One of the primary responsibilities of a general accountant faces is to prepare the profit-and-loss statement of any business entity. In addition, this professional can do individual and corporate tax returns, compile and analyze financial information of clients. Other duties include creating and reviewing budgets, probing accounting inconsistencies, and communicating accounting practices and laws in taxation to clients. General accountants should have a bachelor’s degree in Accounting and preferably Masters in Business Administration with Accounting as specialization. This accounting professional is obliged to pass the Four-part examination prescribed for Certified Public Accountants. Students taking this course should have strong background in mathematics and analytical skills.
An accountant can gain employment in a small-size or big accounting company. The usual tasks include the preparation of tax forms and giving planning advice in terms of financial planning or taxation to private and corporate clients. Some big conglomerates or multi-national corporations hire accountants to put taxes in order and give tax advice. Graduates looking for employment can refer to job advertisements in local publications, online employment portals, job search opportunities and boards. There are prominent professional organizations that extend resources and opportunities for networking to job applicants. These include American Institute of Certified Public Accountants, National Society of Accountants and American Accounting Association. Online jobs sites, which focus on particular niche industries (accountingjobstoday.com and accountingcrossing.com), are also first-rate resources for potential accounting staff.
General Accountants should be specialists in the preparation and analysis of financial documents like balance sheets, tax returns and income statements. These accountants may render work for public offices, private companies or single entrepreneurs to take care of punctual tax payments. The U.S. Bureau of Labor Statistics stated that the general accountant can work as consultant and advice companies on important concerns such as employee health benefits, data-processing processes and financial safety measures. In fact, this government agency affirmed that careers for prospective general accountants are expected to grow in the coming years. This will be the result of increase in new enterprises globally. Tax laws are seen as becoming more regulated and confusing to non-accounting professionals. This development will open up additional employment opportunities for these accountants. According to Indeed.com, the general accountant can earn an average salary of roughly $59,000 annually.
Background of General Accounting
General accounting deals with the compilation of general account activity to include debits and credits as well as financial statements which are documented during the fiscal or calendar year. This is connected to the general activity associated with business accounts and entities. It also includes government and non-profit organizations. General accounting relates to a business unit in its entirety as against a particular subgroup within that entity not like other accounting categories.
The general accountant analyzes and prepares tax returns. He or she also examines the availability of tax breaks. By and large, the accountant provides clients with the following services:
- Financial statements
- Income statements
- Balance sheets
- General ledgers
- Periodic reports
- Bank statements
- Payroll services
- Tax statements