Need of accounting in current market scenario:
Accounting is an art which includes several processes at a time such as measuring, processing, and communicating financial information of business entities. It is often been called as the ‘vocabulary of business’ as it interprets the outcome of organization’s economic activities and distribution of information to the shareholders, creditors, management and regulatory bodies. The field of accounting is not limited; it is further divided in to several parts such as financial, management, tax, cost accounting, internal and external auditing etc. Various kinds of accounting help in understanding the financial position of the organization to the management itself and to the external users like shareholders, creditors, and regulators. One who is inspired to become an accountant must be familiar with the different accounting standards. This standard provides the pattern which should be followed while delivering out the financial position of the company by an accountant. The work of the professional is to record when money of the company is earned or spent in the company book called the ledger. At the end of every year when this book is audited, it shows whether the company has made any profit, who owes money to a company and to whom company owes money. Each and every monetary transaction can be found in this ledger book.
Here are some of the various types of accounting jobs which are in high demand:
- Book-keeper/ Entry level Accountant:
In this, a professional has to records financial transactions on daily basis. They carry the responsibility of recording every purchase, sales, receipt, and payments on the daybooks. All transactions whether cash or credit should be recorded in the correct ledger and it is the responsibility of the book-keeper to ensure it. The accountant can prepare an income statement and balance sheet of the company from the books maintained by the book-keeper. Professional should be familiar with standard methods of bookkeeping that is single entry book-keeping and double entry book-keeping.
- Financial Analyst:
The work of financial analyst is to study the behavior of a market. They examine the data which has been collected from the market and helps the company in making business decisions. The research work of the specialist includes the conditions macroeconomics as well as microeconomics; it helps in making a prediction of the sectors of business. They help them to work efficiently and effectively at lower cost. They can pin-point in which region the company is making a profit and where they are suffering loss.
- Internal Auditors
They are the employees of the company who provides an independent and objective evaluation of company’s business activities. They also evaluate the operational efficiencies and they report to the higher management stating that how to improve the overall structure and activities of the business. The work of an internal auditor is to investigate the internal fraud, ensuring compliance with standard business procedures of the firm, to recommend improvement among the business units, verifying and protecting the assets.
- Payroll Clerk
The work of a payroll clerk is to ensure that the employees of the company get there pay timely and accurately. They have to double check that the payroll is related to yearly salaries, hourly wages, overtime as well as vacation and sick leaves. They have to ensure that proper amount of tax has been deducted from the employees pay and should answer employees payment related questions. They have to make sure that the employee’s pay has been delivered to them through the mail or given in the office or directly credited to employee’s bank account.
- Senior Accountant
They are the hotshots of the accounting job. They are basically the Certified Public Accountants (CPA’s); there work is to help companies to improve their economic structure, mainly through on-time financial reports and counsel. Basically, a senior accountant needs a lot of experience and should possess a good leadership skill.
With the growth of financial market and structure, top companies required a skilled and efficient accountant, whose vision can benefit in sustaining the competition from different competitors and companies longevity. Monster Singapore provides valuable job openings for the candidate looking for a brief career in Accounting job in Singapore.
Chinmayee Jha is a content writer who writes topic related to digital marketing trend and many other trending subjects. She also writes content that includes career guidance, employment opportunities which can set ablaze your career fast forward.