Are you interested to know the types of accountants before you know the best job for you? I got you covered keep reading this article.
Accounts play a vital role in the organization, as they help to maintain precise, efficient, and total financial records of the business.
There are many types of accountants in the workplace, as they have different roles that depend on the industry. When you understand the roles of each helps you decide which area of accounting to specialize in.
In this article, you will learn the meaning of accounting and different types of accountants and what they do.
READ MORE: Types of Accountants and What They Do
What Is Accounting?
Table of Contents
Accounting is about recording, gathering, and examining the financial transactions of the business. Moreover, it involves reporting the transactions to various relevant agencies.
Qualified accountants who have titles like Chartered Professional Accountants (CPA) carry out these vital functions.
15 Different Types of Accountants of Accountants
Different types of accountants perform specific accounting functions. They are:
1. Auditors
An auditor’s key role is to ensure a company’s accounting records are accurate.
Moreover, Governments or private companies can hire auditors to make sure the financial records of the diverse government, agencies, individual businesses, non-profit organizations, and corporate companies are efficient.
2. Consultants
These accountants play a vital role in helping businesses grow. They offer their knowledge to assist their clients in understanding the importance and meaning of their accounting records and how the reports affect their operations.
Also, they evaluate the profitability of their client’s businesses, to develop and execute reliable accounting practices for their clients and make dependable suggestions on tax decisions.
3. Cost Accountants
Every business is interested in maximizing profits and keeping costs at a minimum. This is where cost accountants come in to review your company’s costs and make sure the costs don’t run down your business.
Overall, they overview all expenses incurred by the business including administrative, transportation, and production costs.
4. Financial Advisors
Planning your finances by yourself can be quite tricky, especially if you don’t know the financial investment.
Moreover, this is where financial advisors come in to assist you in planning not only your financial future but the current one as well.
These advisors also work with government agencies or corporate companies, where they guide on the best financial approach.
5. Forensic Accountants
These accountants act as witnesses in a court of law whenever there are cases of deception or misappropriation. Moreover, they have analytical and accounting skills to detect any errors of omission, commission, or fraud.
6. Government Accountants
The government employs these kinds of accountants to manage their funds.
Moreover, these accountants regulate funds and prepare financial reports regarding their areas of operation which are provincial, municipal, and federal governments.
7. Tax Accountants
They are accountants who specialize in taxation. They complete tax returns, check all books of accounts, and establish the amount of taxes available to the government.
8. Staff Accountants
Most companies require staff accountants to manage many accounting functions, which are:
- Evaluate general ledger accounts.
- To compile and regulate journal entries.
- Carry out reconciliation of bank statements.
- Help with preliminary internal control estimation post amount accrued periodically.
- To complete the important cash management duties.
READ MORE: 13 Types of Accountants and What They Do
9. Public Accountants
Contrary to the common belief that public accountants only help individuals with tax issues, these professionals engage in vital accounting operations.
Public accountants are highly qualified experts who work in accounting firms or private practice.
10. Investment Accountants
They are knowledgeable in stocks, bonds, precious metals like gold, and shares among other forms of investment. Moreover, investment accountants have to keep up with consistent changes in the investment field.
11. Management Accountants
The top-level management in most companies requires the services of the management accountant to assist them in projecting the future of the company.
12. Project Accountants
As the name implies, project accountants specialize in projects and oversee business or company projects. Also, their major role is to manage costs associated with a project and advise if the project is viable.
This includes:
- Prepare and assemble invoices
- Endorsing relevant expenses
- Prepare your budget
- Implement the struct adherence to timelines
- Supervising the progress of projects
- Allowing access to project accounts.
- To report project profitability to the management.
13. Fiduciary Accountants
These types of accountants are experts who oversee financial accounts that profit another individual. Moreover, clients expect these experts to have high honesty toward the beneficiary.
As their duties revolve around faithfulness, confidentiality, compliance, and accounting.
The following are their responsibilities:
- To show all gains and losses concisely
- Designating all necessary accounts
- To review the content of all accounts and state their purpose
- To record all business transactions
- Also, reporting the transactions to interested parties.
14. Chartered Global Management
Chartered Global Management shows how advanced they are in proficiency in finance, operations, strategy, and management.
Moreover, the prestigious CGMA designation was established in 2012 by the American Institute of Certified Public Accountants (AICPA).
Also, the Chartered Institute of Management Accountants (CIMA) is in response to growing demand among corporate employers for accounting personnel with an expanded skillset.
For you to have the CGMA designation management accountants must fulfill specific educational, experiential, and testing requirements.
15. Chartered Accountant (CA)
As business becomes global, U.S. companies are learning how to navigate the laws and regulations of countries other than the United States.
You will join the shattered accountant who is highly trained in international accounting. CPA or CA is a professional designation that requires special training and expertise.
READ MORE: Tax Manager at Stransact Chartered Accountants
Conclusion
If you are pursuing a career in accounting, then you can select from the wide breadth of opportunities and positions. Not simply tax return preparers, accountants specialize in diverse areas such as government, business, finance, forensics, project management and investment strategy.
