2.9bn each year due to unqualified finance staff, which would suggest the answer to that question is ‘no’.
What are SMEs doing at the moment?
According to the study, published by the Association of Accounting Technicians (AAT), each SME in the UK is on course to lose, on average, 1,277 this year, a sum which incorporates 508 worth of miscalculations, and another 400 because of invoice issues.
The AAT has stated that around six in 10 small business owners within the UK are exclusively responsible for controlling the finances of their operation, with a mere one in four admitting that they have one or more devoted employees whose role it is to administer financial and accounting practices.
What are the cause for Accounting career path?
Accounting career path– One of the primary reasons behind companies failing to handle accounts in the most financially beneficial way is because of lack of training. The accounting landscape is constantly changing, and that is causing some people – particularly those that have grown up using pen and paper – substantial monetary issues.
Traditionally, accounting has been done either by pen and paper or on very basic computer programs. In recent years, however, the sophisticated software has started to dominate the accounting landscape. Programs such as Xero, Quickbooks and Sage have made accounting relatively simple, and comparatively swift.
However, while this is the case, it is also true that the growth of these systems has bred complacency. Because accounts can now be filed with relative ease and speed, the incentive is often to get everything done quickly so it can be signed off as a completed task. By taking a little more time to comprehensively assess the finances of the company, and to file accounts in a way that is ultimately constructive, huge sums of money could be saved. Those who are financially literate can encourage business owners to take more care.
Accounting Career Path and Boosting Skills
Whether or not you’re considering a career in accounting, it’s undoubtedly true that having a robust knowledge of how to carry out processes surrounding payments, invoices and tax issues can be incredibly useful throughout your career.
Numerous small businesses are making serious accounting errors, and many don’t even realise they are handling their processes inefficiently. If you can show on your CV that you are able to not only streamline company procedures but also save them money in the long term, you will likely be regarded as a key candidate.
Cool and unusual accounting career path
Whether you are on the road to qualifying as an accountant or you have just opted to start your accounting journey, you will no doubt have considered your career options in the future. Accounting does not exactly have a glamorous reputation, and if you are somebody who loves to be challenged, wants a fast-paced working environment and wants to experience excitement in their work, you might be wondering if accounting is a suitable field for you.
Despite perceptions, there are hundreds of exciting, dynamic roles which an accountant can perform and there is sure to be a niche which suits you best. Behind every business, public service, government scheme, entertainment form or legal case is a need to keep the numbers and manage the books – or in the case of fraudulent activity, to investigate those books. Below are some of the most exciting and surprising fields in which an accountant can find work. Take a look and get some inspiration for your future accounting career path.
Celebrity accountant
Your favorite bands and singers, movie stars and sports players all have income to manage, and they need an accountant to help with that. If glamor and glitz take your fancy, this might be the right area for you. If you are lucky enough to land yourself a place at one of the top accounting firms or if you manage to charm your way into the right circles as an independent bookkeeper, you might find yourself giving financial advice and support to some very prestigious VIPs.
Forensic accounting
If CSI shows appeal to you but the blood and gore are not really your thing, you could become a forensic detective in the accounting field and help the police, banks and the government to crack cases through your careful eye for details. Crime scenes exist on paper and within hard drives too, and forensic accountants are tasked with finding discrepancies in finances and rooting out fraud and theft. In some instances, forensic accountants will also be used to investigate finances relating to a murder case or when trying to locate a missing person.
Sports accounting
Competitive sport is a business like any other, and it requires a careful team behind the scenes who can manage funds, oversee transfers, balance the team funds and keep all the streams of revenue running smoothly. Fans of sports such as football can make serious money for themselves, meet their idols and play a key role in the team’s overall success – all through achieving a degree in accounting!
