If you are a newcomer to the world of accounting, it’s safe to say that you probably have a whole long list of questions, especially as there are many types of accounting in which to undertake, so you’re likely to feel a little (or very) overwhelmed.
There is a common question that many aspiring accountants ask themselves… What specialism should I choose within accounting?
To find the right specialism for you, it’s important for you to figure out which type suits your personality best? To ease your mind, we’ve compiled a short description on some of the less familiar specialisms within accountancy, which may help you to consider which type suits you best.
Tax accounting is a fantastic choice if you are skilled in problem solving, great with numbers and can build solid relationships built on trust. If you can practice each of these skills, you could be well suited to a career in tax.
When it comes to tax accounting, you may work for both businesses, known as corporate tax, or individuals, known as private client tax to provide solutions to specific tax issues. You may also be employed on a more permanent basis to provide compliance and profitable solutions to taxation demands.
For those of you with a strong eye for detail, and a knack for observing the bigger picture, you may want to think about internal auditing as a career option. It also helps if you’re a good communicator and have a goof understanding of how businesses are run. Your role as internal auditor involves looking closely at key areas of a business and reporting your findings to senior staff members. As an internal auditor, your role would be to advise management on pivotal inefficiencies within the company, such as; financially risky matters or fraudulent matters that may jeopardise the company in anyway.
If you have good judgement and a strong inquisitive nature, forensic accounting will probably appeal to more than other accounting variants. Forensic accounting is also well-suited to strong communication skills, as this will come in handy when conveying complicated conclusions to colleagues or clients who aren’t from a finance background.
Forensic accountants are renowned for their work with cases of fraud and misconduct. They regularly compile reports for use in court against potential suspects. Their investigations are thorough and can assist in uncovering crucial date about the individual or company in question. Who said accountancy was boring eh?
Are a logically-minded and inquisitive person? If so, risk assessment could be the career for you. Your role would be to identify problems through questioning and come up with creative solutions to problems. For this occupation, it’s essential to thin outside the box and not resort to textbook solutions. Interpersonal skills and confidence are also key skills recommended for this position.
The role of a risk assessor is to help businesses by getting to know and understand the fundamentals of that business, managing potential risks to that business, controlling problems and capitalising on opportunities. By doing so, you’ll be able to help clients achieve their objectives, possibly even expand their business and help to outdo the competition.