Preface
There are several types of accounting in the financial industry with each performing a differing array of functions. There are numerous factors on which the branches of accounting depends and these are the employment setting, range of responsibilities and daily activities, and types of available advancement among others. Different professional accounting sources might list the various types of accounting differently yet it all boils down to the core four categories commonly available throughout the profession. These four branches comprise corporate, public, government, and forensic accounting. If you want to build a career in accounting, an undergraduate degree is usually required while previous work experience in the accounting field is strongly preferred in job aspirants. If you are interested in doing online accounting certificate courses, you should definitely check out George Telegraph of Accounts (GTIA). GTIA’s accounting course online is a short-term course with practice-oriented training. If you want to know about the various types, read on in order to find out the four broad types of accounting.
Corporate Accounting
In a gist furnished by AccountingTools.com, corporate accounting includes the use, handling, and filing of a company’s financial data often for the principle of external reporting and tax compliance. Corporate accountants must be well apprised of certain popular accounting methodologies to maintain correct records and to ensure that their financial and tax submissions are in compliance with proper rules, regulations, and standards. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and the Internal Revenue Code (IRC) are some of the types of accounting principles, standards, and procedures. The types of professions in which someone might be involved in corporate accounting generally involve external reporting. This might entail working with the financial statements of a corporation or preparing their tax filings. The job positions under financial accounting roles are Executive positions such as financial controllers, analysts, and Chief Financial Officers (CFO’s).
Government Accounting
Government accountants generally work in the sphere of local, state, or federal government entities. In a common instance, we find them working in a different set of frameworks than the one found in the public accounting sector. Government accountants are more often strictly vetted, and in some cases are tasked with keeping privileged or confidential information. The diverse jobs possible after doing this course include a range of duties.
They have the responsibility of auditing private documentation or tax submissions, maintaining the financial records of government institutions, or managing government-owned resources. A reputed resource for financial professionals has warned that government positions may not be as highly compensated as their counterpart positions in the private sector. Nevertheless, government jobs offer certain benefits which might be seen as compensating for the relatively lower sum of earnings.
Public Accounting
Public accountants work with external customers such as companies, corporations, and individuals. It is their responsibility to make it certain to their clients that the financial statements, records, and filings are precise. Public accountants work intimately with tax regulations and financial reporting and have to be up-to-date with knowledge of both GAAP and the tax code. They must also have a thorough understanding and should be able to apply, industry-standard accounting frameworks and other best practices. Those who choose to work as public accountants must have advanced problem-solving skills and an eye for detail. Public accounting firms that have external clients offer public accounting roles. Your clientele might include small firms serving small businesses to international corporate conglomerates that serve MNCs. Public accountants can get promoted into management positions at the level of a team or company depending on the size of the firm.
Forensic Accounting
When it is difficult or next-to-impossible to obtain financial data, the forensic branch of accounting collects, recovers, and reconstructs that. Apart from understanding accounting principles and practices, forensic accountants are expected to be resourceful, creative, and have problem-solving capabilities. Forensic accounting job positions vary diversely. While larger law firms employ some forensic accountants others are employed by legislative entities. Government agencies such as the FBI, the IRS, and others employ forensic accountants. Other than these, there are forensic accounting professionals who prefer to be self-employed and work on a contractual basis for private entities like corporations, and insurance companies.
If you have always been interested in pursuing your career as a successful accountant, you need to get enrolled in any of the two Accounting courses offered by GTIA. GTIA is a popular institute whose expert faculty makes sure that the students are thoroughly equipped with the knowledge. The courses are vocational in nature and have practical training as an integral part of them. Among a range of courses offered by GTIA, it also offers CPA online courses which make the candidates job-ready to launch their career on completion of the course.