Becoming an Accountant

A career as a an accountant can pay well, but not everybody is able to survive in the job for long, therefore those who aspire for a career as an accountant should first make sure that they have a clear idea of the kind of work they would be doing. But this is not all, if you want to become an accountant you would have to make sure that you possess good mathematical skills, can work meticulously and systematically, are comfortable working on computers throughout the day, possess good analytical skills and can communicate well orally, as well as in writing. Preparation for a career in accounting can begin right from high school and the earlier one starts the better. Ideally, those who plan to become an accountant should strive to get high scores in mathematics. A strong foundation in high school level mathematics would help the candidate throughout life. Apart from working at improving mathematical skills the candidate should also opt for electives like accounting, advanced mathematics and economics. Joining relevant clubs like math/economic/business and active participation in their activities would similarly provide added experience. There are schools that provide their students with opportunities to work as interns in local companies, if you are fortunate enough to study in such a place you should definitely make use of any such opportunities, it would equip you with valuable experience. Moving beyond school level, you should opt for a college that is reputed for its accounting programs. In college you have the choice of deciding whether you would like to work as a Certified Public Accountant (CPA) in future, or an uncertified one. For the former, you have to take a four year degree program but for the latter a two year degree would suffice. If you elect to work as a CPA then you would also have to ensure that the course chosen by you satisfies the licensing requirements of the state in which you plan to work. Although opting for an accounting degree seems to be the obvious choice when your aim is to work as an accountant, you can also opt for a business degree and include as many accounting courses in it as possible. This will also help broaden the scope of your knowledge and work. Since we live in the age of specialization your next next step would involve deciding the specific area of accountancy in which you wish to specialize. Some of the choices available include – ·Public Accountant ·Management Accountant ·Public Sector Accountant The above is not an exhaustive list but only the most popular specializations in the field. A public accountant provides accountancy services for companies and individuals. Management accountants are employed by corporations where they are responsible for maintaining and analyzing financial records, managing the organization’s assets and liabilities and also preparing the budget. Public sector accountants, as the title implies work for the government; they audit government agencies and those who work in association with such agencies and are subject to the similar regulations. The CPA licensure exam requires work experience as a pre-condition for appearing in the exam. However the period of work experience required differs across different states. You would need to check the specific requirements of the state in which you wish to practice and fulfill them. After you have passed the CPA and have started working you will need to take Continuing Professional Education (CPE) programs periodically to stay updated with the latest developments in the field.

Chartered Accountant -Chartered Secretary-Cost and Work Accountant

Chartered accountant in India is now become a booming sector like hot cake where all students as well as professionals want to be on top. Chartered accountants in India belong to the Institute of Chartered Accountants of India. It seems that there are lots of people who are getting enroll in this profession now a day for building their career. They know well, Chartered Accountant, Chartered Secretary and Cost and Work Accountant courses giving him or her full opportunities. Let’s know how these three departments let you to go on top of the world as you want. Chartered Accountants: Ensure Your Career Satisfaction The Institute of Chartered Accountants of India (ICAI) provides CA course under the act 1949 of Chartered Accountants in India. There is no doubt, it provides easy platform for all types of students who have dreamt of being to do some extra in his or her career because ICAI is the second largest accounting body in the world now. It gives you ample opportunities to get into various financial multinational companies, domestic companies and also in Govt. or PSU sectors as a Chartered Accountant. With a view to challenging and dynamic environment it is being considered that CA’s are being looked upon as complete financial business solution. They have many responsibilities when they are in any company and they are accounting experts, tax experts, audit experts and so on. To becoming a Chartered Accountant, you can have several benefits with lots of job and can set to your doors to a wealth of new career from not only domestically but also globally. Since this designation gives you ample growth so you can implement your learned lessons. Of late, many economists have said that this profession is growing day by day and it must keep its speed because it is going on demand continuously. Chartered Secretary: Ethical standard for all Apart from the ICAI, the Institute of Company Secretaries of India also gives you great platform to be a successful Chartered Secretary in any multinational companies. India has carved its own niche in the world platform, Indian taxation is one of the most coveted taxation systems and Indian Industrial sector desperately needs competent CS services. Different sectors have agreed to the point with growing competition the industry across that internal audit is one of the key factors for sustaining the steep competition. In other words, the deep understanding provided by the services like Internal Control Review and the Management Information System Audit are vital and Chartered Secretary provides efficient services like creation of accounting manuals, implementation and designing and review of the same. They cover several diverse accounting issues like both Indian and international Gaps. Cost And Work Accountants: One solution for Cost Management The Institute of Cost and Works Accountants of India (ICWAI) is a premier professional accountancy body established on May 28, 1959 under the Cost and Works Accountants Act, 1959 (Act No.23rd of 1959) enacted by the Parliament of India to regulate the profession of Cost Accountants in India. For doing Cost and Work Accountant you need to go for three levels Foundation, Intermediate and Final and also you will have three years of practical training in areas like 1. Management Accounting 2. Financial Accounting 3. Cost Accounting 4. Taxation 5. Audits 6. Corporate Laws etc

