How The Strong Inventory Relates to a Career as an Accountant and Auditor
Accountants and Auditors are considered Conventional Careers according to the Strong Interest Inventory Assessments. Depending on the personal interest and professional preferences of persons who are currently employed in those careers, the Strong Interest Inventory divides careers into one to three of six categories, Realistic, Investigative, Artistic, Social, Enterprising, and Conventional. People in the Conventional Theme Code are detail-oriented individuals who are drawn to working with data, numbers, and systems of organization. Therefore, they are well-suited to careers in accounting and auditing, which require a deep understanding of financial data and the ability to communicate that information to others. People who fall under the Conventional Theme code also tend to prefer working with established procedures and rules, which is often the case in the accounting and auditing profession. These people might also take satisfaction in jobs that require them to create and maintain databases, spreadsheets, and other financial data monitoring systems.
What Do an Accountant and Auditor Do?
Accountants and auditors are responsible for ensuring that financial records are accurate, complete, and compliant with laws and regulations. They use their analytical skills to examine financial data, identify trends, and make recommendations for improvements. They are also responsible for preparing financial reports and presenting them to stakeholders, including management, shareholders, and tax authorities. The work of accountants and auditors is critical to the success of businesses and organizations, as it helps to ensure the accuracy and transparency of financial information. As an accountant or auditor, one can specialize in areas such as financial accounting, management accounting, tax accounting, or auditing. Each of these specializations requires a deep understanding of accounting principles and practices, as well as the ability to analyze and interpret financial information.
An Accountant and Auditor Day-to Day Tasks and Tools
Accountants and auditors make use of various tools and technologies in their day-to-day work, such as accounting software and databases, spreadsheets, and presentation software, to manage, organize, and analyze financial data. They also use specialized industry-specific software, such as tax preparation software, to assist with their work.
Read about a career as an accountant and auditor, including information such as salary, educational requirements, daily tasks, and other career information.
As stated by The Dept’ of Labor, The Following Work Tasks are Most Often Completed by Accountants and Auditors:
- Plan financial papers, reports, or budgets.
- Direct others on financial problems.
- Report information to managers or other personnel.
- Recommend others on business or operational matters.
- Analyze business and financial records.
- Gather proof for legal proceedings.
- Research on legal issues.
- Create a business or financial data system.
- Review business approaches practices, or policies with directors and executives.
- Evaluate business or financial documents.
(Retrieved from O’netOnline.org. Accountants and Auditors Career. Career Code: 13-2011.00. Detailed Work Activities)
Core Activities for Accountants and Auditors:
- Plan detailed statements on audit findings.
- Inform the management about asset utilization and audit results and suggest resolutions in operations and financial actions.
- Gather and evaluate data to identify deficient controls, repeated effort, extravagance, fraud, or non-compliance with laws, guidelines, and management procedures.
- Review account books and accounting systems for efficacy, effectiveness, and use of accepted accounting practices to record transactions.
- Manage to audit of establishments and establish the scope of investigation required.
- Discuss with company representatives the financial and regulatory problems.
- Assess and evaluate financial and information systems, proposing controls to ensure system consistency and data integrity.
- Check cash on hand, notes receivable and payable, negotiable securities, and canceled checks to confirm records are correct.
- Assess records and meet with workers to ensure the recording of transactions and compliance with laws and policies.
- Evaluate accounts for discrepancies and resolve
- Determine tables of accounts and allocate entries to proper accounts.
(Retrieved from O’netOnline.org. Accountants and Auditors Career. Career Code: 13-2011.00. Task-Category-Core)
To accomplish their task, accountants and auditors rely on a variety of software, tools, and applications. Here are some software and tools that the accountant and auditor use.
- QuickBooks
- Xero
- SAGE
- MYOB
- TurboTax
- Oracle
- SAP
Additionally, they may also use tools to communicate with clients and colleagues, such as email and video conferencing software as well as they are adept with word processing software such as Google Docs, Microsoft OneNote, Microsoft Word, and Microsoft Spreadsheet.
Accountants and auditors are required to be knowledgeable about the concepts and procedures of economics, banking, and financial markets. Also, they must be familiar with the law, judicial processes, government laws, executive orders, agency directives, and democratic political systems to use in strategic planning, resource allocation, human resource modeling, and other important tasks.
Experience and Education
To become an accountant or auditor, a person typically needs to obtain a bachelor’s degree in accounting or a related field such as business administration or finance. In addition to formal education, many states also require accountants and auditors to obtain professional certification, such as the Certified Public Accountant (CPA) designation. This certification process typically involves passing a national examination and meeting other requirements, such as completing a certain number of continuing education hours. Some employers may also require their accountants and auditors to have a master’s degree in accounting or business administration.
In terms of on-the-job training, new accountants and auditors typically receive mentorship and guidance from more experienced colleagues. They may also attend in-house training sessions and workshops to enhance their skills and knowledge. As they gain experience, they may take on additional responsibilities and specialize in a particular area of accounting or auditing, such as tax accounting, financial reporting, or forensic accounting.
Salary and Wages
The salary of accountants, as with many others, exists on a spectrum. On average, the median annual wage for accountants and auditors in the United States was $77,250. However, some accountants and auditors can earn six-figure salaries, particularly those who work in management positions or have specialized skills. In the state of Nevada, for example, workers, on average, earn $61,920. 10% of workers in this state earn $31,000 or less, and 10% earn roughly $100,480.
There are several ways to increase one’s salary as an accountant or auditor. For example, obtaining certifications such as the Certified Public Accountant (CPA) designation or the Certified Management Accountant (CMA) designation can boost their earning potential. Additionally, obtaining an advanced degree, such as a Master’s in Accounting or a Master’s in Business Administration (MBA), can also increase their earning potential.
Below are some employment trends for Accountants and Auditors:
- Median Salary: $37.14 hourly, $77,250 annually
- Employment: 1,449,800 employees
- Projected growth (2021-2031): Average (4% to 7%)
- Projected job openings (2021-2031): 136,400
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References
- Bureau of Labor Statistics wage data and 2018-2028 employment projections Onetonline.org