Companies heavily relies on data especially their financial data as they shows the exact position of organisation. Accounting and Finance department are the ones to keep track of income, expenses, cash flow, profits. Most of the people working in accounting field have their relevant industry experience and academic or professional qualifications which enable them to carry out their job perfectly. To become a successful accountant you need to go through vigorous study and various practical training (software and concepts) to horn the skills and expertise to work professionally. Being an accountant you will be working with sensitive and important task of managing cash flow, taxes, maximising client wealth and carefully drafting the most efficient tax plan. By the nature of work and its impact there is no margin of error and as an accountant you should be on top of everything that is why strong theoretical concept backed up by practical training and skills are very important. In this article we will be discussing why accounting and finance is still one of the most lucrative profession in the world.

What is Accounting and why it is in Demand?

Accounting is probably most sought out career path in the world. Accounting is art of keeping record of company’s accounts, completing important calculations, paying taxes and maing sure company remains on top of its financials. Accounting also helps to forecast the company’s future financial position which helps management to plan accordingly. Modern day’s accountants are not limited to taxes and VAT, they are the integral part of company’s management.

Why accounting is good career path

Varying Tasks

Accounting jobs is never boring as you have to do range of tasks from bookkeeping, payroll, VAT , tax calculations, budgeting and forecasting. Every day you will face new clients with their unique financial positions which will allow you to test your skills every day. Some days you might need to deal with complicated VAT issues, some day will be dealing with tax and HMRC cases while someday you will be sitting with clients presenting the perfect and efficient tax planning in large scale. Told you being an accountant is not boring.

Career Stability

Accounting is the most stable career in the world. No matter what happens world needs to revolve around i.e people need to work make money to meet their needs and desire and you need accountants for every aspect. From claiming Furlough at time of Covid to apply for the government grant accountants were the busiest professionals. So accounting profession is one of the most stable glamorous career. Accountants are always in demand in every sector of industry.

Wide Use of Skills

Whether you are working in retail, e-commerce or catering your accounting skills will be equally valuable in every sector. As accounting will be the same , nature of transactions and VAT schemes might be different but accounting will be the same for all sectors. For people who want to work in various sector accounting is perfect career choice as you can fit into any sectors with same set of skills

Career Versatility

Accountancy is ideal for those who wants to work multiple jobs. You can be the bookkeeper at one place and payroll administrator at another given that you have appropriate skills.If you are certified accountant you can work as a self-employed and you can work as a specialist accountant for other companies. Being an accountant has so many perks.

Promotion Potential and Experience

There is always opportunities for quicker career growth as an accountant. With training and practice you will develop the skills that will be fruitful for other job roles as well. When you start as bookkeeper and keep on working over the time you can work as payroll administrator as you will learn the necessary skills and knowledge as well. Similarly if you are working as financial manager you will have better understanding of company’s financial and those skills will come handy in other aspect of company management as well.

Skill development

With the development of accounting skills you will also develop other skills. Since accounting are digitalised nowadays you will develop computing skills. You will be good with numbers and your attention to details will increase as you will be looking everything in details. Having a portfolio with multiple skills is advantageous working in any field in the fast-paced work environment. Accountancy will help you to build other skills as well. 

Trust and Respect

Accounting team is most respected and trusted team in every details. As there is popular saying do not lie to your doctor, solicitor and accountants. Accountants have a lot of responsibility of managing and tracking funds and progression of organisation over the time and they will have key role is deciding organisation further plan and positions. Companies trust their accountants and accountant repay this trust with high-quality work.

Roles in Accounting

Accountant Intern

An accountant intern is ideal role for someone who is looking to develop career into accountancy field. This involves taking on a range of various accounting tasks and responsibilities under the supervision of another member staffs. After some time, accountant interns will have significant knowledge about their job role and will move further into accounting roles.

Average Salary £22,000-25,000 per year

• Accountant

An accountant is the one who is responsible for preparing and maintaining important financial reports like profit and loss , balance sheet for the clients and employer. Accountants can work for individuals (to manage their wealth) and for the companies. Accountants works in various level from junior accountant to top-management depending upon their skill, experience and qualifications. This role involves assessing the financial positions, providing professional advice on how to increase profit and maximising the wealth of the company. Accountants are also responsible for budgeting and forecasting as well.

Average Salary £26,000-38,000 per year

• Payroll Manager

As a payroll manager you will be dealing with income tax and national insurance. There will be different level of employee earning different level of income and you will be responsible to pay them correctly and timely manner. Your job is to make sure that every workforce is paid properly so that organisation keep on running smoothly. Payroll manager also work with accountants to set up the pay bands and pay rates for new hiring and other recruitment activities.

Average salary £25,000- £39,000 per year

• Management Accountants

Management accountants are the ones who do magic with numbers and provides management crucial data to facilitate in informed decision making. Management accountants work  with various departments to develop budgets, assess financial performance and provide their valuable opinions for strategic planning,

They are the one who carry out cost analysis, formulate the financial policies, ensuring compliance and they are the one to generate financial reports for internal stakeholders, offering in depth details to company’s financial health. They are responsible from managing VAT , Payroll, year end , quarter end and provide insightful information over company’s financial health.

Average salary £40,000-£60,000 per year

• Chief Financial Officer

This is the most important positions in a company that holds accountancy skills. CFO is responsible to manage the finance of the company. They are responsible for the board in the event of financial issues and are one of the executive of the business. They are expected to work on the welfare of company, stakeholder and all the parties associated with business. They are the one who are responsible to bring the changes in financial policies of organisation as per the situation.