How To Choose An Accountant

If you need to employ an accountant, but do not know which one to use, then this guide will give you some useful hints and tips to help you make that key decision. An accountant can be more than just a person who prepares the accounts and talks to the taxman for you. Over time you will find that your accountant can become a valued business advisor. Remember that they are dealing with a spectrum of local businesses of various types. A natural by-product of this is that they will have: • Many contacts – some probably very relevant to your own business • Dealings with the local bank managers and a good idea of what they expect for applications such as financing in particular, the style of business plan they like to see presented to them • The respect of other local organisations particularly banks and other professionals that will reflect well on your business • A lot of experience in dealing with the local tax office and regulatory bodies Professional qualifications I can’t stress enough that if you want to have a solid, long term, happy working relationship then you should always use a qualified accountant. You will of course always be able to find other cheaper alternatives but consider this: • Do they have enough experience and training to carry out the regulatory and governmental obligations you have. Remember, when the Inland Revenue is handing out fines for late payment or non-compliance, there is only one person who suffers – you • Are they up to date with the latest legislation regarding taxation and company law? You see there is one main reason why established practices charge a higher rate and that is because they take a professional attitude to keeping their knowledge up to date. They attend regular updating seminars and courses which can be quite expensive as it is specialised knowledge Other offices You should find out whether the office you are dealing with is one office as part of a larger group or just a single practice. This is relevant if your business is more than just a single entity such as a shop or small local business. You see as your business grows so will your need for technical assistance. There comes a point when you may outgrow a local practice and need to move on to a medium sized practice where the specialised knowledge is split amongst its senior staff. In a larger practice there may be a partner who specialises in obtaining corporate finance, several tax specialists in different areas and partners who specialise in investigations and due diligence work, in addition to those staff who do the day to day work of accounts preparation and tax returns. You will usually obtain a more efficient service from one practice due to pooling of ideas than having several advisors from different organisations. Your choice of practice will ultimately come down to what size your business is and what expansion plans your foresee. There is nothing wrong with choosing a larger practice, just consider whether there is any cost implication. Existing clients You should consider whether the practice you are reviewing already have clients in the same line of business as yourself. This can be advantageous if you are in a specialised field as your accountant will already be up to speed on your particular requirements and this may translate into a reduced fee. Recommendations Naturally you should seek recommendations from as many people as you can. Particularly take note of advice given by business associates. In addition, consider these avenues for advice: • Local banks and other professional advisers • Try to seek permission to contact existing clients for references, this can be an informal way of gathering great information • See whether the practice publish regular articles in say local newspapers giving free advice to readers. This can give an indication as to the expertise of the practice. Where to find your accountant There are several places to look including: • Simply, walk down your local high street and call in at reception for practice brochures • Yellow pages – usually the professional bodies will advertise the names of local authorised practices • Local papers and other publications • Search online

Does Your Company Need an Accountant?

