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From government and nonprofit institutions to manufacturing and service companies, accountants are in high demand across a range of industries. Accounting is a growing industry in the UK, having generated over $141 billion in 2022, according to Statista’s research. The number of accountants and auditors will increase by 2 percent in 2023 from last year. There were 1,390,915 in 2022 and 2023 will add 27,829 more.
As an accountant, you can specialize in different areas of accounting, each with its unique accounting career path, certification requirements, and average salary. If you enjoy working with numbers, you might find that one of the accounting fields below is right for you.
We’ll break down the 7 most prevalent categories of accounting, from tax and cost accounting to international and forensic accounting, to help you decide which kind of accountant you might oblige.
Accounting for taxes is the most widely used sort of accounting. Tax accountants assist individuals, companies, and non-governmental organizations with Internal Revenue Code compliance assistance. To reduce their taxes as much as is permitted by law, they also assist their clients in creating tax policies.
Everyone, from small enterprises to multinational enterprises, might profit from working with a competent tax accountant. The larger the business, the more of a necessity it becomes. Ultimately, tax accounting flaws can result in significant financial losses, IRS fines, and other legal repercussions. It is therefore better to commend your taxes to professionals.
The different tax regulations are one of the reasons you could decide to work in tax accounting. Every year, the IRS upgrades the tax code, which provides new challenges for tax accountants. You must stay up-to-date on the latest changes to prepare your clientele taxes properly. Furthermore, tax accountants must be able to navigate the complex system of fiscal law to find the best way to minimize their clientele taxes and provide tax appraisals. Observing your clients reduce their tax liability might also satisfy you.
Tax accountant: £37,737
Tax Preparer: £40,185
Tax Senior: £42,252
Those pursuing a career in tax accounting can choose from a variety of courses, including:
The Association of Taxation Technicians ATT Certification
The Chartered Institute of Taxation’s CTA certification
Financial accounting focuses on preparing financial statements for external customers such as shareholders and creditors. The intention is to give these people timely and reliable information so they may make well-informed decisions on the business.
One of the reasons you might decide to pursue a career in financial accounting is that it provides many prospects for growth and stability.
Adequate assisting managers in making wise financial decisions can be a fruitful experience in financial accounting, which is a central approach in every company. After you apply your analytical expertise to enhance the financial stability of companies, working in financial accounting can also be personally rewarding.
Examples of financial accounting job titles and UK base salaries:
Accountant/Financial Analyst: £41,698
Accounting Associate: £28,922
Finance/Accounting: £37,973
This type of accounting provides information to internal management, such as managers and executives. The goal is to help these individuals make decisions about how to run the company in a way that will maximize profitability.
Management accountants generate financial statements that help managers decide how to run their business. They offer insights into capital, margin and constraint analysis, inventory levels, and costs using their knowledge of accounting, finance, and economics. Furthermore, risk management, performance evaluation, planning and budgeting, and decision analysis are all possible responsibilities for management accountants.
Management accounting is a challenging and lucrative career that can extend chances for advancement and be financially rewarding. Management accountants can work their way up to become chief financial officers (CFOs) or accounting supervisors of corporations with the proper training, certification, and experience. Opening your own accounting business or working as a consultant are other options obtainable to management accountants.
Some related job titles are Finance and Accounting Salaries with a median pay of £46,843, FPA salaries with a median pay of £59,921, Assistant Accountant Salaries with a median pay of £31,128, Finance Analyst Salaries with a median pay of £43,398.
While a degree is not required, you will need to hold a professional certification like the ACCA or ACA. A job as a management accountant can also be facilitated by AAT.
To become a Chartered Management Accountant, you will be required to take the CIMA certification.
Forensic accountants scrutinize scam incidents. To compile information and construct cases against people or bodies charged with malpractice they influence their expertise in accounting and investigation techniques. Additionally, forensic accountants may serve as expert witnesses in court.
Forensic accounting professionals can change the world through their fascinating yet challenging work. The area of forensic accounting has been growing and is in great demand due to the rise in bank legislation and corruption.
Audit Staff: £28,396
Forensic Accounting: £42,741
Auditor: £37,631
Fraud: £31,176
The CPIA program is designated to professional internal auditors who are looking for best practices in internal audit in line with the internal audit standards.
Cost accounting is responsible for accessing and managing a company’s variable and fixed costs to help them make wise business decisions. Cost accounting focuses only on quantitative data. Similar to management accounting, cost accounting also helps the management in the policy-making process but has limited scope due to limited quantitative data.
Cost accountants may work directly for businesses in the retail or industrial industries, or they may work for accounting or advisory firms. But regardless of the workplace, a business can decrease financial waste and increase profit by using proper cost accounting.
In what way is this accomplished? By identifying the precise elements influencing a product’s or service’s price. These factors may include labor costs for the production process, cost of materials used in making the product, packaging costs, waste costs, inventory costs, and overhead figures such as the cost of running a particular piece of equipment. A cost accountant understands how these factors, and many more, influence the selling price of an item or service.
Some related job titles are Accounting Salaries with a median pay of £38,914, Cost Accounting Analyst Salaries with a median pay of £39,846, Job Cost Accountant Salaries with a median pay of £39,846, Senior Cost Accountant Salaries with a median pay of £44,337.
Federal agencies, states, and local governments are examples of governmental institutions whose financial reporting requirements are the subject of government accounting. Ensuring these organizations handle taxpayer funds responsibly and with transparency in their financial transactions is the aim. Accountants for the government monitor the money that is spent. They make sure there is no fraud or waste and that all expenses are within the allocated funds. Government accountants may be employed by national, state, or municipal organizations.
Financial services are rendered to government agencies and organizations by government accountants. Some duties may include:
Producing financial reports and audits
Developing budgets
Forecasting future revenue streams
Preparing tax schedules
Managing payroll accounts
Examining outlays to ensure compliance with legal requirements
Examples of Government accounting job titles and UK base salaries:
Government accountant: £20,000 to £35,000
Government auditor: £40,000
Government financial manager: £28,250 and £109,850
International accounting in the UK relates to the particular field of accounting that sustains companies in understanding and acquiescent with accounting agreements also valued across different countries. Operating within the framework of the UK’s accounting principles and standards, this involves steering the diverse legal framework governing financial reporting, taxation, and audits in numerous other jurisdictions. International accountants in the UK are important in making sure international companies report their financial performance truthfully and follow all applicable laws and regulations, both at home and overseas.
International accountants handle financial details for companies that conduct business simultaneously in different countries. Job duties include translating accounting data to abide by the laws that govern another country. Many major countries around the world use a system called the International Financial Reporting Standards (IFRS), but the United States and a handful of other countries use different standards like the Generally Accepted Accounting Principles (GAAP).
The national average salary for an international accountant is £36,833 in the United Kingdom.
The median pay for accountants is $73,560 per year, but that figure is based on the expectation that an entry-level accountant will have a bachelor’s degree.
