May 2018 is Accounting Day, a chance for the exciting world of accounting and finance to attract new talent.

‘Doing the books’ may not be everyone’s idea of fun but accounting and accountancy involve people working in one of the most complex areas of business. With this in mind, take a fresh look at what accounting involves.

For too long, the world of accountancy and accountants has been portrayed as grey and boring which is somewhat surprising considering the importance of a knowledgeable person watching the cash flow, keeping an eye on the figures and keeping tax liability to a minimum.

Vital to the success of any business, no matter what size it is or what products or services it supplies, the world of accounting means accurate financial reporting, taxation, auditing, corporate finance, business recovery and insolvency in some cases too. Online accounting courses and qualifications can also lead into the murky world of fraud in the shape of forensic accounting.

Two main type of accountancy

In accounting, you can choose to specialise and thus, understanding the two broad bases of accountancy is the first step;

I.        Audit, assurance and advisory roles

This is a form of inspecting or checking a company’s or organisation’s financial reports for accuracy.

An audit or ‘being audited’ is a common phrase in business. It is not so much a one-off, occasional activity but one that is ongoing. For all businesses, including public bodies, charities, educational facilities and so on are subject to being checked financially. In other words, you will need up to date knowledge of complex financial laws and whether the body being audited is complying with these.

In an advisory role, you would look at the financial implications of expansions, mergers or investments that a company or organisation makes.

II.        Business recovery and insolvency specialist

In the UK, the recent recession and austerity measures have hit businesses hard with well-known high street names, mostly recently Maplin and Toy R Us, ‘going to the wall’. This means that the value of their debts outstrips assets, creating an insolvent trading position.

Once in receivership, the business recovery and insolvency specialists will take over the running of the company. They will try to sell as much stock and chattels as possible to recoup as much money as possible to pay the company debts. After this, they wind it up and the business will no longer trade.

For some businesses under financial strain, you would reorganise their finances and investments as part of your business recovery expertise.

III.        Corporate finance and risk management

Online accounting courses also look at how a business financially plans for the future. From investing in assets to managing financial risks, specialist accountants will be the driving force behind all of these important activities.

Investments need to be made in line with financial laws, notoriously complex but also within legal tax boundaries too.

IV.        Forensic accounting

Fraud happens. It can be a complicated trail of phoney accounts and transactions which, on the surface, look legitimate. But probe below the surface and a forensic accountant can uncover a fraud, the tentacles of which expand far and wide.

Do you have the ability to be a financial detective, analysing financial information, tracing trails and uncovering the tracks of who is involved in such complex crimes?

V.        Tax

Many see tax as a moral and ethical issue for businesses. Big names have come under closer scrutiny in recent years for the tax avoidance schemes they invest in, effectively denying the country’s coffers of millions of pounds. Although not illegal, many questions how ethical tax avoidance schemes are.

And yet, no business wants to pay more tax, effectively giving away its profits, than it needs to. As a tax specialist, you would work within the tax laws of the UK, notoriously complex, but with a view to minimising tax liabilities.

 

Accountancy never deserved the grey reputation it once had. Increasingly, it is seen as a fantastic career move, a role that offers diversity and challenge. Why not study online accountancy courses and see where they take you?

Accountancy suffers from a reputation as being a dull profession.

People imagine accountants shuffling figures around a page, organising sums in columns and being up to date with complex tax rules and regulations. These dull tasks are essential but make for a less than exciting occupation.

That said, accountancy has changed. Driven by a new generation of accountants and the digital age, accountancy has taken on a more exciting vibe.writing in notebook with glasses and calculator on desk

If you are considering a career in accountancy, you need to know what opportunities it presents. This is the guide that you need to super-charge your career in accountancy, whether you are thinking of being self-employed or bagging your dream job in the field.

Why Become an Accountant?

Being an accountant means working in a fast-paced and dynamic industry. You can work with small businesses and start-ups or large global corporations.

There are many opportunities to specialise in tax regulations and other specialist finance and accounting areas.

There are numerous benefits to being an accountant;

As an accountant, you will have many employment opportunities, from running your own business as a sole trader to creating a burgeoning accountancy firm.

You can also work in an employed capacity for larger firms, as well as benefiting from exciting career opportunities in The City (the financial district of London). Many Chief Executives of banks, financial firms and retail groups began their career in the finance and accounting sector.

Accountants are known to be meticulous, with an eye for detail, as well as possessing many planning and forecasting skills that make controlling finance easier.

Accountants will never be short of clients who need help with their accounting procedures. Alongside businesses, private individuals will often consult with an accountant in relation to self-assessment tax returns or more complex issues.

The ways in which HM Revenue & Customs collect information relating to tax are changing. The new digitalised system means that from June 2018, businesses will be able to submit their accounts online every quarter.

As a result, businesses may need to make changes to how they maintain their accounts. The accountant will be at the forefront of helping businesses leave behind ‘shoe box accounting,’ and become a part of the new streamlined, digital accounting era.

