What Does an Accountant Do? | The Bookkeeping Studio
When I first delved into the world of finance, I was intrigued by the role of accountants. What exactly do they do on a day-to-day basis? Is there potential for career growth and advancement? How much fulfilment do they derive from their work? Would I find work-life balance in the accounting field? Is this something I want to do for the rest of my life?
The more I learned, the more questions I had – about the hard and soft skills required for success, various accounting specialties, and the potential growth opportunities within the field. And as I engaged in conversations with experienced accountants, I discovered a sense of camaraderie and a shared passion for finance. Little did I know that this curiosity would eventually pave the way for my own journey into starting my own bookkeeping agency.
Job Description of an Accountant
Put simply, an accountant shapes the financial health of a business. Their day typically starts with a review of their clients’ or organisation’s financial transactions. This could involve verifying the accuracy of invoices, reconciling bank statements, or updating the general ledger. Ensuring the accuracy of financial records is crucial, as it forms the foundation for all subsequent analysis and decision-making.
Next, an accountant delves deep into the data. They identify trends, prepare reports, and develop budgets. They make sure that their insights enable business owners to make decisions based on data, not gut feeling or doubt.
Throughout the day, accountants usually collaborate with other departments or bookkeepers, sharing their insights and expertise to improve business processes. For instance, they could be working with the marketing team to assess the return on investment (ROI) of an advertising campaign or consulting with the operations team on efficiency.
One of my favourite things about being an accountant is the opportunity to make a tangible difference in my clients’ financial well-being. Together with my team in Bowral, we take pride in helping businesses grow, reduce costs, and make data-informed decisions that drive success.
We go beyond merely crunching numbers. Our virtual bookkeeping services involve a combination of accurate record-keeping, insightful analysis, and effective communication. If anything, this career path has been nothing short of intellectually stimulating and engaging.
Pro tip
Should you ever get bored of the daily grind in your work, there is a diverse range of specialties that you may want to consider (e.g., management, audit, forensics, superannuation, taxation in Australia).
Key Skills in Accountancy
Hard Skills
- Financial expertise: At the core of an accountant’s skillset is a strong foundation in finance, accounting principles, and tax regulations. This may be acquired through formal education, professional certifications, and being updated with the news.
- Proficiency in accounting and bookkeeping software: Accountants must be comfortable working with various financial software programs, such as QuickBooks, Xero, and Excel.
- Data analysis: One of the key components of bookkeeping services is the ability to provide valuable insights and recommendations for improving financial performance.
Soft Skills
- Attention to detail: Finance professionals must have a keen eye for detail/ This meticulousness helps prevent errors that could lead to costly mistakes or compliance issues.
- Communication: While numbers may be their forte, accountants also need excellent communication skills. They must be able to convey complex financial information in a clear and concise manner, allowing clients or colleagues to understand the implications of their findings.
- Time management: Accountants often juggle multiple tasks and deadlines.
- Adaptability: The world of finance is ever-changing, with new regulations and technologies constantly emerging. Anyone who’s in charge of books must embrace these changes to stay relevant and effective in their roles.
- Problem-solving: If you want to add value to your client’s small business, you need to know how to devise creative and pragmatic solutions.
The Bookkeeping Studio: Partner With Dedicated Financial Experts in Australia
Choosing the field of accounting has been one of the best decisions of my life. No day is the same. I get to work on different tasks, meet people from all walks of life and various industries, as well as be immersed in data and the stories it tries to tell. However, just like in any other job, I knew that there will be risks and potential drawbacks along the way.
In spite of all the challenges, I had an unwavering commitment to the field, which is why I opted to start The Bookkeeping Studio in the Southern Highlands, Australia. I saw the struggle of small business owners when it came to juggling the countless responsibilities on their plate. I knew that with the skills and experience I have under my belt, I can make a difference maybe not in the greater scheme of things but particularly in Australia – one business at a time. Let me fulfil your financial needs today.
