There are so many reasons why anyone would want to consider a career in accounting and finance. This article addresses the most compelling motivations below, but first, we thought it was important to clearly define what an accountant is and describe exactly what they do.
The accountant's role is critical to every organization from the Virtual Controller to the Virtual Chief Financial Officer (CFO). Accountants, controllers, bookkeepers and Virtual CFOs are responsible for managing a company’s accounting activity, financial records and business transactions, which are then recorded in the company’s general ledger and culminate in financial reports. Their practices should follow generally accepted accounting principles (GAAP) and they should establish and oversee tight internal controls. Typically accountants report to a financial controller, CFO, Virtual CFO or even the business owner. For a career in accounting, a bachelor's degree in accounting is not necessarily required (but is generally preferred), and many accounting professionals choose to pursue additional certifications from associations such as the American Institute of Professional Bookkeepers or the American Institute of Certified Public Accountants to learn and apply specialized accounting skills as they enter the accounting industry. These associations can be a great asset for continuing professional education and these accounting graduates move into the accounting field more confidently. Passing the CPA and/or the certified management accountant (CMA) exams would put you in a particularly strong position, but neither is a prerequisite to get started in an accounting role.
But no matter how different their education or backgrounds may be, all accountants share two important traits: exceptional attention to detail and a true love for working with numbers. Above all else, accountants must be highly accurate, efficient and knowledgeable about financial terms and accounting principles such as debits and credits, the chart of accounts, accounts payable, payroll, revenue recognition, accounts receivables, preparing financial statements and more.
If the above description of accounting careers sounds appealing, here are 9 additional reasons why you might consider a career in accounting.
1. PRACTICAL
Remember, just about every company needs an accountant, as does any public accounting firm, so there is plenty of opportunity out there. Recent research projects that accounting jobs will grow 11% from 2012-2022, which translates into 37,000 new accounting jobs in the financial industry each year (U.S. Bureau of Labor Statistics, Employment Projections Program). There's actually an ongoing shortage of accountants in the United States so opportunity abounds, as reported by the Wall Street Journal.
2. Flexible
Depending on the company’s size and specific policies, you could choose to work full- or part-time or decide to work from home or at the company itself.
3. Rewarding career path
It is entirely possible to start as an accountant and work your way to more senior positions, such as accounting manager, financial manager or controller, or even Virtual CFO. There are also additional stops in between those top positions, such as financial analyst, certified internal auditor, director of finance and more, all of which rely on skills learned as an accountant. Additionally, forensic accounting careers and public accounting firms are two other potential directions you can go in the accounting profession.
4. Interesting, fulfilling work.
Remember, you will be on the financial “front lines” at all times, where no one will see certain aspects of the business faster or in more detail than you – not even the business managers or owners.
5. Technology!
Whether it’s general ledger programs like QuickBooks Online, Xero or Intacct; related accounting services and accounting systems such as BILL or Maxio; or all of the above, there is no shortage of applications and technologies you’ll use to accumulate, store and analyze your financial data.
6. Data and analytics
If you like data and analytics, or consider yourself a “quant jock,” this is the position and industry for you. You’ll get plenty of experience – each and every day – in everything that makes you happy, including management accounting and financial reporting.
7. YOUR INPUT IS NEEDED AND VALUED
With so much to learn and explore, managers and board members are always searching for better financial information and key performance indicators (KPIs) from their accounting data to unlock better visibility into financial performance. In fact, the best ideas – even financial strategy – can come from accountants.
8. CHANCE TO BECOME A TRUSTED ADVISOR
In a small business environment, you management accountants become a trusted confidant of the business owner in all aspects of financial operations. Plus, if you happen to work for a company where the owner is not financially oriented, you become an expert – one step short of rock star.
9. JOB SECURITY
Once you’re a valuable team member, you’ll be involved in the most strategic financial planning, a role where you can identify the next new opportunity (for example, a certain product might be more profitable, so sales should double their focus on it), or assist risk management by monitoring financial activities and helping with potential issues such as cash flow difficulties. All of this makes you indispensable.
The Driven Insights’ Perspective
When you consider that accountants are our lifeblood – determining the difference between success and failure with our clients – it’s easy to see why we screen them so carefully. But it’s always a two-way street where our accountants can take advantage of a great growth opportunity and the diversity that comes from working with many different clients in many different industries fulfilling roles all the way up to Virtual CFO.
We are always looking for great accountants, so if any of this sounds appealing to you, please check out our careers page for current opportunities.
The Driven Insights advantage
Driven Insights is experienced in leading small businesses on the journey to leveraging financial information and operating metrics to accelerate growth. Our accountants and controllers are charged with much more than simply “doing the books” – they ensure each client understands and values the insights we share.
Interested in learning more? See for yourself how Driven Insights can provide the insight and control you need to achieve your most critical goals. Contact us at dave@driveninsights.com or 888-631-1124.
