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Accountant

Accountants analyse, report and give advice about the financial dealings of organisations and individuals, and advise on associated record-keeping and compliance requirements.

Accountants may work on their own or with other accountants. Accountants in private practice have a high level of public contact.

Some positions involve travel, which is often interstate or overseas.

TASKS

Accountants may perform the following tasks:

assist with the formulation of budgetary and accounting policies
prepare financial statements for presentation to boards of directors, management, shareholders and statutory bodies
conduct financial investigations, undertake audits, prepare reports and advise on such matters as the purchase and sale of businesses, mergers, financing, suspected fraud, insolvency and taxation
examine the income and expenditure of institutions
provide assurance about the accuracy of information contained in financial reports and their compliance with statutory requirements
provide financial and taxation advice about business structures, plans and operations
liaise with bankers and brokers to establish funds management arrangements
advise on the selection and application of computer-based accounting systems
appraise cash flow and financial risk of investment projects

PERSONAL REQUIREMENTS

good communication skills
good presentation skills
able to build rapport with clients
able to analyse and solve problems
good organisational skills
discretion when dealing with confidential information
professional and ethical
able to work as part of a team

Very Good Outlook for this career!

Interest Area

SPECIALISATIONS

Auditor - ensures financial statements are true and fair by checking that assets and liabilities mentioned in reports exist, analysing samples of work done and interviewing staff. Auditors are increasingly asked to audit figures relating to environmental emissions.

Budget Accountant - primarily concerned with the development and maintenance of budgeting systems. This involves monitoring budgets and comparing them with actual costs and revenues. They analyse records to determine trends, which assists in managerial control.

Bursar - responsible for the accounting and general business operation of schools or tertiary institutions. This may include fundraising.

Finance Manager - prepares reports for management, summarising the business' financial position in the areas of income, expenses, capital usage and cash flows, and assists with the preparation of strategic plans, budgets and financial forecasts. Finance managers also determine fund requirements and strategies to invest surpluses and assist in the development of accounting and management policies and procedures.

Forensic Accountant - analyses and prepares accounting documents for use as evidence, often for a court of law.

Investment Analyst - evaluates the value of companies for potential buyers and investors, and investigates businesses being sold, bought or merged.

Liquidator and Receiver - assists and advises businesses in financial difficulties, organises company closures in line with legal requirements and, in the case of bankruptcies, sells assets.

Cost Accountant - develops and directs systems so that costs can be recorded and analysed to determine each unit cost. This involves analysing changes that affect production costs (raw materials, manufacturing methods, factory overheads and wages, for example). They provide management with reports to assist in decision-making about production volumes, sale prices and additions or deletions to product lines and/or manufacturing or distribution resources.

Systems Accountant - analyses financial information needs for organisations by reviewing existing systems and working out the best way to meet those needs.

Taxation Consultant/Taxation Agent - prepares taxation returns and reports, provides advice about tax issues and handles disputes with taxation authorities.

Treasurer - plans short-term and long-term finance and advises on the financial consequences. They design and manage investment portfolios to minimise financial risk.

EDUCATION & TRAINING

To become an accountant you usually have to complete a VOC qualification in accounting. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information. You may be able to study through distance education.

You can also become an accountant by completing a degree in accounting or a related field such as business or commerce with a major in accounting. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in these areas.

Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact Open Universities Australia or the universities you are interested in for more information as requirements may change.

Additional Information

Graduates of approved courses may qualify for membership or entry to the membership programmes offered by Chartered Accountants Australia and New Zealand, CPA Australia or the Institute of Public Accountants. Eligibility for membership varies and may require work experience and/or further study.

EMPLOYMENT OPPORTUNITIES

Accountants work in diverse environments, including sporting organisations, retail outlets, government organisations, finance companies, banks and building societies, real estate firms, taxation consultancies, community service organisations and accounting firms. They can work in partnership with other accountants or be self-employed.

Employment opportunities for accountants can vary from year to year for many reasons, such as changes in taxation and other commercial laws, changes in the demand for financial advice and planning services, industry restructuring and the general level of economic activity.