial institutions, individuals and families.
Individuals and families have to manage their receipts-payments, assets, and liabilities. Similarly, business organizations need to operate results and financial positions. Non-trading entities like school-college, courts need to determine income expenditure and run administration properly which requires proper financial management. Apart from them, professionals like doctors, engineers, as well as advocates or actors have obligations to manage their earning as well.
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Job Description of an Accountant- Key Responsibilities:
Accountants embrace huge responsibilities to spin the economic wheel of firms. Their primary duties and responsibilities include:
- They prepare the financial statements and records of an organization.
- Prepare asset, liability, and capital account entries by compiling data.
- Reconciles financial discrepancies by compiling and analyzing account information.
- Completes account activities and actions by analyzing accounting options.
- Primarily, they will advise ways to reduce costs and increase revenues & profits.
- They must ensure all the taxes are paid on time
- Reconciles financial discrepancies by collecting and analyzing account information.
- Secure financial data by creating backups
- Convey the message to the shareholders and investors the truth about the financial state of a company.
- Prepare special financial reports for several accounting bodies.
- Substantiates financial transactions by entering account information.
- Guides accounting clerical staff by coordinating activities and answering questions.
- Recommends financial actions by analyzing accounting options.
- Documents financial transactions by entering account information.
Requirement Of an Accountant:
- If you wish to build a career in the accounting profession, you must have good qualifications along with skills.
- An individual must specialize career in commerce by obtaining a graduate degree (Bachelor in Commerce/B.Com)
- Join directly as a junior accountant after finishing the courses.
- Further, they can choose accounting and finance as an honors program for further career growth.
Key Skills of an Accountant:
In order to succeed in any career, you need to have certain skills. In fact, they will guide you to overcome difficulties during work. The following are some of the key skills an accountant must have:
- Reporting skills
- Attention to details
- Time management
- Data entry management
- Basic Math
Salary of Accounting Professionals:
The salary for accountants depends on their specialty and the company they work in. In fact, they enjoy a handsome salary in India due to a boost in the economy. On average, an accountant at an entry-level can earn up to INR 3.6 LPA.
Moreover, with relevant work experience, this pay scale can go up to INR 6 LPA. However, this pay scale can differ as per the company and the location of the job.