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General Description

This is an ideal career for analytical thinkers. As an accountant, you use your training and expertise to prepare financial documents and business accounts. 

Career Advice - General Accountant Career

You may be an employee of a business, or you may work for a specialised accounting firm which provides services both to small businesses and to individual clients.  Regardless of who employs you, you will be responsible for their compliance with relevant taxation and corporate law, as well as providing and analysing financial information which will enable them to identify financial irregularities, review past performance and to plan for the future.  The financial information you will deal with includes profit statements, balance sheets, cashflow statements and sensitivity analysis.

You are likely to specialise in some form of accountancy, depending on differing client needs.  Many accountants work in-house or provide professional advice for a private or public company or public-sector organisation, dealing with the day-to-day financial needs such as payroll, book-keeping and preparing financial statements, along with management accounting functions such as budgeting and forward planning.  Employers vary between major corporations, small-to-medium sized enterprises, community not-for-profit organisations, professional occupations, manufacturing industries, government, property or finance companies.  The list of potential clients is endless.

Forensic accounting is an expanding area of accounting.  Basically forensic accounting is about fraud investigation and covers a wide variety of work, from giving evidence as an expert accounting witness, investigating allegations of fraud, and capturing and analysing large amounts of electronic data.  In this field you need a strong attention to detail and comprehensive quality control to ensure the provision of accurate reports and to remain objective in reporting your findings as your work is reported in a court of law.

Tax accountants are fundamental to ensuring their clients comply with Australia’s taxation laws.  An accountant specialising in this field has regular clients that may include individuals, sole traders, small to medium business, high-net-worth individuals and large corporations.  All share the common desire to effectively manage their tax requirements.  You need to advise on a large range of business structure alternatives including trusts, companies and partnerships.  You will also need to understand and give advice on all forms of taxation including goods & services tax, stamp duty, income and capital gains tax, withholding and fringe benefits tax.

In community organisations such as sports and recreation clubs, a treasurer often plays the lead financial role.  Your plans involve both short and long-term finance for the organisation and your choice of investment portfolio is designed to minimise your organisation’s financial risk.  You are the guiding force and the keeper of money, at all times displaying the highest business ethics.

Accountants work in the full spectrum of company structures from private practices, to large consulting and advisory firms, major corporations, small to medium sized organisations, the public sector and community entities. The profiles for Corporate Accounting and Advisory accountant from “The Big Four” accounting firms have been treated separately (refer list of Occupation Profiles).

What you do every day?

What you do each day really depends on what type of accountant you are.  A generalist accountant works with companies or clients to manage the organisation's finances, budget, public records and tax preparation.  Typical working hours are Monday to Friday, 9am to 5.30pm, but these increase as the end of the financial year approaches.  Large consulting practices expect longer hours.  Forensic accountants spend time in court and tax accountants focus on tax and related issues.

Most organisations have fully computerised records, so familiarity with computerised accounting systems is essential for accountancy work.  There are a number of ready-made accountancy software packages which can handle the spectrum of accounting requirements from simple to complex, such as Access, MYOB and Quicken.

Personality that best fits this occupation

A career in accounting requires an aptitude for numbers and maths.  You'll also need excellent computer and communication skills to do well in the field.  Naturally you’re analytical, with a good eye for detail and excellent organisational skills.  Historically, accounting has been incorrectly labelled a profession for “introverted nerds.” This is not so today. 

If you’re extroverted, possess innovative thinking, take strategic views on various topics and can bridge the abstract to find a commercial solution, then you’re a nice fit with accountancy.  The “Big Four” companies look for business acumen and personal stature when recruiting graduates.  As you are dealing with confidential information and people’s personal affairs, you also need to be discreet, professional and ethical.

Best thing about this career

The huge variety of career paths makes accounting an exciting career choice.  You’re never bored and you work with smart, stimulating people most of the time.  There is job satisfaction working with new clients and managing existing clients.  It’s also a career which earns both respect and good money.

Worst thing about this career

At times the numbers and analysis can get tedious.  The pressure of unrealistic deadlines may gradually burn you out, and task-focussed management is de-motivating.  Other people wanting to continuously talk about money and accounting when you’re not at work is also a pain.