As an accountant, there are many well paid opportunities for you to explore, from overseeing your own business to becoming a well-paid financial executive of a large company.

These well-paid opportunities are not limited to the UK. You can work in markets and businesses around the world. Accountancy skills are some of the most versatile skills that you can possess.

Don’t necessarily need a degree

As a profession, not all accountants need a degree. With various specialist courses to choose from, you can build your knowledge base whilst progressing in your career. This is just one of many reasons that it is a popular profession.person doing their accounts

There are many opportunities to progress in the field of accountancy, and this is why this guide is important. With so many opportunities, you can quickly super-charge your career and reach the heights you always dreamed of.

Accountancy Opportunities

As with many professions, you need to seek out and actively create opportunities in order to give your career in accountancy a boost.

This means knowing what steps to take and when.

#1 Get the RIGHT qualifications

Although you don’t always need a degree, as an accountant you are expected to be able to show potential clients and employers that you have a broad base of accountancy-related qualifications under your belt.

This means getting the qualifications that professional bodies and employers recognise, so bear this in mind when checking out online accounting courses.

However, along with qualifications that show your skills and abilities to deal with financial information, you also need a range of soft skills that make you the ideal candidate for the job.

#2 Asking questions

As we grow ‘older’, we lose the art of asking the ‘right’ questions. Small children engage in the world around them often by asking ‘why?’ type questions.

But as we age, we often assume that asking questions is a sign of ignorance or weakness and that our superiors will see us as ineffectual and weak. However, Socrates tell us that the only true wisdom is knowing when we know nothing.

This doesn’t mean being over-effusive and asking questions just for the sake of it. Demonstrate your skills by framing questions in a way that shows you have done some preliminary research; you have an idea, but you need some information clarified.

Which sounds better? – ‘I know a little about Sage but can you show me how the company prefers to use this feature etc.?’ OR ‘what the hell is Sage?!’

#3 Positive, positive, positive

When you start a new job, you can create a good impression by being 10 minutes early, well-dressed and friendly. The longer you remain in a post however, the deeper you fall into your comfort zone and that can mean that you stop correcting your bad habits.

If you are employed and want to progress with the company in the accountancy capacity, you need to show that you do take your role seriously. That means not only committing to a company and sticking with it, but also remaining positive and working within the values and ethos of the business.

If you are applying to a new role, you need to be aware of the company culture and how your behaviour and attitude fit with this.working surrounded by notes

#4 Hone your communication skills

An accountant will deal with many people on any given day. From stakeholders to senior partners and executives, you will be expected to give financial information clearly and concisely.

There are many other pieces of information and data you will need to communicate, as well as receiving information yourself.

Some business experts believe that effective communication is a key business acumen for any candidate looking to super-charge their career in any profession, not just accountancy.

The finance department of most major corporations and organisations can sometimes operate in a vacuum. Decisions are almost clinical, based on key facts and financial figures. This can mean the emotion of a decision and its impact are removed.

This is no more is this clearly illustrated than in the NHS (or another health care setting). The decision to cancel operations that can save thousands, but the implications for patients and staff is far bigger than the costs saved.

As an accountant, even though the figures tell a story, it is only part of the story. The key to super-charging your career and forging ahead is clear communication, listening and relaying information.

#5 Know your business

Accounting in the health sector and accounting in the retail sector are different. One is fast-paced and dynamic and deals with people’s lives, and the other, whilst also dynamic and fast paced, is all about profit.

As an accountant, you need to know the business world in which you operate, understanding and working within the confines of your industry.

You need to understand how the market operates and what is considered valuable, as well as being able to forecast the market and its performance.

Understanding the world in which the business operates makes you a valuable asset to the company. Keep your finger on the business pulse, with one eye on the future and predict changes.

#6 Prepare for leadership

Every business wants a dynamic accountant with excellent communication skills, an in-depth knowledge, and a measured approach to accounting and financial control.

Take a look at many of today’s CEOs and you will see that they started out in the world of finance. You could super-charge your career to heights you never thought imaginable, but only if you equip yourself with the right skills and knowledge.

This means preparing for leadership both in a soft skill sense, but also gaining leadership skills through courses and practice.someone annotating graphs

#7 Go digital

The face of accounting is changing. With the digital era dawning at HM Revenue & Customs, more companies are turning to online cloud accounting and software to streamline their business finances.

As an accountant or as part of the finance team, you are expected to explore and suggest which of these programs is right for the company.

There are many options to choose from, from QuickBooks for small to medium sized firms, to advanced Excel skills.

Seven Points, Seven Great ways to Super-Charge Your Career

Get qualified, stay relevant, know the business and the markets, stay positive, communicate well and engage. These are seven great ideas that, when combined and put into practice, really can be the catalysts that will make your accounting career soar.

 

A movie hero? An unlikely character if ever there was one, but accountants don’t just save money on your tax bill. In the movie world, the accountant is full of action, valour and courage.

