What You Need to Know about Accounting

Written by Wall Street News on December 17, 2013. Posted in Best finance jobs, Career in finance, Healthcare finance jobs

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Accountancy involves the production of financial organizations regarding an organization. There are three branches to accountancy. They are accounting, bookkeeping, and auditing.

Accounting is usually done by professional accountants called certified public accountants or CPA’s. These accountants participate in the actual preparation of an organization’s financial documents. The law usually requires that CPA’s sign off on any financial documents produced by an organization as well. CPA’s will also often focus on how to improve an organization’s assets, liabilities, profits, tax liability and financial activities.

Bookkeeping is much simpler than accounting. A bookkeeper is simply responsible for recording the financial transactions of an organization. Bookkeepers are not certified like accountants, and may not have any specific education in order to enable them to perform their bookkeeping duties. Sometimes, accounts will also act as bookkeepers. However, it is important to understand that the scope of their duties usually encompasses much more.

Auditing involves the evaluation of an organization’s finances including documents prepared by an accountant. An auditor is essentially like a financial detective, trying to ensure that an organization’s finances are as they claim to be.

The best accounting jobs include accountant managers, senior accountants and fund accountant managers of private equity funds. However, these jobs in banking are hard to come by. Nonetheless accountants typically earn decent money and are in high demand. Some large firms will even hire accounting recruitment agencies to find them accountants. Search online if you would like to learn more about accounting, what accountants do, how to get jobs in banking or finance jobs.

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