Accounting is a broad field. It offers a variety of opportunities for fresh graduates. Although, some aspiring accountants are still at loss on what to expect when it comes to their chosen field.
If you are one of them, here’s a quick overview of the things you should know in advance about specific accounting fields.
Forensic Accounting
Forensic Accounting is a branch of accounting that covers investigating fraudulent activities, disputes, and litigation. It integrates two branches namely: Investigative accounting (which covers criminal cases) and Litigation support (which is more about economic losses).
Forensic accountants can sometimes appear in court as expert witnesses. Hence, they analyze and review data to be used in court proceedings.
They also translate complex financial transactions and figures into layman’s terms. This is important during court proceedings as technical terms might lead to confusion for some.
Management Accounting
Management Accounting is concerned with the individual segments of the business. True to its name, it aids the management in achieving its objectives. Unlike financial accounting, it does not follow any accounting standard.
Management accountants conduct cost estimations, budget planning, and forecasts for the company.
Certified Public Accountant – (CPA)
CPAs are usually involved in different fields in accounting. There are cases wherein they also work with small business. Their expertise can greatly assist these enterprises during the early stages of growth, especially if it’s a first-timer’s business they’re dealing with.
A CPA’s duties are offering financial advice, bookkeeping, recordkeeping, and compilation for income taxes. CPAs help these small entrepreneurs familiarize themselves with their businesses and the industry they are in.
Financial Accounting
Financial Accounting is a field which develops information and presents financial statements to external parties, such as suppliers, banks, creditors, shareholders, and the government.
These financial statements are presented to allow external parties to give their assessment about the company.
Financial accounting strictly follows a set of standards. These standards are all about on how to present financial information to external parties. Usually these standards vary from country to country.
Auditing
Auditing is the process of collecting and reviewing evidence to properly identify the relationships between the assertions and established criteria. It also communicates these results to interested parties.
There are two types of auditors: internal auditors and external auditors.
Internal auditors are employees of the company. They are involved in developing, improving, and maintaining controls of the company.
External auditors are independent from the company and conducts audit in order to give assurance and add value to the financial statements.
Government Accounting
Government accounting is involved in analyzing, recording, classifying, and communicating information to the government.
Government accountants conduct reports with the funding and expenditures of their respective government agencies. These reports are submitted to the President and to the Congress to keep track of the entity’s financial condition.
Choose What’s Right For You
Still clueless on which field you should be working in? Why not try out a field you think will be challenging for you? You might be able to unlock your hidden potential or use this to give you an edge on the field you really want.
You can browse through the website and read on in order to learn more about accounting, as well as how to choose the best field for yourself.
Good luck!