{"id":3253,"date":"2023-02-19T16:12:12","date_gmt":"2023-02-19T16:12:12","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/learn-it-16-3-5-wrap-it-up\/"},"modified":"2023-07-13T21:01:25","modified_gmt":"2023-07-13T21:01:25","slug":"learn-it-16-3-5-wrap-it-up","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/learn-it-16-3-5-wrap-it-up\/","title":{"raw":"Module 16: Get Stronger","rendered":"Module 16: Get Stronger"},"content":{"raw":"

What does an accountant do?<\/h2>\r\nIn this module you learned some of the basics about accounting but the accounting profession is actually extremely varied. An accountant can work in any industry, for any type of business, small or large, for profit or nonprofit, and accountants also work for individuals. Here are some examples of different types of jobs that you could do if you had an accounting background.\r\n

Nonprofit Accountant[footnote]Indeed. \u201cNonprofit Accounting: What It Is and How To Perform It (With Best Practices),\u201d June 24, 2022. https:\/\/www.indeed.com\/career-advice\/career-development\/nonprofit-accounting[\/footnote]<\/h3>\r\nNonprofit accountants work within nonprofit organizations, such as charities or educational institutions. They handle accounting and financial management specific to nonprofit entities, including grant management, fundraising compliance, and financial reporting. One key distinction for a nonprofit accountant is a focus on tracking how the organization uses their funds. For example, if a someone makes a donation to an education nonprofit with the condition that it must be spent on teacher training, the accountant must track those restricted funds and keep the organizational accountable for using it in the specified way. Working as a nonprofit accountant is a good choice if you are interested in working within an organization with a mission that resonates with you.\r\n

Auditor[footnote]U.S. Bureau of Labor Statistics. \u201cAccountants and Auditors,\u201d September 8, 2022. https:\/\/www.bls.gov\/ooh\/business-and-financial\/accountants-and-auditors.htm#tab-2[\/footnote]<\/h3>\r\nAuditors examine financial records, statements, and documentation to ensure accuracy and compliance with laws and regulations. They may work for accounting firms or within organizations to assess financial controls and identify potential risks. Auditors often must explain their findings which includes written reports and meetings with managers and clients. An external auditor works for an outside organization and not the one they are auditing, while an internal auditor is employed by the organization they are auditing.\r\n

Tax Accountant[footnote]TurboTax. \u201cWhat Is a Tax Accountant?,\u201d February 23, 2023. https:\/\/turbotax.intuit.com\/tax-tips\/tax-pro\/what-is-a-tax-accountant\/L0U5KAIj2[\/footnote]<\/h3>\r\nTax accountants specialize in tax planning, preparation, and compliance for individuals, businesses, or organizations. They stay updated on tax laws and regulations to minimize tax liabilities and ensure compliance with tax obligations. Tax accountants are often Certified Public Accountants (CPAs). Some tax accountants who do not hold the CPA credential are enrolled agents who have passed the Internal Revenue Service's (IRS) Special Enrollment Exam and are able to represent clients in tax matters being disputed before the IRS.\r\n

Financial Analyst[footnote]U.S. Bureau of Labor Statistics. \u201cFinancial Analysts,\u201d February 6, 2023. https:\/\/www.bls.gov\/ooh\/business-and-financial\/financial-analysts.htm#tab-2[\/footnote]<\/h3>\r\nFinancial analysts analyze financial data to provide insights and recommendations for investment decisions. They assess company performance, industry trends, and economic factors to guide financial planning and investment strategies. Because investing has become more global, and some business specialize in investments in a particular country or world region, financial analysts may also specialize so that they understand the business environment, culture, language, and political conditions in the country or region that they cover. Financial analysts may work within businesses, for individuals, for media outlets reporting on business matters, or for organizations that do financial research.\r\n

Management Accountant[footnote]\u201cAccountants and Auditors.\u201d[\/footnote]<\/h3>\r\nManagement accountants, also known as cost, corporate, industrial, managerial, or private accountants, focus on analyzing accounting and financial information for internal decision-making. They assist management by creating budgets, analyzing costs, and evaluating the financial impact of business decisions. The information that management accountants prepare is intended for internal use by managers, not for the public. Management accountants may help organizations plan the cost of doing business. Some work with financial managers on asset management, which involves planning and selecting financial investments such as stocks, bonds, and real estate.\r\n

Forensic Accountant[footnote]Id.[\/footnote]<\/h3>\r\nForensic accountants investigate financial fraud, embezzlement, and other financial crimes. They use their accounting skills to analyze and track financial data and assist in legal proceedings. Forensic accountants may examine records in bankruptcies and contract disputes. Many forensic accountants work closely with law enforcement and lawyers during investigations and may appear as expert witnesses during trials.\r\n

Government Accountant[footnote]Id.[\/footnote]<\/h3>\r\nGovernment accountants work in various government agencies at local, state, or federal levels. They handle financial management, budgeting, and auditing for government entities, ensuring compliance with relevant laws and regulations. Their responsibilities include making sure that revenues are received and spent according to relevant laws and regulations.\r\n

Financial Controller[footnote]U.S. Bureau of Labor Statistics. \u201cFinancial Managers,\u201d September 8, 2022. https:\/\/www.bls.gov\/ooh\/management\/financial-managers.htm#tab-2[\/footnote]<\/h3>\r\nA financial controller is a kind of financial manager who oversee an organization's accounting and finance functions. They direct the preparation of financial reports that summarize and forecast an organization\u2019s financial position. These reports may include income statements, balance sheets, and analyses of future earnings or expenses. Often, controllers oversee the accounting, audit, and budget departments of their organization. They play a crucial role in financial decision-making and strategic planning.\r\n\r\n
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How can I learn more about accounting?<\/h3>\r\n[reveal-answer q=\"425137\"]Click to Show Answer[\/reveal-answer]\r\n[hidden-answer a=\"425137\"]In addition to taking classes and talking with your accounting professors, take a look at the student resources available on the American Institute of CPAs website<\/a>.[\/hidden-answer]\r\n\r\n<\/section>\u00a0