Working in Accountancy

Accountants help organisations and individuals to deal with their finances.

Some accountants work in public practice for a number of different clients. Others work for a single employer, either in industry and commerce or in the public sector (eg, local authorities, the NHS and other public organisations).

Accounting Technician

Accounting technicians help accountants by collecting, checking and analysing financial information on their behalf.

Technicians in public practice help to prepare and examine accounts by looking at clients’ records, books and systems.

In industry and commerce work, they compile accounts, and carry out credit control, costing and budgeting.

Accounting technicians in public finance work for a local authority or other type of public organisation. They check public accounts, collect debts, work out salaries and collect financial information for management teams.

Accountant – Industry and Commerce

Accountants working in industry and commerce can work in financial, cost or management accountancy.

Cost and financial accountants deal with internal audits, taxation, wages and record keeping. They record all the costs of a company including staffing, transport and materials.

Management accountants advise on long-term plans. They analyse and interpret information needed for planning and controlling a company’s income and expenditure. This branch of accountancy often leads towards management responsibilities in an organisation.

Accountant – Public Practice

Public practice accountants work for accountancy firms that provide independent accountancy services to individuals, companies and organisations. Accountants help to compile annual reports and accounts to make sure that these financial records are a true reflection of a company’s activities and financial situation.

They might also offer advice to companies on taxation and investments. Accountants in public practice sometimes execute wills and administer trusts.

Accountant – Public Sector

Public sector accountants manage the financial records of public bodies such as local authorities, government departments and the NHS. Their main concern is with balancing the cost of public services against income, rather than with increasing profits.

Local government accountants also check and pay invoices, collect debts and charge customers for services.

Auditor

External auditors are professionally qualified specialist independent accountants. They examine an organisation’s accounts to check that they have been accurately prepared in accordance with the Companies Act and to make sure that the accounts provide a true and fair view of the organisation’s financial affairs.

Public sector bodies are also audited, to make sure that they are delivering good value for money and that public funds are being spent appropriately.

Auditors often do their work on the client’s premises. They start by gaining a thorough knowledge of a client’s business. They continue gathering evidence until they are sure that the accounts represent a true and fair picture of the financial situation of the organisation.

They complete their work by preparing a report for presentation to the company’s shareholders and management.