Working in Accounting and Auditing firms has been considered to be an ideal career option for students with mathematical ability since long. But do you know what it is like to work in an Accounting/Auditing Firm? To find out, read below.

What are the jobs really about?

Creating, Maintaining and Inspecting Financial Records

Jobs in Accounting and Auditing firms primarily revolve around preparing and reviewing the records of the financial transactions made by an entity over a period of time. This can be an individual, an organization, the Government or a group of people. The basic purpose of professionals in this field is to determine and analyze the financial health of an individual/organization as well as meet legal requirements.

Essentially, Accountants are the ones who prepare these financial records that include day to day transactions as well as quarterly/half- yearly or annual reports such as Balance Sheets, Profit Loss Accounts etc. Auditors are the professionals who review these records and ensure that they are transparent, accurate, and honest and that they comply with the laws and financial regulations of the region.

Apart from preparing, maintaining and reviewing records, the jobs also include ensuring that the taxes are paid on time, providing financial advice and protecting the individual’s or the organization’s financial interests.

Find out about the Top 7 Careers in Finance.

Why do people work in Accounting and Auditing Firms?

Job Security, Good Pay

One of the biggest reasons why people choose to work in Accounting and Auditing firms is that it is a stable field which offers plenty of job opportunities to individuals who have the right qualifications. Not only that, but it also offers greater job security than most other careers as organizations are legally required to hire Accountants and Auditors for preparing and reviewing their financial records. In an economically unstable environment of today, this is a huge advantage.

Additionally, the salary levels in this career are generally quite good and professionals in senior positions are paid very well. The high levels of job security combined with the high salaries in this career together make this career an attractive option for professionals with qualifications in related fields.

Find out about the Top 7 Money Making Careers.

Growth Opportunities

Accounting and Auditing firms offer plenty of growth opportunities to professionals with the right skills and aptitude. Even though you might start off in entry – level positions with low salaries, good performance is generally rewarded with quick appraisals and promotions. However, keep in mind that the growth opportunities might vary depending upon whether you work for the Government, an Accounting/Auditing Firm or a big Corporate Company.

What is it like to work in Accounting and Auditing Firms?

Monotonous

Working in an Accounting and Auditing firm tends to become monotonous over a period of time. This is primarily because the nature of the work is routine and repetitive in nature. As a professional in this career, you would be looking after the accounts of a particular set of companies or individuals for a long time. This will require you to record/review financial transactions on a regular basis, which will involve constant number – crunching, journal entries and analysis. Once you get accustomed to the work and the typical transactions of your clients, the job becomes less challenging which adds to the monotony. People who become successful in this career are the ones who like a routine and do not feel comfortable while working in a dynamic environment.

Responsibility

Professionals working in the Accounting and Auditing field are generally involved in looking after one of the most crucial aspects of an organization, i.e. the finances. There is no scope for inaccuracy in this profession as a small transactional mistake from their side can lead to big disparities in the accounts of an organization. Being responsible is all the more important as these professionals are involved in ensuring that an organization/individual meets legal and financial requirements such as filing taxes on time; mistakes or a casual attitude towards their work can land you as well as your client into a legal mess. People who succeed in this field are the ones who are comfortable with taking up responsibilities and who are willing to be accountable for their mistakes.

Long Hours

Working in an Accounting and Auditing firm can often involve staying late at work or taking your work home, but only during specific times of the year such as when taxes are to be paid etc. Additionally, as there are a lot daily transactions to be recorded, you might have to stay back at work sometimes to complete pending work and to correct mistakes.

Find out about the Top 7 Fixed Hours Careers.

Travel

In the case of professionals working in Auditing roles, travel might be a regular part of the job. Even though this might be a plus point for a lot of people, this can be difficult to deal with for professionals who do not like to stay away from their families/friends or who are not comfortable with travelling regularly for work. People who are successful in this profession are the ones who are equally comfortable with travelling for work as they are with working in a routine office environment on a regular basis.