Tax Accounting
As an accountant you will independently verify
the internal records of an organization, with an eye
toward mismanagement, waste, or fraud. Internal
auditing has gained importance among companies and
other organizations over the years, especially since
auditing has become more electronic. Internal
auditors examine their firms' financial and
information systems, management procedures, and
internal controls, and then they will evaluate
everything for accuracy, efficiency, effectiveness,
compliance with company policies
Auditors specialize in many different
areas, including environmental, electronic data
processing, engineering, legal, insurances, bank and
healthcare. They help upper management and
executives base their decisions more on data than on
guesswork or opinions. Without auditors a business
can lose millions of dollars per year without the
proper monitoring.
What is the Job Outlook for
Auditors
Between 2002 and 2012, the number of accountants is expected to increase about as fast as
the national average according to the BLS. Growth
will be due to factors such as an overall increase
in the number of businesses that US plans on growing
as well as growth in international business. A big
factor is also the rising scrutiny of company
finances. These days it is very important that you
know exactly where ever dollar is being spent and
even more importantly to know that your money is
safe and not being wasted by employees. In the
wake of recent US accounting scandals and an
increased awareness of financial crimes, the demand
for forensic accountants is expected to rise. These
jobs will be available because of the need to
replace workers who are close to retirement or leave
the work force for other reasons. If a company is
going to downsize the best positions will be those
who possess or are pursuing their CPA status. Those
who go on and obtain even a higher degree such as a
masters degree will also have a big advantage in the
workforce.
What do Accountants Make
According to the BLC In 2002, internal auditors
earned a median annual salary of $47,000. Earnings
ranged from the lowest 10%, who earned less than
$30,320, and the highest 10%, who earned more than
$82,730. Annual salaries for accounting, tax prep
and bookkeeping roles were $49,520 while management
of companies and enterprises were $49
Skills You need as an Auditor
Because an auditor is extremely important their work
must be true and accurate. auditors should
have a high degree of personal integrity. They must
also be good written and verbal communicators
because they are constantly required to explain and
interpret their work to clients or to lawyers. They
need to be able to work with high end computer
systems, including accounting software packages.
They also need to be good at working in a diverse
work environment. The ability to crunch numbers as
well as analyze and come up with recommendations
based on those numbers is extremely important.
Online Accounting Degree -
Education and or Training Needed to Become an
Accounting Auditor
If you are interested in becoming an internal
accounting auditor then most candidates require you
to have at least a bachelor's degree in accounting
or finance to apply for. Some employers require a
master's degree in business administration with an
emphasis in accounting. Either way you need to take an online accounting course from an accredited school. If you already have
experience in the accounting field, such as through
a college internship program, this can help you as
an applicant and might get you an interview faster
than those who have never worked in the field.
With every job these days focused around computers
it is a big advantage if you can obtain some sort of
certificate and or working knowledge of computer
programming applications. Job seekers can gain a
unique advantage in the job market by becoming
certified as a Certified Public Accountant (CPA).
Most States require CPA candidates to have at least
150 university or college semester hours of
accounting, but check with the school first.
Candidates should carefully research the licensing
requirements of the State in which they wish to be
certified. However, all States use the same Uniform
CPA Examination.
The exam to become a CPA is rigorous, consisting of
four parts spread over two days of testing.
Candidates must usually pass at least two parts, and
then pass the remaining parts over a specific period
of time. CPAs can specialize even further by
obtaining Accredited in Business Valuation (ABV),
Certified Information Technology Professional (CITP),
or Personal Financial Specialist (PFS)
certifications. Internal auditors can become a
Certified Auditor (CIA) by passing a
four-part exam from the Institute of Internal
Auditors, and by having at least 2 years of working
experience. Internal auditors have a high degree of
occupational mobility and may switch to management
accounting.
Management Accountants –
In this field
you will record and analyze the financial
information of the companies for which they work.
Among their other responsibilities are budgeting,
performance evaluation, cost management, and asset
management.
You will analyze and interpret the financial
information that are given to you by upper
management in order to make sound financial
decisions that will have an effect on the company
that you work for. You will also prepare all
financial reports for the company as well as outside
groups for stakeholders and creditors.
When entering into the accounting field there are
four basic types of accounting fields that you can
go into. Management Accounting, Public Accountant,
Government Accounting and Internal Auditing
Accounting
Public Accountants
– These are accountants that perform a broad range
of accounting, auditing, tax, and consulting
activities. Some public accountants concentrate on
tax matters such as advising companies about the tax
advantages and disadvantages of their tax returns.
