Company Accountant Job Description
A company accountant helps an organization record accounting transactions and prepare financial statements that comply with fiscal guidelines as well as industry and professional practices. An accountant also may advise a company's management on tax planning strategies. This expert also could be a certified public accountant---or CPA---performing external audits or accounting services for clients.
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Function
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A company accountant helps an organization record and prepare "fair" and complete financial or tax statements. An accountant ensures that such statements comply with generally accepted accounting principles---or GAAP, fiscal guidelines and financial practices in the industry in which the organization operates. "Fairness" means accuracy in accounting terminology. Financial statements are complete when they include four reports: a balance sheet, a statement of profit and loss, a statement of cash flows and a statement of shareholders' equity. A company accountant also evaluates operating data, cost trends and business indicators to advise senior managers on cost-saving initiatives.
Features
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A company accountant who holds a four-year college degree---or a higher diploma, a CPA or a Certified Management Accountant (CMA) license and has broad expertise in accounting, audit or tax earns more than most accounting professionals. Bureau of Labor Statistics data indicate that median salaries of bookkeepers and accounting clerks were $32,510 in 2008, with the top 10 percent earning more than $49,260 and the bottom 10 percent earning less than $20,950. Salary levels are higher for senior professionals. According to the U.S. Department of Labor, median wages of company accountants were $59,430 in 2008, with the bottom 10 percent earning less than $36,720, and the top 10 percent earning more than $102,380.
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Types
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Four categories of accounting professionals help companies report financial data, comply with regulations and analyze business performance. A CMA uses finance, cost accounting and economics skills to evaluate a firm's operating performance, profitability ratios---such as profit margins, and working capital trends. Working capital is a measure of short-term cash availability and equals current assets minus current liabilities. A financial accountant makes accounting entries in ledgers and prepares financial statements that adhere to GAAP, firm policies and industry standards. A tax accountant evaluates financial data and proposes tax-saving strategies to senior management. A CPA performs external audits and tax or accounting services for clients.
Time Frame
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A company accountant works on regular business hours---that is, from 8 a.m. to 5 p.m. in the United States. However, there may be periodic initiatives requiring an accountant to stay late at work---such as regulatory and tax filings as well as monthly close procedures.
Geography
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Most company accountants live in major cities or metropolitan areas close to companies they work for. They also may live in suburbs. A CPA could travel to meet domestic or international clients.
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References
- Photo Credit Accounting and finance image by MAXFX from Fotolia.com