Three key questions to expect in an accountancy interview
Once you have finished your relevant training at college in Ilford or are in the final year of your top up degree, it will be time to start thinking about preparing for the world of work. Part of this will involve getting interview-ready; nothing is more important in getting a job than the first impression you give and your interview is your time to shine. Being prepared for what is to come will help you give your best performance, and will enable you to come across as the best candidate available.
When it’s come to accounting career path in the UK you need to know some of the things about accountancy interview
1. What previous experience do you have?
If you haven’t got anything that you could answer here, now is the time to start thinking about what work experience, volunteering or internships you could do. Ideally it needs to be related to business, accounting or finance but showing you are a pro-active, hard-working individual is just as important. Working within the community can count just as much.
The goal is to show that you have been actively seeking to better yourself, improve your knowledge and demonstrate that you are serious about the accounting career path ahead. It’ll also prevent any red flags sitting on your file about why you haven’t been pro-active or forward-thinking.
Additionally, it allows you the chance to get a sense of what the industry will be like so that you can know if it is genuinely something that interests you. It’ll ensure you can talk about the key aspects you want to focus on and are keen to pursue further.
2. What knowledge do you have of accounting legislation, rules and policies?
You may have a basic level of understanding or know about it based on what has been taught on your college course, but it’s time to thoroughly brush up on your knowledge to ensure you can offer a strong answer to this question. It’s not just about the textbook answers but about knowing what has been contextually happening too.
Read the news, look for key events at large accountancy firms or new government initiatives that are being introduced. It’s not just about what has happened, but also about what is due to happen. Be ahead of the game, show that you have taken the initiative and demonstrate your interest.
3. Talk about your problem-solving abilities.
This is a great time to use your work experiences to answer a question effectively, but this can also include challenging times you have experienced at college, during hobbies, difficulties in your personal life that you have overcome and examples in which you have succeeded in the face of adversity.
Perhaps you helped resolve a conflict situation, maybe in the workplace you faced an ethical dilemma and had to manage it, or possibly you had a number of deadlines to deal with at the same time and managed to prioritise them to complete everything. Maybe you had to manage your sports team when the captain or coach was away. Employers aren’t looking for you to just focus on negatives, but to show how you turned them into positives – to demonstrate how you could use your initiative and competently think outside the box.
Interested in accounting career path!
If you are looking to enter the world of accounting and finance, you may have heard the term ‘audit’ or ‘auditor‘ in passing.
This article will provide an outline of what auditing is, what it entails, and whether it could be the right accounting career path for you.
What is auditing?
A financial audit is a process of ensuring that a firm’s financial statements are prepared and presented in a true and fair manner. What this means is that the balance sheet, profits and losses, and accompanying reports are free from error to a justifiable extent.
Most financial audits are a statutory requirement; if a firm reaches a certain level of turnover or is subject to other requirements (being a public sector entity for example) they have to be audited by an accredited firm every year.
What does an auditor do?
As an auditor you will be working for various clients throughout the year, normally for a few weeks at a time (depending on the scale of the client).
You will be working as part of a team who will perform various testing on different areas of the accounts to provide assurance that they have been prepared reasonably. This will involve a mixture of testing samples of transactions, agreeing these figures for supporting documentation, liaising with the client to ask and resolve queries, and using your professional judgement to deem if the area of the financial statements has been prepared fairly.
You will likely travel a fair amount; auditors are often required to go out to the client’s site to perform testing and to liaise with the client. Depending on the firm’s client base, this could be to clients in your local area, across the country, or even in different countries.
What sort of training is provided?
Most accounting firms offer entry-level graduate training programs; these are 3-year courses that provide a mixture of on-the-job and classroom training to work towards a Chartered Accountant qualification (normally the ACA or ACCA). During the program you will be gaining an increased level of experience and responsibility whilst working towards a reputable qualification.
If you are looking to gain exposure to accounting methods and practices and will be looking to gain further qualifications after obtaining your degree (or equivalent), becoming a financial auditor may be a great way to enter the accounting and finance industry.