Oscar Wallace, the accountant in The Untouchables, played alongside Kevin’s Costner’s Eliot Ness, carries a shotgun as part of his recruitment to the team of incorruptible men enforcing prohibition in 1920s America.

If you are considering online accounting courses, however, the last thing on your mind will be joining gangs enforcing law all over your home city or town. You will be thinking flexible working time, possibly working from home, being self-employed or maybe you have your sights set on working for large, global companies.

The right accountant qualification

Being qualified is essential when it comes to practicing the skills of accountancy. Having an in-depth understanding of how financial laws and regulations affect your clients is paramount because this is the reason why they employ accountants in the first place.

Anyone can file a self-assessment tax return but with the inside knowledge of an accountant, there may be avenues for off-setting expenses and so on that reduce the tax burden on a sole trader, small business or large business empires.

Tax evasion, however, is a completely different thing and not one that many accountants will allow themselves to become embroiled in.

Thus, choosing online accounting courses that give you a qualification potential clients recognise and trust is a savvy move on your part.

5-Tip-about-Accounting

These qualifications look great on your CV as it details your journey to chartered certified status, if that is where you want to be.

Being an Association of Chartered Certified Accountants (ACCA) qualified accountant is a beneficial move in the right direction of helping people to plan and budget, leaving them to operate in a financially sound business.

But why ACCA?

With over 100,000 members and nearly half a million students in 181 countries, it is an organisation held in high esteem and regard both by its members and those clients who use ACCA qualified accountants.

If you are thinking of embarking on one of the many online accounting courses, here are five things you should know about being an ACCA qualified accountant;

#1 Highly respected qualification

Any qualification needs to show prospective partners, clients, and customers that you have the ability, aptitude and skills to complete a given task. Inevitably for any sector of area of interest, there are different awarding bodies all vying for students to complete their courses and qualifications.

Some are of a higher standard than others but some also come with an enviable reputation. When it comes to accountancy, ACCA offers a firm foundation for accountants, with a qualifications recognised the world over. Known for being committed to driving standard forwards and upwards, by opting for an ACCA accreditation, your accountancy skills will be in demand.

#2 A great CV move too

Like many professions, with ACCA accreditation you build your profile as an accountant by studying for smaller chunks of qualifications. This means that as you advance towards ACCA full membership, accounting courses are part of your journey.

These qualifications look great on your CV as it details your journey to chartered certified status, if that is where you want to be.

#3 Dynamic field

There may still exist an unfortunate reputation of accountancy and accountants being grey and a little boring. However, it is a dynamic field and one in which there are many opportunities. As a career choice, it is far from boring.

As well as being self-employed, there are opportunities to work for some of the biggest companies, travelling across the world too. As the business world evolves, so too does the role of the accountant, with many big businesses now placing the accountant and their team, firmly at the centre of their business.

#4 Choose your industry

Small traders to large companies are all on your doorstep, as are the variety of industries and sectors. From government agencies to the music industry, the NHS, and more, every organisation, agency and business need a qualified accountant to keep their budgeting and spending in check, amongst other things.

#5 Earn more

And finally, a highly qualified accountant can command a higher price and those with ACCA qualifications are amongst some of the top paid accountants. Why not you?

Accountancy is a dynamic role, one that gives untold opportunities, more so if you have the right accountancy qualifications under your belt. From working for yourself to being part of exciting, global companies, accountancy can be the ticket to a fulfilling career. For more information on how to become an accountant. Visit our how to become an accountant guide.

Accountancy is about looking after the money of a business. All businesses, regardless of their size must keep detailed financial records of money coming in – income – and money going out – expenditure.

Payroll is an important aspect of accountancy. The payroll can be defined as

There are many ways of running a payroll, from a manual process to the use of accountancy software. An acknowledge leader in this field is a company called Sage. Producing all kinds of different packages to suit various accounting needs, many people with an interest in accountancy will study a variety of Sage payroll courses.

Being familiar with the software and how to use it to the best of its ability will mean you are equipped with sought after skills.

how-to-improve-your-accounting-efficiency-with-a-sage-account-course

Many people with an interest in accountancy will study a variety of Sage payroll courses

From paper to software
Up until the 1980s, it was common for even the biggest companies to have a manual or paper process relating to payroll and accountancy. Slowly, as technological innovations grew, accountants were able to transfer some of their tasks to software programs.

As the technological age advanced at a pace, accountants in the modern day now use exclusively software programs, like Sage, to record, store and analyse financial data. Sage payroll courses also equipped people with the necessary skills and insight into the program to effortlessly run payroll on a weekly, monthly or ‘when needed’ basis.

There are many benefits to a business investing in such a system and thus, by investing in Sage payroll courses, they will be opening up a whole new world when it comes to financial data and running payroll:

There are all kinds of useful accountancy courses, and with payroll being so important, using a well-known and reliable piece of software is more than beneficial.