Public Accounting An Overview of Public Accounting Public accountants assist individuals and corporations with a variety of financial tasks, including computing and filing income taxes, reviewing financial records, staying up to date on fiscal regulations, creating financial statements and providing general accounting advice.
Kevin Walker — August 24, In a nutshell: An accounting degree opens the door for exciting opportunities in forensic accounting, business valuation, managerial accounting and financial accounting. Technology continues to advance.
Businesses have moved to data analytics to make important decisions on everything from marketing to capital investments. Through it all, one career continues to flourish: Bureau of Labor Statistics. That number is expected to grow 11 percent bywith an additionalpeople joining the ranks of accountants.
Accounting also offers a variety of different career paths to follow. The wealth of career choices applies both to students learning to become accountants and working accountants looking to change their career focus. Here is a look at four different career paths within the accounting field.
Other needed certifications are noted in each category.
Forensic Accounting Those who go into forensic accounting combine accounting expertise with the investigative skills of a detective. The need for such a skill set is enormous. The average company loses 5 percent of revenue each year to fraud, according to a study from the Association of Certified Fraud Examiners.
Forensic accountants typically gain experience as a general accountant for several years before making the move into a forensics department. They are employed in a variety of organizations. Those include certified public accountant businesses, government departments, insurance companies and law enforcement agencies.
Those wishing to go into forensic accounting can also benefit from education in law enforcement. They require familiarity with a number of financial-related crimes.
These include white collar crime, insurance fraud, money laundering schemes, contract violations and securities fraud.
Most also earn designation as a Certified Fraud Examiner. Business Valuation Savvy accounting firms have increasingly moved into business valuation in recent years.
In public accounting, the CPA serves many clients as an objective outsider or in an advisory capacity. Currently there are over 46, public accounting firms in the United States ranging in size from small local accounting practice to large international CPA firm. Below are some examples of public. Jessica Kober, CPA, knows the challenges that young accountants are going through as they try to carve out a career in public accounting. “Public accounting is a very humbling field,” said Kober, 30, who works in the Long Beach, Calif., office of Windes Inc., a CPA firm with about employees. The Savings and Loan Scandal and Public Accounting. By Wade Frazier. Originally published June 19, , updated in November A Brief Economic History.
As the United States population ages, more people require an accountant to properly value assets to aid with estate planning, wills and transfer of businesses to family members. All this requires an accountant familiar with evaluating businesses, assets and the pertinent tax codes.
Business valuation also plays a critical role in valuing assets for larger organizations, particularly during a merger or acquisition. Business valuation accountants must have expert-level knowledge in assigning value to sometimes hard-to-define assets.
They also need expertise in interpreting financial statements, cash flow models and determining the sale value of a company.
Most accountants specializing in business valuation also have years of experience as a general accountant. They provide information on both past financial activities as well as models to project future profits and expenditures.
Much of their focus typically is on modeling financial projections based on strategies under consideration by top management at an existing company or an entrepreneur starting a new business.Online BS in Accounting; Earn your BS in Accounting at SNHU and take advantage of high-quality instruction from an accounting department faculty that includes certified public accountants and certified management accountants with extensive professional experience in public accounting, corporate accounting, executive management and consulting.
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C A R E E R P A T H W A Y S: What Are the Six Career Pathways? Is This Career Path for You?
Public accounting firms serve a wide range of clients across multiple industries and provide a variety of services including accounting, auditing, tax, and consulting. An accounting professional beginning a career in public accounting is able to learn about accounting operations in a . Founded in , this public university is consistently recognized for performing innovative research in science and business.
Known for providing exceptionally affordable MBA programs, the McCombs School offers a case-based MPA that can be customized to meet students’ interests and career goals.
In public accounting, the CPA serves many clients as an objective outsider or in an advisory capacity. Currently there are over 46, public accounting firms in the United States ranging in size from small local accounting practice to large international CPA firm.
Below are some examples of public.