What does an accountant actually do?
(and do you want to be one?)
If you like numbers, are organised, detail-oriented and have good problem-solving skills, you might be a good accountant. But what does an accountant do all day?
Help you kick start small businesses
They’ll help test your idea, identify your start up and operating costs, and create credible revenue forecasts. They also know which lenders are playing ball at any one time, so you can approach the right people for finance. Plus they’ll work on your pitch, so you’re ready to impress those lenders.
It’s not just all about tax
They don’t just sort out tax returns each year. The responsibilities of accountants include processing a company’s payroll, collecting receivables and making payments, preparing financial reports and maintaining a record of assets, liabilities, profit and loss.
Help with business strategy
Accountants can work with clients to set goals – personal, professional and financial – then give clients the tools to measure their progress. Sometimes accountants will event set up your software programs so that you can check your goals at any time, and can check in to see if you’re on track.
Knowing the difference between good debt and bad debt is something an accountant will be pretty good at. They know how to find the least expensive borrowing option for clients, and can advise on things such as when spare cash should be used to pay back loans, and when it should be reinvested in the business.
Deal with unpaid invoices
Accountants can help deal with unpaid invoices – part of any business these days. They have the ability to set up invoice systems that send automatic reminders to clients when their bill is due or overdue. And if that doesn’t work, accountants can sometimes help clients find reputable collection agencies in order to retrieve lost funds.
There are many career pathways in accountancy. You’ve got more job options than you might think. You could work your way up from roles such as bookkeeper or payroll officer. Studying for a higher qualification while you start working in the field is a great way to have the best of both worlds. It’s up to you.
To explore your options in bookkeeping and accounting, check out Monarch’s courses here, or give us a call on 1300 738 955.