If you’re thinking about a career in finance, you’ve come to the right place. With a degree in finance or accounting, there are loads of career paths that you could take. Each one provides a different service and requires slightly different skills, but all will earn you a great living for a long time.
In this post, we will discuss some of the different types of accounting careers that exist today. So whether you’re looking to climb the corporate ladder to become a CFO or want a simpler life as a freelance bookkeeper, there’s employment out there for you. So read on, and you’ll see what lays in store in the world of finance.
Controller | Types of Accounting
It’s a long road in the financial world to become a controller. Only the best accountants in the corporate world ascend to the controller’s status. The controllers manage the entire accounting department, which could be 4 people or 40 people.
In addition, they keep an eye on the company’s overall financial health. Some companies will combine the CFO and controller positions, but the controller will report directly to the CFO in most cases.
CFO
Where a controller manages the company’s financial health, a CFO will be a key decision-maker for the company’s financial health. While doing this, they’ll remain in charge of cash flow, shareholder relationships, budgets, liability, and performance.
Tax Accounting
Becoming a tax accountant requires you to establish a keen knowledge of state and federal tax laws by earning a CPA, but doing so provides you with the freedom of being your own boss. Tax accountants prepare income tax documents for clients, individuals, or small businesses with skeleton finance teams.
While self-employment is an appealing option for many tax accountants, there’s also the option of working for an accounting firm. Senior tax accountants may provide finance and tax advice for their clients.
Bookkeeping
A bookkeeper is responsible for recording transactions for their clients, which mainly includes data entry and banking. The track credits and debits in a general ledger and produce reports about a company’s financial well-being.
Usually, a bookkeeper will work closely with accountants, usually within the finance department. Unlike other financial positions, you don’t necessarily need a post-secondary education as long as you have knowledge or experience with bookkeeping.
Accounts Payable/Receivable
Accounts payable specialists manage all outgoing payments for their employer, including all invoices and payroll. In addition, accounts receivable specialists manage incoming payments from their employer’s clients and track down delinquent payments.
These might be combined into one job at smaller companies, but larger companies will require separate accounts payable and receivable specialists who both report to the controller.
Final Thoughts:
As you can see, there are many different types of accounting jobs out there, so when analyzing your potential career options, it’s important to look at all of them. The best accounting jobs come with years of training and experience.
So depending on what you’re aiming for, get your finance degree and start looking for an entry-level accounting position. Then, if you liked this post, come back again for more on business and careers.
