Many types of accountants become experts in their chosen subject of expertise thanks to the accounting industry. Several accountants offer services to satisfy the accounting and financial reporting demands of a business depending on the needs of the organisation. The following list of 5 types of accountants that every accounting firm must consist of:
1. Bookkeeper
National average salary: £23,533 per year
Primary duties: Bookkeepers primarily work in-house at a company or directly for private clients. Bookkeeping is seen as the initial stage of the accounting process. Typical duties overlap with that of an accountant and include balancing accounts, processing invoices, payments and receipts, processing and amending cash flow statements and completing VAT returns. Bookkeepers are also responsible for filing financial documents and preparing invoices for Inland Revenue.
2. Auditor
National average salary: £32,342 per year
Primary duties: Auditing takes place internally or externally. Companies often require internal auditors to prepare financial statements, advise on tax and treasury issues, approval procedures, employee financial responsibilities and management policies. They also prepare and examine financial records to identify opportunities or risks that could impact a company’s efficiency and profits.
External auditing does the above plus reviews internal financial statements and provides feedback. External auditors also provide insight as to whether the company’s operations and financial statements adhere to the relevant accountancy standards.
3. Chartered accountant
National average salary: £34,988 per year
Primary duties: Chartered accountants are qualified to work in the public sector, public practice or industry. Their role includes auditing accounts, giving accounting advice and providing information about financial records and corporate finance. Their duties can also include forensic accounting, business recovery and insolvency accounting. Chartered accountants generally hold a university degree within a relevant field and then attain further AAT qualifications. Another route chartered accountants often take is gaining the AAT accounting qualification before going for chartered status within a UK accountancy body.
4. Management accountant
National average salary: £35,940 per year
Primary duties: Management accounting tasks include monitoring and assisting the financial planning of an organisation. It’s a management accountant’s duty to oversee the team of accountants and accounting technicians. Companies may also task management accountants with producing reports to give senior leadership information to enable sound financial decisions relating to the future of the company’s operations. They produce management accounting reports for internal stakeholders’ review and analysis and play a large role in creating strategies to increase shareholder value.
5. Tax accountant
National average salary: £43,644 per year
Primary duties: Tax accounting involves analysing, interpreting and researching tax legislation to ensure that organisations comply with the correct tax regulations when filing annual accounts. This role requires attention to detail to ensure that tax returns are accurately completed before deadlines. They also help organisations to plan for future financial decisions by creating tax strategies to minimise tax liability, including providing guidance on indirect taxation such, as customs planning and VAT.
Does your firm have all these 5 types of accountants?
If not, we can help as Acenteus is an accounting outsourcing company focused in providing services like bookkeeping, payroll, corporate tax and VAT, management accounts.
Contact us to know more
Drop us a mail at enquiries@acenteus.com for further queries.
