What did I learn by creating the signature assignment?

There are a few things I learned with our signature assignment. I learned that really there are two types of sides to accounting as far as I’m concerned. There are the money and reports accountants and these will usually be an employ of the company there generating the Cash flow statement, Income statement, and the Balance sheet. They’ll have more experience with the compmany and the money going on in there. Another thing is that there can be accountants that are licesnesd and will be hired on to do a companys taxes or audit their books. These people can be employees of that company or could be hired on from another company or accounting firm. These are useful things to know for evaluating my future.

(Accountant paper below)

Accountant

To become an accountant a person at the very least would need to be in some sort of college course working towards a bachelor degree, but that’s very rare. Usually every accountant will have a bachelor’s degree in accounting or something closely related like business or finance. Any senior or higher up accountant at any firm will have a one of those degrees or a CPA degree. In the business world CPA stands for certified public accountant. To obtain a CPA one usually has to have around 150 credit hours of accounting or related courses and they need to pass the Uniform CPA Examination. These people also have to learn through experience and get the required licenses as well to be able to do that kind of work.These licenses allow them to be able to be hired on and also makes them qualified to be able to do and file taxes for a business or be qualified to audit a company’s books. Many Chief Financial Officers in a company will have earned a CPA.

Accounting is so crucial and important to keeping business healthy and informed that it would be virtually impossible to run a business without hired on accountants or an accounting department to keep all finances and books in order. This creates a great need for accounting in any state or almost any workplace all across the world the nation. There is a survey that was conducted in 2014 by a staffing firm named “Brilliant” with the help of Richard Curtin, PhD. The survey was part of their hiring forecast and it asked Human resources manager, hiring managers, and other decision makers in companies what kinds of jobs they would be looking to hire more employees for in the coming future. The results showed that 28 percent of businesses were looking to hire more accountants and finance professionals in the near foreseeable future. According to the occupational outlook handbook there will be a 10% increase in employment of accountants and auditors from 2016 to 2016. This is faster than the average of all other occupations. As a result of a healthy and growing economy more business will need to hire accountants to prepare and overlook financial statements. There are a lot of options and reasons to be optimistic for a person heading into this career path.

To be honest, I hadn’t really thought deeply about an accounting job in my future until we were given this assignment. I’ve always been a pretty social person and I guess I always thought about a “big shot” job. I used to think, without a doubt, that I would end up playing in the NFL so I wouldn’t have to worry about a “real” job and I would have plenty of money coming in. I also thought being a doctor would be sort of cool because you’d make good money and you can really help people out but the school and complaining is something I could go without. I also thought being a lawyer could be pretty cool and bring in good money but that is a long process and the schooling would probably be miserable, but it’s not completely removed from my list. The thing with accounting is that it’s in high demand. Yes I would have to finish school and earn a bachelor’s degree to make decent money, but that’s something I’ve always planned on. I honestly was planning on getting a masters degree as well so in a way a CPA is sort of like the “masters degree for accounting.” That would be a lot of hard work but all things in that are worth it are worth the hard work and the process. The pay is actually pretty good as well, the median average pay is about $68,000 a year, which means with a CPA and the right qualifications and moving your way up you could make some pretty good money. I’m not amazing at math it’s not natural to me but it does come to me and I can learn it well and be successful with it. I have always done pretty well in school taking it serious and trying to learn and ask as many question sas I have. I think finance is probably the most important thing in business because the end goal is to stay afloat and create revenue to make a profit. I think I could learn the accounting processes and be successful if it’s truly something I decide I want to do. I like the balance the accounting creates. I think it would be interesting to be on the finance side of a business, handling the books and generating accurate reports to help the business succeed and improve. Accounting may not be the most social aspect of business but it doesn’t make me dependent on commissions or other people’s actions determining my work. I would be the one managing those finances and making sure accounts are paid so that I can do my job, I don’t have to force someone to buy something that I’m selling. Being pushy has always been hard and uncomfortable for me and I wouldn’t really be in that situation ever, which would be awesome.