Not
all public accountants deal directly numbers as many
of them work directly with companies and help them
set up employee benefits including healthcare &
401K. Others audit clients’ financial statements
and inform investors and authorities that the
statements have been correctly prepared and
reported. Public accountants, many of whom are
Certified Public Accountants (CPAs), generally have
their own businesses or work for public accounting
firms.
Government accountants
– These work in the public sector where they
maintain and examining the records of government
agencies as well as conducing audits for the private
businesses. You will follow laws and regulations by
both federal and state law.
Internal auditors
- These accountants are those how verify the
accuracy of their organization’s internal records
and check for mismanagement and fraud. . Internal
auditing is an increasingly important area of
accounting and auditing. Internal auditors examine
and evaluate their firms’ financial and information
systems, management procedures, and internal
controls to ensure that records are accurate and
controls are adequate to protect against fraud and
waste.
Some public accountants specialize in forensic
accounting which investigates and interpreting
white-collar crimes such as securities fraud and
embezzlement, bankruptcies and contract disputes,
and other complex and possibly criminal financial
transactions, including money laundering by
organized criminals. Now is a great time to get a
degree in accounting and start your new career.
Get an Online Accounting Degree at an Online School
Deciding on a new career can be difficult but if you
are considering an accounting career then you have
made a great choice. To get your accounting degree
has never been easier especially because of the ease
of the internet these days. Not to mention that many
of the top accounting schools in the nation now
offer top online accounting course curriculum so you can learn in
the comfort of your own home and work around the
schedule that you have.
How is Online Learning Used Today in Accounting?
The great thing about online learning is it allows
those who would normally not be able to afford or
have the time to go to a live school to attend and
full fill their dreams of becoming an accountant.
The growing demand for accounting these days is
amazing and schools across the nation have realized
that they need a path for people to come to their
school. The combination of a live an online school
has stated to grow and where we saw just a few
traditional schools 15 years ago offer online
courses now we rarely see a school that doesn’t
offer courses and full degree granting programs 100%
online.
The great thing about an online accounting degree is
that is means you don’t need to be a physical
location or classroom setting. All you need is a
reliable internet connection, a PC or laptop and you
are on your way to a new degree in accounting. With
just a few hours per day you can be on your way to
earning an accredited online degree.
What Universities offer an Online Accounting Degree?
The next hard part is to find out what schools offer
online accounting degrees. Well finding the schools
are easy but choosing one can be difficult at times
unless you know what you’re looking for. The first
thing you need to determine is what you would like
to see on your diploma. Do you want a prestigious
Ivy League school, state University or College or a
private school? Once you have it in your mind then
you can begin your search.
The first thing to find out is if the accounting
program is accredited. If the school isn’t
accredited by a top accrediting agency then keep
looking. It is very important because your end goal
with an accounting degree might be to obtain your
CPA. If this is a goal then you need to have taken
your 4 years of study from a top school. We do recommend that you take an online accounting course first, even from a community college to see if you would like to become an accountant.
The next thing to determine is what the time
considerations are needed to take the program. Some
programs can be done early, some are more advanced.
If you have a time frame when you need to be done
with your degree that is something you need to ask
the College or University prior to enrolling. Also
make sure you are aware of their transferring of
credits policy, refund and withdrawal rules.
Study to Become an Accounting CPA
CPAs are distinguished from other accountants by
stringent state and licensing requirements,
including education, examination, and experience.
CPAs working in public practice are required to take
Continuing Professional Educational courses to keep
current on all facets of CPA services. When you are
a CPA you must adhere to a strict code of
professional ethics that the public recognizes and
respects highly. CPAs are among the most extensively
trained and experienced tax advisors and those who
typically make the most money. You can find plenty
of courses and tutorial programs online to help
prepare you to sit for the CPA exam, as well as
distance learning courses available to fulfill any
and all continuing education needs to maintain your
CPA status. Many CPA services will give you an online accounting course first to see what type of program you should study.
Accountants are in higher demand these days thanks
to an average economy and changes in tax and
business law, so there are lots of great accounting
jobs available today. According to the Bureau of
Labor Statistics, the growth and demand for
accountants will only increase in the next decade
with some specialized areas of accounting growing as
fast as 25%.
