Ever dreamt to be one? Would you welcome the idea of one of your own pursuing this profession? Okay, let me not keep your mind so engaged to thinking and resonance but rather take you through this interesting subject! Accountants as they are normally referred to, are the people that perform the most sensitive tasks that involve analysis, scrutiny and thorough verification of financial related matters. Accountancy on the other part can be defined as the recording, performance of analysis and organization into a systematic way all the financial related transactions.
How to become one.
If it has ever been your dream to take a swipe at accountancy, then you have to brace yourself for every set-out guidelines to be fully certified. Accountants have to be subjected to some qualifying exams immediately after obtaining the honors in their relevant accountancy field and to add onto, these exams are so rigorous, tough and they are only administered by an accounting body that is given that mandate by law. All this, are to prepare a well equipped and competent professionals that can be trusted and at the same time be able to withstand all the stress, pressure and challenges that the profession itself is all about.
All that said and done, it’s important i submit to you some of the major and most critical tasks that the whole profession is centered. Some of the major ones are as mentioned below, keep reading…
1. Keeping all relevant records for all transactions
Can you imagine yourself as an accountant with a shambolic and poorly kept records for all the transactions made! You must be in a position to guess what a hard time you will have with auditors, ain’t you? Therefore for you to be smart at your job as an accountant, your art of keeping records should not be compromised even to the least of transactions! Name them. This is simple, meaning that, as an accountant, the term negligible amounts or transactions will never exist in your dictionary nor vocabulary. By the help of your clerk and the relevant books of entry you should, therefore, be in a position to capture every bit of money-ins, money-outs in that organization you are working in so as to be in line with the governing rules, regulations and set standards for the larger accounting fraternity.
2. Ability to classify all recorded transactions.
Depending on the type and nature of the transaction carried out, the accountant ought to be able to keep each one of them according to the order of priority. For instance, all the transactions should be well kept in the general ledger for future reference in matters that involve coming up with viable financial position et cetera. For other transactions that represent high ended types of transactions, the sub-ledger should be opened to facilitate their safekeeping for future use and referencing to if the need arises.
3. Preparation of relevant reports.
Here Accountants are tasked with coming up with reports that will determine whether the business going concern is achievable or not. Coupled with financial accounting, financial analysis, and cost accounting, the accountants are supposed to derive the required statements of financial position and income statements as provided by the GAAP and IFRS.
Now that you have read all the facts contained in this write-up, I believe you have gained all the invaluable knowledge about what Accountants and accountancy as terms of reference are all about.