Accounting is an exciting career field that is ALWAYS in demand.<\/p>\n\n\n\n
According to the Bureau of Labor Statistics, The demand for accountants is obvious-with nationwide job growth for accountants and auditors projected to be 11.2% by 2029. This growth calls for a powerful pipeline of accounting graduates.<\/p>\n\n\n\n
Although not anyone can become an accountant\u2014there\u2019s very specific coursework required to join this growing field.<\/p>\n\n\n\n
This brings us to the question of if accounting is a good major? Not to worry, we have compiled information on career outlook, branches of accounting, and other information that will help you determine if a career as an accountant is good and right for you.<\/p>\n\n\n\n
The table of contents below will help you get an overview of all that is in this article, so do well to navigate through.<\/p>\n\n\n\n\n\n
According to Wikipedia, accounting is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations.<\/p>\n\n\n\n
The financial information used in accounting is a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows<\/a>. <\/p>\n\n\n\n It is divided into different fields which include financial, management, tax, cost, forensic and, fiduciary accounting, auditing, and accounting information systems.<\/p>\n\n\n\n Here are the branches of accounting, however some of the branches are important for small businesses.<\/p>\n\n\n\n Financial accounting requires recording and classify transactions for a business. This data is generally historical, meaning it\u2019s from the past.<\/p>\n\n\n\n It also involves creating financial statements based on these transactions. All financial statements, such as a balance sheet, and income statement must be prepared according to the generally accepted accounting principles (GAAP), according to Accountingverse.<\/p>\n\n\n\n Management\/managerial accounting a branch that provides data about a company\u2019s operations to managers.<\/p>\n\n\n\n The focus of MA is to provide data to managers on decision-making about a business\u2019s operations, not comply strictly with GAAP.<\/p>\n\n\n\n Examples are budgeting and forecasting, cost analysis, financial analysis, reviewing past business decisions, etc. Cost accounting is a type of managerial accounting.<\/p>\n\n\n\n\n Read this: 10 Best Accounting Schools in the World<\/a><\/strong><\/p>\n\n\n\n\n There are two types of auditing: external and internal auditing. In external auditing, an independent third party reviews a company\u2019s financial statements and presents them correctly. Also, make sure they comply with GAAP.<\/p>\n\n\n\n Internal auditing involves evaluating how a business divides up accounting duties, who is authorized to do what accounting task, and what procedures and policies are in place.<\/p>\n\n\n\n According to accounting tools, internal auditing helps a business zero in no fraud, mismanagement and waste or identify and control any potential weaknesses in its policies or procedures.<\/p>\n\n\n\n Tax accounting in the planning for tax time and the preparation of tax returns. This helps businesses be compliant with regulations set up by the IRS.<\/p>\n\n\n\n Also, it assists businesses to find out their income tax and other taxes and how to legally reduce their amount of tax owing.<\/p>\n\n\n\n Also, it examines tax-related business decisions and any other issues related to taxes.<\/p>\n\n\n\n Cost accounting is usually used in the manufacturing industry, an industry that has a lot of resources and costs to manage. It is a type used internally to assess a company\u2019s operations.<\/p>\n\n\n\n Furthermore, Cost accounting disturbs itself with recording and analyzing manufacturing costs.<\/p>\n\n\n\n It looks at a company\u2019s fixed (unchanging and constant costs, like rent) and variable costs (changing costs, like shipping charges) and how they affect a business, and how these costs can be better managed.<\/p>\n\n\n\n Forensic means “suitable for use in a court of law”. This branch is trending in the field and it’s a special accounting service.<\/p>\n\n\n\n This branch focuses on legal affairs like the inquiry into fraud, legal cases, and dispute and claims resolution. In addition, Forensic accountants are usually consultants who work on a project basis<\/p>\n\n\n\n Fiduciary accounting is a branch that is all about the management of property for a person or business.<\/p>\n\n\n\n It covers estate and trust accounting, and receivership (the appointing of a custodian of a business\u2019s assets during events such as bankruptcy).<\/p>\n\n\n\n AIS is a branch that covers everything about accounting systems and processes and their construction, installment, application, and observation.<\/p>\n\n\n\n Also, this includes accounting software management and the management of bookkeeping and accounting employees.<\/p>\n\n\n\n This is one of the important roles in any business. This role can be handled by a bookkeeper, an accountant, or a finance department with lots of employees at bigger companies.<\/p>\n\n\n\n The different flows of accounting like cost and managerial accounting create reports invaluable to help the management make informed business decisions and help business owners decide the amount a product should cost.<\/p>\n\n\n\n Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement.<\/p>\n\n\n\n Although the duties of an accountant vary by position and organization, here are some of the common responsibilities of an accountant. As an accountant, you have to:<\/p>\n\n\n\n This career is and will continuously be an in-demand career with impressive salaries and job growth.<\/p>\n\n\n\n Data from the Bureau of Labor Statistics (BLS) projects that the employment of accountants and auditors will grow faster than the average for all occupations, at a rate of about 10 percent from 2016 to 2026.<\/p>\n\n\n\n According to the Accounting and Finance Salary Guide compiled by Robert Half, accountants with one to three years of experience can earn between $51,500 and $96,500 annually, while those with five or more years of experience can earn as much as $129,250 per year.<\/p>\n\n\n\n Still, on the earning process of an accountant, location plays an important role in deciding an accountant\u2019s earning ability.<\/p>\n\n\n\n For example, the cost of living and scarcity of talent affect the salary you expect to earn in a given city or region.<\/p>\n\n\n\n When searching for this talent, most employers will need every candidate to hold a bachelor\u2019s in accounting or another related field, such as Finance and Accounting Management.<\/p>\n\n\n\n In addition, certifications are also preferred in most cases to help improve your prospects.<\/p>\n\n\n\n\nWhat Are The Branches In Accounting?<\/strong><\/span><\/h2>\n\n\n\n
#1. Financial Accounting<\/strong><\/span><\/h3>\n\n\n\n
#2. Management Accounting<\/strong> (MA)<\/span><\/h3>\n\n\n\n
#3. Auditing<\/strong><\/span><\/h3>\n\n\n\n
#4. Tax Accounting<\/strong> <\/span><\/h3>\n\n\n\n
#5. Cost Accounting<\/strong><\/span><\/h3>\n\n\n\n
#6. Forensic Accountin<\/strong>g<\/span><\/h3>\n\n\n\n
#7. Fiduciary Accounting<\/strong><\/span><\/h3>\n\n\n\n
#8. Accounting Information Systems<\/strong> (AIS)<\/span><\/h3>\n\n\n\n
How Does Accounting Works?<\/strong><\/span><\/h2>\n\n\n\n
What Are The Duties Of An Accountant?<\/strong><\/span><\/h2>\n\n\n\n
Career Outlook Of Accounting<\/strong><\/span><\/h2>\n\n\n\n