There is steady and assured growth for an accountant over the progression of their career, says Dr Narendra Shyamsukha

In every business, daily journals, ledgers, bank reconciliation statements, profit & loss statements and income and balance sheets present an unbiased picture of the financial position of an organisation. They tell the true position with regard to its liabilities, cash sources, viability of managerial and investor decisions and compliance with taxation and corporate laws.

Accounting helps a business, venture or a nation plan, control and execute their budgets and expenditures, forecast revenues or turnovers, purchase new assets or take on new liabilities, monitor financial health, take decisions with regard to personnel hiring or recruitment and regulate growth in the economy. Considering the vital importance of accounting work to trade, commerce and Government, is it any wonder that accounting jobs never lose their significance.

According to payscale.com, the  salary for an accountant, not being a Chartered Accountant, could be Rs 4,87,303 a year. There is steady and assured growth for an accountant over the progression of the career. Experience affects accountant salaries markedly. The highest growth can take place during the middle to late career milestones. In a related survey of those working in accounts on the same platform, it was found that an overwhelming 100% gave their profession 5 out of 5 stars. While women made up for only 5% of those in the profession, males made an abnormally high 80%.

Most accountants become record-keepers, especially at the entry-level. However, they are supposed to check and maintain calculations, create sales and cash flow reports, administer payrolls, prepare balance sheets, carry out billing activity, manage budgets and inventory. At a mid to senior level, they may also be expected to file taxes or go through historical reports to create turnover forecasts. Sometimes, internal audits may be needed to identify trouble areas in performance. An accounting staff must also monitor whether office personnel are adhering to company policies and relevant statutes. It takes skill for the accountant to prepare management reports.

Ordinarily, Commerce graduates with a diploma or certification in specialised accounting practices may start working as an accountant.

Internships as an accountant help in cementing working knowledge and adding authority to your resume. Knowledge of application software such as Quickbooks, Tally or Microsoft Excel is indispensable to reconcile new age imperatives with existing competencies. Accounting work is seldom understood by solo entrepreneurs and small businesses and so the accountant must be a self-starter. However, in other organisations, he may be required to work as part of a team and collaboration must also be part of your skillset.

Accountants, today, may require additional competencies because of the expansion of digitisation to every sphere of business. The SAP is one of the most widely used enterprise application programmes being used in industry and to obtain veracity and genuineness of training.

Over time, an accountant may grow into the roles of Finance Manager, Account Manager, Financial Controller, Chartered Accountant, Chief Financial Officer or a Finance Director.