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Let’s Go beyond the Books—What Accountants Do Part 2

In part one of this series, we took a general approach to what an accountant does. Today, we'll look at the specialties they can get into, with a quick introduction for each of these nine areas of interest:

Auditing and Assurance

To ensure accuracy, assurance service providers review various documents, like loans, contracts, or websites. They can work with financial or non-financial documents, while auditors only check financial documents. Auditors could be part of the organisation or an external service, ensuring the company's financial records are accurate, complete, and compliant with federal laws.

Cost Accounting

These are professionals who help businesses analyse and manage their expenses. They review records and depreciation data to determine the cost of products and services. They also organise and record all operating costs to help management keep track of spending and make informed decisions.

Financial Accounting

Financial accounting is responsible for recording, analysing, and summarising a company or client's financial transactions and creating financial reports or statements. These documents provide shareholders with insight into the company's financial position to make informed investment decisions.

Forensic Accounting

Forensic accounting is specialised professional accountants investigating and analysing financial records to uncover potential illegal activities. They use financial information to investigate potential conflicts of interest, fraud, and other financial wrongdoings. They look for any discrepancies or suspicious activity in the financial records and use their findings to help support criminal or civil cases in court.

Government Accounting

These accounting experts are responsible for keeping track of public money. They work at all levels of government and may investigate financial crimes or handle the budget at the federal level. At the state and local levels, they may manage the local revenue, inspect for fraud and do small audits.

International Accounting

Global accounting helps organisations reformat their financial reports to match international accounting standards. They analyse the reports to understand the company's financial situation in the context of the country's culture and economics.

Managerial Accounting

These specialists are responsible for collecting data, analysing it and providing insights to make decisions about the company’s operations and plans. They monitor and report on the company's performance, identify improvement opportunities and suggest ways to maximise profits and efficiency.

Tax Accounting

Tax specialists are responsible for calculating and filing taxes for individuals or businesses. They must remain current with recent tax laws and regulations to ensure compliance and accuracy. They may also provide tax advice and strategies to help clients save money and ensure all taxes are filed correctly and on time.

Nonprofit Accounting

Nonprofit accounting takes a holistic view of an organisation's finances. They aim to ensure resources are used as efficiently as possible, maximising the benefit of their services to the public. This contrasts with professionals working in the corporate sector focused on maximising profits.

In Closing, Is This the Right Fit for You?

Now that you understand the nuances of accounting, you can confidently begin to explore the various options available and pursue the career path that best suits your interests and goals. There's no need to limit yourself to one area when you have so much to choose from.

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The ECommerce Accountant in Australia provides clients with the services they need to account for, comply with, and increase profits as they manage financial figures. Find out how we can specialise in your industry; call (07) 5501-199!

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