How to Understand the Tools an Accountant Uses on the Job

An accountant uses a combination of tools on the job, including knowledge of accountancy, generally accepted accounting principles, professional standards and practices, knowledge of the business and industry, an understanding of the applicable legal and regulatory framework, knowledge of internal controls and administrative procedures, technical skills including statistical methods and audit techniques, information systems abilities, reasoning and deductive analysis and communications skills.

Difficulty: Moderate

Instructions

Basic Knowledge

1. Visit the Web site tutor2u, start with "Introduction to Accounting" and follow the links for additional topics.

2. Browse Wikipedia on the Internet, starting with “Accountancy” and follow the links to various different fields of specialization in accounting.

3. Do a search on the Web sites of Amazon, Barnes and Noble or other bookstores to find books on Introduction to Accounting, Basic Accounting, Accounting for the Non-Accountant, Accounting for Executives or similar titles that interest you.

4. Go to your local library and browse books on accounting.

5. Consider a seminar or course in accounting for non-accountants or executives, or a course in reading and understanding financial statements, if you are interested in learning about the tools an accountant uses but are not an accountant yourself.

Professional Standards

6. Check out the Investopedia Web site, under “Generally Accepted Accounting Principles–GAAP.” Here you will find a comprehensive listing of this common set of accounting concepts, principles, practices and standards that serve as tools for accountants.

7. Search the Investopedia Web site for Professional Accounting Standards.

8. Browse the Web site of the American Institute of Certified Public Accountants, to read about the different professional standards.

9. Visit the International Federation of Accountants Web site to get a global perspective on the standards that govern accountants' work.

Legal and Regulatory Framework

10. See the Internal Revenue Service Web site for the forms, instructions, and publications accountants use in their tax work, as well as tax rulings, news, and other information that is useful to accountants as a tool in their work.

11. Visit the Securities and Exchange Commission Web site to learn about reporting requirements for public companies.

12. Go to the Cornell Law School Web site, under “Wex” to get an overview on commercial law.

13. See “Institute of International Economic Law” on Georgetown University's Web site for links to various Web sites with information on commercial law around the world.

Accounting Software

14. Review job opportunities for accountants posted in sites such as Monster and Career Builder to see what specific tools are required in terms of software knowledge and experience.

15. Use an Internet directory, such as the Tax and Accounting Sites Directory, or the dmoz open directory project.

16. Look under “Accounting Software” to search for the various software packages, broken down into general categories.

17. Click on a specific software to go to their Web site to get an overview and more detailed information on the software tool.

18. Browse the Web site of Quickbooks, a software package used by many small businesses for their bookkeeping and accounting.

19. Download a trial version of a software package.

20. Contact the software provider to arrange for a demonstration in their offices or at your place of work.

Tips & Warnings

• Use Web sites with directories of links to guide you in your search for information on the tools an accountant uses on the job.
• Visit the American Institute of Professional Bookkeepers Web site, for a listing of links to sites with various practical tools used by bookkeepers and accountants.
• Follow the links in the Tax and Accounting Sites Directory to Web sites covering regulatory bodies, company information, accounting research, accounting news, certification and other topics.
• Research the AuditNet Web site for general information on independent and internal auditing, and links to various other sites of interest in learning more about auditors' tools.
• Look under "Resources/Tools" on the Smart Pros Web site for links to various Web sites with information on accounting, tax and auditing.

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