Private accountants need a bachelor’s degree in accounting, finance, or business, with strong communication skills, basic accounting skills, and proficiency in computer programs. They handle a company’s finances, make budgets, audit books, and report on financial status. A CPA or CMA certification is helpful for larger companies. Good organizational skills and knowledge of applicable laws are essential.
To become a private accountant, applicants must have a bachelor’s degree in accounting, finance or business. Other degrees, such as a master’s degree or certification as a certified public accountant (CPA), are helpful but not required. Private accountants need strong communication skills, basic accounting skills, organized working methods, proficiency in the necessary computer programs and knowledge of applicable laws.
A private accountant is employed by a company to handle the company’s finances, as opposed to a public accountant, who works for multiple clients. He or she reviews the company’s finances, makes budgets, audits the books, and reports on the company’s financial status. In larger companies, accountants have specific functions, such as taxes and budgets. A private accountant in a small business can cover all aspects of bookkeeping and even some bookkeeping.
The only qualification needed to become a private accountant is usually a bachelor’s degree in accounting, finance or business, but many larger companies only hire an accountant who is a CPA or Certified Management Accountant (CMA). To earn one of these certifications, a candidate must pass an exam and meet certain educational requirements. Requirements vary by region.
Many people first pursue a master’s in accounting (MAcc) or in business administration (MBA). The MAcc degree prepares people to work as an accountant, while the MBA prepares people to work as an accountant or other business professional. These degrees are not required to become a private accountant, but they often help a candidate find better paying jobs. Any master’s degree requires approximately two years of full-time study to complete.
Good verbal and written communication skills are essential. An accountant must be able to understand the company’s financial situation and express it clearly to other employees, customers, suppliers and regulatory authorities. He or she often needs to summarize a financial situation for people who are unfamiliar with financial terms.
People don’t need top-notch math skills to become private accountants. Rather, he or she must master basic accounting and precise organizational skills, in addition to a working knowledge of the computer programs used in accounting. A private accountant must methodically enter numbers into the correct fields in a computer program.
A private accountant must also understand the legal side of accounting. He or she must be familiar with all applicable laws, such as tax law and commercial law. For example, accountants for non-profit organizations require special knowledge of the non-profit laws involved. As the laws are constantly changing, a private accountant must keep up to date. An accountant must also keep much of the information he knows confidential.
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