Career Pathways for Accountants - Accounts NextGen

So now you've finished your accounting degree and are ready to start looking for work or an accounting course, but really what options do you have?

If you have a bachelor's degree in accounting, you have a wide range of possibilities. In particular, the type of job you take will be determined by your individual beliefs and areas of improvement. Some generally accepted accounting job types are described down.

 Accounting Systems & IT
 Accounts Payable
 Accounts Receivable/Credit Control
 Analysis, Planning & Strategy
 Assistant Accountant/Part Qualified
 Audit, Risk & Operational Review
 Business Services (Chartered Accounting)
 Corporate Advisory & Finance
 Finance Managers, Controllers & Chief Financial Officers
 Financial & Management Accounting
 Payroll
 Tax & Treasury

And not all of those job sectors will be accessible to you as a bachelor. We'll look at the five top roles in more detail described. Of course, there are many other options, but these are the most prevalent and normal for a recent graduate.

1. The Accounts Payable Department

Accessing invoices, reconciling vendor declarations and internal memos, payment processing, and checking that all information is accurately recorded and accounted for while retaining the corporation's AP ledger are all part of Accounts Payable.

What are your options for a career path?

High school education is required for entry-level positions, but more businesses require at least a bachelor's degree in business or finance. Those with a bachelor's degree can assume to be implemented to high ranking or managerial positions or the role of Assistant Bookkeeper.

2. Accounts Receivable (A/R)

Making customer invoices, compiling customer statements, assigning financial transactions, and verifying that all transactions recorded and accounted for while managing the firm's AR ledger are all part of Accounts Receivable.

What are your possibilities for a career path?

Comparable to Account Payable, entry-level positions demand a large school degree, while more firms are starting to expect at least a business degree or bookkeeping. Those with a bachelor's degree should hope to be moved to senior or management positions or the role of Assistant Accountant.

3. Accountant's Assistant

You will report to an accounts senior who will assign junior accounting duties to you in this position. In general, the job entails preparing financial statements and regulatory returns, conducting income statement reconciliations, particularly bank reconciliations, managing accounts payable and receivable, approaching journals to help with month-end processes like payables and prepaid expenses, and managing the general ledger. In most cases, they can also help with the tax preparation returns such as BAS, GST, FBT, and payroll.

What are your plans for a career path?

A bachelor's degree in business or accounts is required an Xero accounting course for entry-level positions, while some employers prefer applicants who are experienced or partially certified with a CA or CPA. Those with more expertise should aspire to be upgraded to a role in Finance or Managerial Accounting.

4. Junior Accountant (Audit/Business Services/Taxation) – Chartered Firm or Public Practice

A Junior Accountant may be engaged in preparing financial reports and tax filings for a range of customers based on the needs of the industry.

In most cases, a bachelor will begin by compiling personal income tax returns before moving on to completing financial statements representing sole traders, corporations, and small businesses. Frequently, this will entail preparation BAS, GST, and FBT returns. Financial audits are sometimes required as part of the job.

What are your possibilities for a career path?

A bachelor's degree in business or accounts is required for entry-level positions, though some employers prefer applicants who are certified or partially qualified with a CA or CPA.

5. Clerk of the Payroll

A Payroll Clerk is responsible for a wide range of duties associated with employee wages. It entails adding new hires to the payroll system, eliminating employers who have left the company, and keeping track of those they still employ. Other responsibilities involve:
• Registering pay or tax state changed.
• Keeping attendance data.
• Checking that deductions are managed appropriately.
• Terminating the pay process.
Clerks with more knowledge may compute and analyze general ledger registrations, gross pay, and deductions and file a tax return.

What are your options for a career path?

High school education is required for entry-level work, but more businesses require at least a bachelor's degree in business or accounting. The majority of people who work in payroll may choose to stay in their hometown. In most cases, they are given promotion or management positions. Those who tend to be more engaged in accounts will relocate into AP or AR early on and work their way up to Assistant Accountant.