The daily responsibilities of an account are pretty numerous. The number one thing they have to be is accurate. Accountants can’t make little mistakes and be okay, everything they do has huge implications to the company. If an accountant messes up on purpose or even on accident and the company they work for is publicly traded they could cause a lot of trouble for everyone, including himself. They could actually end up in jail if they fake numbers or they mess up mad and it looks like they were doing that because it’s illegal. An account will do just about everything involving finance. They will prepare and analyze financial statements. They also will generate a balance sheet, income statement, and a statement of cash flows. These are probably their biggest responsibilities. These documents are crucial to the business giving them a reflection of their revenue, costs, profits, assets, liabilities, and their equity. An account has to be on top of all of these things daily as well so there are records for when they have to generate these larger reports. They also handle taxes which are a huge deal, the last enemy you would want as a person or business is the IRS. The accountants will also give input and suggestions to the Chief officers of the business in how to cut costs, and efficiently direct cash flow. These workers will have a lot of tables of information which they will use to track the incoming and outgoing flow of cash in the business. Some companies will have internal accounts or there can also be accounting firms which will have workers hired out to companies to do all of this or audits for other companies. There are so many daily records they need to update and gather information for on any given day. There truly is no room for error in an accounting career.

I interviewed a friend of mine, Kaden Hansen, about his job. He was actually my football coach in eighth grade as well. He is an accountant for ZAGG. He helps set up accounts with other companies that they buy from and sell to. He makes sure that everyone they sell to has their balances paid and paid on time. He actually is in school right now obtaining a bachelor’s degree but he has been doing this kind of work for a long time and that’s how he was able to get in and be considered qualified. He will help create weekly and monthly income and cash flow reports. He also helps with the goal setting process for cash flow in the company. One of their current goals is to have only about 2% or less of their accounts past due, which to me seems to be pretty impressive after learning about some companies ending up having to sell off debt to other companies. He also creates order invoices both inbound and outbound and makes sure that they are paid off both ways within the either 30 or 60 day periods. He will also check up with other companies close to the deadlines to make sure the payments will be there in time. He doesn’t really work with auditing or taxes but his reports and accuracy are directly correlated to those reports and information that those accountants will receive. I know his goal is to ultimately move up to be a senior accountant after finishing his degree and hopefully open up his own business once he has saved up enough money, had enough experience, and when a good time presents itself.

I wasn’t super excited about this assignment at first and I didn’t really know a lot about accounting or if I was actually interested until now. I think it was pretty helpful having to study it out and really figure out what it is that an accountant does. I think it is definitely a career option for me, it also has a pretty straight forward path for schooling which makes it a lot easier to work toward a major and create schedules for it. After our class about it and talking with my friend Kaden about it too I was able to have a simpler understanding as well as to what these reports are and where they come from. It also makes it that much more clear to me about how important it is to have your finances in order and to always be on top of everything in that side of business. Without being financially sound and aware with accountants a business won’t survive long, or even be able to start up.

Sources:

Post, J. (2017, July 04). How to Define Accounting for Business. Retrieved December 01, 2017, from https://www.businessnewsdaily.com/2689-accounting.html

Inc., M. A. (n.d.). “Accountant” Job Description – Part 1 – Duties and Tasks. Retrieved December 01, 2017, from https://job-descriptions.careerplanner.com/Accountants.cfm?utm_expid=7924933-2.HcDwjCVdSLCJ0IQHI-EQwA.0&utm_referrer=https%3A%2F%2Fwww.bing.com%2F

What is a CPA? What does a Certified Public Accountant Do? (n.d.). Retrieved December 01, 2017, from https://www.franklin.edu/blog/what-is-a-cpa-exactly-what-does-a-certified-public-accountant-do

Accounting Degrees & Careers | How to Become an Accountant. (n.d.). Retrieved December 01, 2017, from https://www.learnhowtobecome.org/accountant/

Summary. (n.d.). Retrieved December 01, 2017, from https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm

Solomon, M. R., Poatsy, M. A., & Martin, K. (2018). Better business. NY, NY: Pearson.

Hansen, K. (2017, November 30). Accounting [Personal interview].

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