Kangan Institute Blog

Perks of Working in Accounting

If there’s one industry that has been known for job security, it’s accounting. Though many thought technology would replace accountants altogether, an accountant does much more than just crunch a few numbers. The most highly valued accountants know how to interpret their data and assist their clients in making the best personal and professional financial decisions.

Besides being a valuable member of your company or financial firm, there are plenty of other perks of working in accounting. Check them out here:

High Demand

As mentioned, there will always be a need for accountants. Most people don’t know how to do their own taxes, or they have multiple sources of income that make their taxes more complicated. Others need professional advice on how to file or would like to know more about certain benefits and deductions.

Many families also rely on accountants when it comes to planning for retirement and other big purchases, such as houses or new cars. They look for the best advice for saving a little extra money each year and how much they’ll be left with once they retire. Personal accountants can help families stay on track and make smart financial decisions as their lives change from year to year.

Corporate accountants work directly with businesses and offer personal advice that no computer could give. In addition to forecasting projected sales and expenditures, accountants also help other departments see where their losing or bringing in money and how they can maximise their efforts to better the department’s finances overall.

Steady Schedule

Because many accountants work for financial firms or individual companies themselves, their business hours are usually steady and not too overwhelming.

A personal accountant working for a financial firm will probably have hours from 8 am to 5 pm. Clients can make appointments with you throughout the day. Some accountants even do home visits, though this is not required in every financial firm. Other firms send their accountants out to their company clients to do personal audits, so there may even be some travel involved.

Corporate accountants usually have the same schedule as the rest of the business world (9 am to 5 pm), though it may vary depending on the company. For those with odd hours, you might work a slightly different schedule.  

Salary Perks

You’ve probably heard that accountants are well cared for by their companies and firms, and that is absolutely true. If you do decide to become an accountant, you can be sure that will enjoy a great salary.

According to Payscale, most accountants make about $54,000 per year. For those working in bigger cities, such as Sydney or Melbourne, that number can go up to as high as $60,000. If you continue to advance in your company and work your way up, you could be payed as much as $100,000.

Of course, no accountant or bookkeeper will make that much right out of school, but many internal accountants go on to become Chief Financial Officers (CFOs), which is where that salary really jumps. To get there, you will need a fair amount of schooling, and the best place to start is with a Diploma of Accounting, especially one from Kangan Institute.

Once you’re enrol in your classes, you’ll learn the foundational skills that every accountant needs to know in order to work in corporate financial accounting, financial management, cost and management accounting and tax preparation. After completing the course, you can continue on toward an Advanced Diploma of Accounting or start working with a financial firm as a bookkeeper or in payroll or accounts payable. You can even go for your bachelor’s degree in accounting if you plan on going to uni.

Few Boundaries

The great thing about accounting is that it’s everywhere. No matter where you go, you will be able to find plenty of people and businesses in need of a good accountant. Though the higher paying jobs are usually in metropolitan areas, you can still live out in a smaller town or even the country and be able to find something relatively close to you.

If you decide to open up your own small financial firm, you can run your business from home. Rather than answering to someone else, you can be your own boss and set your own hours. You can work for small businesses around you or cater exclusively to individuals who need help taking care of their taxes and personal finances.

Open Directions

Having a Diploma in Accounting doesn’t mean that you’re chained to your one profession for the rest of your life. Not only are there plenty of opportunities within the accounting field itself, but you can also branch out and tailor your career to get the most out of it.

Doing taxes or working for an individual company are not your only two options in accounting. You could also go to work for the government and be in charge of distributing funds or working in their accounts payable or payroll offices.

You might decide to open your own business one day, and with your extensive knowledge on what types of funds you’ll need and how to manage those funds, you’ll be in good shape to weather the first few stormy months of a startup’s life. As your business grows, you’ll know how to keep your budget in check and prepare for any financial issues down the line.

Though some people think a career in accounting would be boring, the fact is that it’s not at all, especially if you love crunching numbers and calculating incomes and losses. Accountants are valuable assets to their companies and those that work their way up are handsomely rewarded.   

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