The world’s most successful companies have hundreds of accountants and chartered financial analysts working in their accounts departments. Isn’t that reason enough why your company needs an accountant too, if not an entire accounts team / department? Well, the answer is no. There’s more to it than just following the global business leaders. However, your company needs an accountant, and here’s why. Your business runs with the motive to earn money, and you need to keep the cash flowing in and out to keep your business alive. A lot of transactions happen on a daily basis in your company. An accountant helps keep track of them all, even if the transaction was worth just a cent. Your earnings, savings, expenditure and other monetary transactions, and their details are recorded by an accountant. Hence, in order to know where your business would stand after a year, it’s advisable that you hire an accountant today. While you might say that you’re good at accounting and/or have computer software to help manage company accounts, the big question is – is that what you specialize in? If you’re reading this page, then chances are high that you’re not. You sure know to manage and promote your business and its products / services well, but it becomes very difficult to keep track of all the transactions besides handling other business activities. An accountant is an expert in dealing with money and recording what a company does with it. With that said, the accountant, or a chartered accountant, sometimes called a Certified Public Accountant (CPA)comes with sufficient knowledge of managing your company’s tax structure and liabilities. He will be in a better position to tell you which expenses can lead to more tax savings for the company and its employees; apart from advising you on whom to levy certain commercial taxes on, and in what circumstances. Also, while making certain big purchases like commercial property or media time and space, an accountant will probably be in the best position to help you setup step-by-step procedures. You might want to pay fairly to your employees, but can your company afford it while it isn’t making enough profits? Not sure? Talk to your company’s accountant. He will help you fix a viable pay structure. If your company hasn’t hit the breakeven point in business yet, an accountant, in coordination with a Finance Manager, can assist you in formulating financial time-lines, which will help you forecast (to a great extent) what you would be doing after a year. If you can’t afford an accountant on a full time basis as an employee consider hiring an accounting firm. The firm can provide advice on an hourly basis. The per hour fee will be much higher than what you would pay an employee but you will only have to pay for a specified number of hours. The accounting firm can oversee your accounting system, answer questions, prepare your tax documents, and provide advice. Interview the accountant or accounting firm so you’re comfortable with their experience level and personality. Check references and talk to previous clients. Hiring an accountant or accounting firm is an important step for your business.

How to Hire an Accountant

Let’s face it, bookkeeping is a pain. If you own or run a business, it’s just about the last thing anyone wants to do. You want to give your customers the products and services they want, not do paperwork and payroll. But paperwork and payroll is essential for the business to run smoothly and grow. No one gets very far if the books are out of order, and in most cases this unbalance can sink the whole ship, so to speak. If it’s a struggle to meet profit margin goals every month, and there are constant glitches or inconsistencies that take hours to find and correct, then outsourced bookkeeping from Lanphier Accounting LLP could fit the bill. As a business owner, you need to concentrate on the next great product, service, or angle that sets your company apart from all the others your potential customers can visit every day. And, as a business owner, you need to concentrate on paying the bills, making payroll, cost and profit projections, forecasting from financial analysis, and tons of other minutia that completes the success picture. Most business owners, however, are really only good at creating the products or offering the services they offer – it’s what they do. So it only makes sense to let financial experts do what they do best and take care of all those bookkeeping and financial tasks that can end up in a mess. That way everyone is doing what they excel at while your business grows. Some benefits of outsourced accounting and bookkeeping services include more freedom for business owners, books that are always in order and easily accessible, and having financial statements analyzed to identify real or potential problems. Outsourced bookkeeping often actually pays for itself in “found” money by clearing up problem areas, and an increase in profit margin in a relatively short period of time by having clean financials. This results in smooth financial operations, a reduction in overall costs for running the business, and a partner that can help maximize profit margins from the time they start helping your business. Getting the most out of every dollar spent in business is essential to becoming and remaining successful. Paying suppliers is essential – you have to have product to sell in order to make your customers happy. With outsourced bookkeeping and Brittany S. Lanphier CPA, you will never miss another bill payment or wonder where the money is going. You will always know payroll is done on time so employees get their paychecks and vendors are paid timely so you keep getting the product you want and need. You can really focus on elevating your offerings while your financial partner expertly elevates your financial operations – honing them to the fine edge that will keep you moving in the right direction. Lanphier Accounting LLP offers free consultation so you can find out how you can benefit from their services without initial cost.