Home » Bookkeeping articles » Accounting Facts

Accounting Facts

May 19, 2021
Bill Kimball

is accounting fun

Accountants and auditors work with a business’ financial statements and ensure they are accurate, up-to-date, and in compliance with various regulatory standards. Accountants prepare these financial statements, which include the balance sheet, income statement, and statement of cash flows. Unless you work at an accounting firm, you probably won’t meet a lot of people that are thrilled about accounting.

Accounting schools and law schools are also developing concentrations within their degree programs to bring together accounting, tax, and law to help business. It’s only going to get more important as companies spread out across the world, and if you like travel and international cultures, now is the time to get into the field. Students going into accounting may have a very narrow view of their career options – CPAdoing people’s taxes every year, or corporate bean counter in a cubicle. There’s a widely held misconception about what defines an accountant’s job; most people visualize a math geek who does nothing but add columns and fill out forms for a living. But accounting is actually an extremely varied, diverse career, and today the best accounting jobs that fetch the highest hourly rates are those that are most specialized.

Accounting Services With Remote Quality Bookkeeping

They examine the financial statements prepared by accountants and ensure they represent the company’s financial position accurately. Auditors verify that these financial statements, particularly the ones of public companies that are required to be released annually, are assembled in accordance with generally accepted accounting principles . As an accountant, you will be solving real business problems. You will use your accounting education to provide accurate data for your company — data that will be used in decision-making. You will ensure the integrity of the financial data for your company. You will work in partnership with others in your company, using your accounting knowledge and skills to help drive your company’s success. If you have a degree in accounting, chances are your job search is leading you to lots of traditional CPA and bookkeeping gigs.

is accounting fun

The median wage for accountants and auditors is $67,190, making this a lucrative choice for any money-minded job seeker. While many accounting majors start their careers in public accounting and remain in this sector, there are so many other options and career paths you can consider! Every company, whether a Fortune 500 or a small nonprofit, needs accounting support. You can specialize or generalize — be a tax expert or a CFO, work as an auditor or be the auditee, work for the government or help a company comply with government regulations.

Environmentally Conscious Accountant

Why do some accountants decide to become actuaries? They find bookkeeping too exciting. Because you will often work with other teams that have little understanding of what accountants do, you will be relied upon to offer professional guidance on numerous matters that impact a business. You may be asked things you do not know; in these instances, remember your networks and professional development opportunities. One of the best things about being an accountant is that each day brings new things. You will never have a dull moment as you tackle new challenges and face problems to solve.

is accounting fun

When you think about it, however, the idea that accountancy is intrinsically boring must be bogus. These things are all subjective, of course. And with 132,000 accountants registered with the ICA, there does not seem to be a shortage of people who enjoy the job. Even so, the assumption prevails that all these people must share a certain kind of personality. A slightly nerdish personality, to be blunt. Accounting is a fast-paced career that’s always evolving.

As an accountant, you will need to follow regulations, which are always evolving. There is always something new to learn, and there are ways to grow professionally. The role of AI, the use of IT, and changes in the tax code are just a few examples to show the necessity for continuous professional learning. If you become a CPA, you will comply with ongoing continuing education requirements; if you are not a CPA, you will want to keep learning and attending continuing education sessions. For example, in the nonprofit sector, where I focus my career, I have worked for organizations in global health and human rights , special education, and human services.

What do you call a group financial controller who’s lost his job? What’s the most wicked thing a group of young accountants can do? Go into town and gang-audit someone. 2 accountants were arguing over a penny. Those who can count and those who can’t.

Where you fall on this continuum depends on several factors, such as education, geographic area, and size of employer. The Big Four firms set the salary benchmarks for the profession, and as of 2017, their salary range for new accounting associates is between $40,000 and $68,000 depending on the factors listed above. Each career choice has one dominant professional certification. This is probably the most widely known and recognized professional designation in the financial industry. Accountants are interested in specific and exacting details, day-to-day operations, financial accuracy, and taxes. For example, an accountant describes the present reality of a company or an individual’s finances.

Why did the accountant stare at his glass of orange juice for three hours? Because on the box it said Concentrate. How do you drive an accountant completely insane? Tie him to a chair, stand in front of him and fold a road map the wrong way. What do you call an accountant without a spreadsheet? Have you heard the joke about the interesting accountant? What do you call a financial controller who always works through lunch, takes two days holiday every two years, is in the office every weekend, and leaves every night after 10 p.m.?

Forensic Accounting

Forensic accountants are often key witnesses in prosecuting corrupt staff who’ve been indicted for embezzlement or executives committing serious white collar crimes. As a forensic accountant, your main duties and roles often revolve around performing systematic auditing, searching for discrepancies in both private and public funded companies. Other routine duties include reviewing financial statements and reports from the Fortune 500 listed and traded companies. One of the most in-demand specialties today is estate and trust accounting. This job has accountants work with families, couples, and individuals to formulate a strategy on how their wealth will be distributed in the event of death. And a solid estate accountant can help smooth out issues even if the deceased did not plan ahead, making a good estate planner well worth their pay rate.

is accounting fun

5) Accountants know the Academy Awards winners before anyone else. Just a team of 9 CPAs who count, by hand, all of the ballots in each category to determine the winners. The whole process takes upwards of 1,900 hours each year. 3) The bubble gum you’re chewing was the brainchild of an accountant.

Well, to be honest, it wasn’t actually his idea… he just improved it. Walter Diemer was working as an accountant at a company that produced gum. The product wasn’t perfected and was way too sticky. Diemer experimented with new recipes until he stumbled upon the holy grail of all bubble gum. Diemer called his new treat “Dubble Bubble”. Unfortunately, Diemer never patented his new found invention. The recipe was adopted by candy producers and the rest is history.

  • Explore programs of your interests with the high-quality standards and flexibility you need to take your career to the next level.
  • J.P. Morgan, Phil Knight and John D. Rockefeller began their careers as bookkeepers.
  • They examine the financial statements prepared by accountants and ensure they represent the company’s financial position accurately.
  • I am taking night classes for the requirements to sit for the CPA and I love this.

There’s a misconception that accounting is boring, but in reality the field offers a range of interesting career choices. Certified public accountants, or CPAs, often operate their own businesses and provide financial and tax-related services to organizations and individual clients.

Jokes For Accountants

Very few of them would follow what you would consider a traditional career path. Find a field that you like and you’ll do a lot better in the long run, than trying to figure out what’s the safe bet and doing that just because you’re afraid of failing. I maybe a blind optimist but there’s still plenty of money and opportunity out there is you’re fairly smart and work hard.