What does an accountant do?
Accountants work as part of a finance team in a range of settings, ranging from individual clients, the public sector and small or medium-sized companies to large corporations.
The main goal of an accountant is to ensure their employer is financially stable and operates efficiently. On a day-to-day basis, accountants prepare financial statements, prepare and lodge tax returns, analyse and report on financial data and oversee budgets. An accountant also performs regular monthly, quarterly or annual financial actions, including reconciling accounts and filing BAS statements and tax returns.
Accountants also monitor the financial health of their organisations and take corrective measures to prevent financial problems. If necessary, they escalate issues to senior accountants.
Accountant skills and qualifications
To succeed in their role, a good accountant should have the following skills and aptitudes:
- Excellent organisational and problem-solving skills
- A methodical approach and attention to detail
- Good technical skills and proficiency in accounting software and Excel
- General business knowledge to understand the big picture
- Mathematical and numerical aptitude
- Good communication skills for effectively liaising with non-financial professionals in other departments
Accountant experience requirements
When hiring an accountant, most employers usually prefer candidates with at least some practical work experience in the role. However, you may also want to consider applicants who have previously worked in more junior roles, such as accounts receivable or accounts assistant, and have since acquired their degree in accounting or a similar relevant qualification.
Larger corporations with locations in several countries will often look for accountants with at least five years of experience in corporate accounting and at least some experience in international accounting.
Accountant education and training requirements
Working as an accountant in Australia requires an accredited degree, such as a three-year Bachelor of Accounting or a Bachelor of Business (Accounting). In addition, many accountants go on to complete a postgraduate degree, like the Master of Professional Accounting.
Furthermore, accountants in Australia generally join a professional accounting body in order to be recognised as certified practising accountants. The two main associations are Chartered Accountants Australia and New Zealand (CA ANZ) and CPA Australia.
Accountant salary expectations
According to Indeed Salaries, the average salary for an accountant is $76,175 per year. Although there is not much regional disparity and average accountant salaries are fairly homogenous across the country, some government departments stand out for offering particularly high rates, for example, the Australian Bureau of Meteorology or Maroondah City Council.
Job description samples for similar positions
There are several roles that are similar to that of an accountant. Read the descriptions to decide if you need to hire one of these finance experts in addition to or instead of an accountant:
Accountant job description FAQs
Here are the answers to some frequently asked questions employers have asked about the accountant role:
What makes a great accountant?
Accounting is generally suited to individuals who like working with numbers and who are highly organised. An accountant will be particularly successful if they have strong business acumen and are results-driven. Integrity is another highly desirable skill for accountants that employers will value, as this not only allows them to develop trusting relationships with customers and colleagues alike, but it also means the leadership team will take their financial recommendations seriously and see them as credible advisors.
What’s the difference between an accountant and a bookkeeper?
Most companies have two functions that seem similar at first glance: accounting and bookkeeping. Although both accountants and bookkeepers deal with an organisation’s financials, bookkeepers are generally responsible for managing the business’s daily transactions, whereas accountants process, analyse and report on financial data using the information provided by the bookkeeper.
Accountant is a more senior role than bookkeeper and requires specific accounting qualifications, such as the Chartered Accountant certification.
What types of accountant are there?
Accountancy is a broad field, and there are many different types of accountant. The most common ones are management accountants, financial accountants, taxation accountants, trust accountants, cost accountants, systems accountants, project accountants, fund accountants, company accountants and auditors. It is worth researching them all in detail, as your organisation may need to hire several of these finance specialists in order to maximise profits, ensure legal compliance and succeed in business.
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