Salaries and Careers in Accounting

Interested in an accounting career? Read on for information about qualifications, job outlook, and salary ranges. Here are the top 5 accounting jobs with the highest salary ranges. Get in touch with us for more information. We will help you make the right decision! We'll look out for the right job that matches your interests and qualifications. We'll keep this information up to date as the field evolves.

Qualifications

Accounting careers can be rewarding, but the compensation you receive will depend on your experience level and the specialization that you pursue. Earning your CPA license can earn you significantly more money and open many doors for advancement. Your salary will be increased by pursuing other professional certifications such as Certified Fraud Examiner or Certified Internal Auditor. Although a college degree does not guarantee a job in accounting, you may be able to get additional certifications or education that will help you land a better position.

An accountant may be a good choice if your passion is numbers and you enjoy working with numbers. This profession has steady demand across the country and offers high salaries. A bachelor's degree is required to be an accountant. This will open up many opportunities in other fields. You might also consider getting your CPA certification. This usually requires additional college coursework. A career in forensic accounting might be an option depending on your level of experience.

Salary ranges

Salary ranges for accounting careers vary widely, but some are more lucrative than others. Top salaries are often earned by senior professionals. The average annual salary for senior accountants, auditors and cost accounting professionals is $70,000 to $120,000. However, the range can be considerably lower if you work as an intern or as an entry-level employee. Your education level and experience can impact your earning potential. You could earn between $57,110 and $128,680 annually.

Accounting and Finance professionals make an average salary of 117,000 USD annually. This means half of Accounting and Finance professionals are paid less than this amount and the rest earn more. The median is the middle-of the-road wage. You should aim to be on the right-hand side of the graph. The general rule is that more experience will make your salary more competitive. The average annual salary for an Accountant is 125,000 USD.

Outlook for the Job

The U.S. Bureau of Labor Statistics monitors the job market and projects an 11% increase in auditors and accountants by 2021. A strong demand will exist for personal financial advisers, tax examiners, financial managers and tax inspectors. According to the Bureau of Labor Statistics in 2017, the average accounting major salary was $57,250. This number will vary depending on the local job market, your skills, and your experience.

The job outlook for accountants is excellent, and salaries are competitive. For those with excellent educational and professional skills, there are many job opportunities. Salaries are subject to variation across countries, so experience is important in determining how much you will be paid. Many cities pay more than others, but the cost of living can make the incomes more difficult to swallow. The outlook for accountants remains positive. The accounting industry continues to expand, and technological advancements are ushering in new jobs. Before pursuing an accounting career, students should decide on their specialization, the credentials they need, and the expected salary range.

FAQ

What's the difference between accounting & bookkeeping?

Accounting is the study of financial transactions. These transactions are recorded in bookkeeping.

These are two related activities, but separate.

Accounting deals primarily on numbers, while bookkeeping deals mostly with people.

For reporting purposes on an organization's financial condition, bookkeepers keep financial records.

They make sure all of the books balance by adjusting entries in accounts payable, accounts receivable, payroll, etc.

Accounting professionals analyze financial statements to assess whether they conform to generally accepted accounting procedures (GAAP).

They might recommend changes to GAAP, if not.

Accounting professionals can use the financial transactions that bookkeepers have kept to analyze them.

How long does an accountant take?

Passing the CPA exam is required to become an accountant. Most people who desire to become accountants study approximately four years before they sit down for the exam.

After passing the test, one has to work for at least 3 years as an associate before becoming a certified public accountant (CPA).

Why is reconciliation important

This is important as you never know when errors might occur. Mistakes include incorrect entries, missing entries, duplicate entries, etc.

These problems can have grave consequences, including incorrect financial statements or missed deadlines, overspending and bankruptcy.

Statistics

• The U.S. Bureau of Labor Statistics (BLS) projects an additional 96,000 positions for accountants and auditors between 2020 and 2030, representing job growth of 7%. (onlinemasters.ohio.edu)
• Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
• a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
• BooksTime makes sure your numbers are 100% accurate (bookstime.com)
• "Durham Technical Community College reported that the most difficult part of their job was not maintaining financial records, which accounted for 50 percent of their time. (kpmgspark.com)

External Links

smallbusiness.chron.com

• Flexible Budgets and Overhead Analysis Strategies in Managerial Accounting
• What are the objectives of an accounting system?

irs.gov

• Information Return Penalties | Internal Revenue Service

freshbooks.com

• Invoice and Accounting Software for Small Businesses

investopedia.com

• Cash Flow Definition
• Accounts Receivable (AR), What it is and How Businesses Use It.

How To

Accounting for Small Business: What is the best way to do it?

Accounting is an essential part of managing any business. Accounting involves keeping track of income, expenses, creating financial reports and paying taxes. You may also need to use software programs like Quickbooks Online. There are many options for accounting small businesses. The best method for you depends on your needs. Here are some top options that you can consider.

1. Use the paper accounting system. If you want to keep things simple, then using paper accounting may work well for you. It is easy to use this method. All you have to do is record your transactions every day. You might consider investing in an accounting software like QuickBooks Online if you want your records to be accurate and complete.
2. Online accounting. Using online accounting means that you can easily access your accounts at any time and anywhere. Wave Systems, Freshbooks, Xero and Freshbooks are some of the most popular options. These software can be used to manage your finances, pay bills and send invoices. You can also generate reports. These software are simple to use and offer many great benefits and features. These programs can help you save time and money on accounting.
3. Use cloud accounting. Another option is cloud accounting. It allows you to store your data securely on a remote server. When compared to traditional accounting systems, cloud accounting has several advantages. Cloud accounting isn't dependent on expensive software or hardware. Second, it offers better security because all your information is stored remotely. It eliminates the need to back up your data. It makes it easy to share files with others.
4. Use bookkeeping software. Bookkeeping software is similar with cloud accounting. However you must purchase a computer in order to install the software. After you install the software, you'll be able connect to the internet and access your accounts whenever you wish. In addition, you will be able to view your accounts and balance sheets directly through your PC.
5. Use spreadsheets. Spreadsheets are used to enter your financial transactions manually. To illustrate, you could create a spreadsheet in which you can record your sales figures daily. You can also make changes whenever you like without needing to update the whole document.
6. Use a cash book. A cashbook allows you to record every transaction. Cashbooks come with different sizes and shapes, depending on how many pages you have. You can choose to use separate notebooks for each months or one notebook that spans multiple years.
7. Use a check register. Use a check register to keep track of receipts and pay bills. To transfer items to your check list, all you have to do is scan them in your scanner. You can also add notes to help you recall what you purchased.
8. Use a journal. You can keep track of all your expenses by using a journal. This works best if you have a lot of recurring expenses such as rent, insurance, and utilities.
9. Use a diary. A diary is simply something you keep track of and that you can write in your own words. You can use it to keep track of your spending habits and plan your budget.