What You Need To Know Before Choosing A Career In Accounting
If you enjoy working with numbers and helping people strategize, a career in accounting is an excellent fit for you. That said, this industry is usually intense but gives you the flexibility to stay small or grow big, depending on your lifestyle and preference. In addition to this, there are several benefits to a profession in accounting that you’re guaranteed to enjoy! However, before you decide to become an accountant, the experts at Real Balance Accounting Services Ltd. suggest that you get to know the prerequisites of this occupation. To help you with this, we have explained in this blog what you need to know before choosing a career in accounting.
The requirements to set up an accounting career
1. Get certified
If you’re looking to be a reliable accountant, you’ll need to become a certified professional. For this, you must first obtain an undergraduate degree with an accounting focus. If you don’t have any formal education related to accounting, you could opt for a preparatory course in this field. Another option is to acquire on-the-job experience in technical areas such as financial reporting, audit and assurance, strategy and governance, management accounting, and finance and taxation. Just bear in mind that it could take years to acquire the relevant experience to become a certified accountant through this option.
Besides acquiring certification in accounting, you’ll need a Certificate of Accounting Software based on the software you use. For example, QuickBooks. To acquire certifications for these software, you’ll need to take up a course to learn how to operate them. Upon completion of the course, you’ll receive certification. With the appropriate certifications, you can prove to your clients and potential employers that you are a qualified professional and can handle the requirements of this profession.
2. Stay up to date
Tax laws and software are changing rapidly, which means you need to be aware of the latest developments to comply with industry standards and legal requirements. Based on your area of specialization, you can keep an eye out for tax law updates, deadline changes, and procedure alterations. To stay on top of software changes, consider signing up for the software provider’s newsletter. Visit their website frequently and go through their system update posts.
3. Enhance communication skills
Apart from the technical skills, you must have the ability to speak and connect well with clients, employers, and employees. Good communication can also be the difference between you and your competitors. So you may want to improve your communication skills before setting up a full-fledged accounting business or acquiring a job at an accounting firm.
The pros and cons of a career in accounting
Given that accounting is a complicated task for most laypeople and time-consuming for business owners to handle, there is always a demand for professional accountants. And, depending on the education you have, you can start charging a minimum hourly rate of $20.00. As soon as you have experience under your belt, you can increase your rates. How far you go with your rates will depend on your attitude and continued learning.
Additionally, the opportunities in this industry are manifold. You could choose to work at an accounting firm as an employee where you have a shot of jumping to a manager of accounts position. As a manager, which is a higher position, you will oversee entry-level employees. If you’d prefer being your own boss, you can also launch our own practice where you decide the scale of your efforts and business. You even have the luxury of working from home if you want to.
Irrespective of the avenue you choose, you will never stop learning. Each client as an individual or business is unique. Therefore, there is always something new to learn. At the same time, you must continuously think outside the box to help these diverse businesses and individuals manage their finances, save on taxes, and track their expenses.
The downside of this business is that it can get hectic. This is especially the case if you specialize in taxes! Tax season is a very demanding part of the year, and your whole life would basically be put on hold until the tax deadline date. But, it is definitely rewarding to work with different people and help them during this stressful time of year.
For more insights into the profession of an accountant, reach out to Real Balance Accounting Services Ltd. We specialize in the best bookkeeping and accounting services in Richmond, BC. We provide back-office management, so you are relieved of operations such as bookkeeping, payroll, and tax preparation. If you’d like to join our team, email us at firstname.lastname@example.org. We make sure the initial training is available to you, and with our in-house mentoring, we are always doing updated training. That way, you’re aware of the latest industry trends, procedures, and requirements.