Your career can play a major role in your happiness. It will determine what types of options you have. Making the right choice is crucial once you start down a path. Many people start their careers and do not think about how it will affect them in the long term.
If you are considering a career in accounting, it may help to know the pros and cons of this field as it has its fair share of benefits and drawbacks. Many professionals like working with numbers and find great satisfaction in helping businesses manage their finances. Unfortunately, most people do not enjoy the tedious aspects of an accounting career, such as preparing tax returns or reviewing financial statements over time.
This article will examine both sides of pursuing a career in accounting.
What are the benefits of a career in Accounting?
Let’s explore-
1. High-Paying Salary
Without any doubt, salary is the most crucial factor that makes accounting a stringent profession. As a result, their salaries are higher than marketers, salespersons, and other technical positions.
Professional accountants earn a high salary also because they are in demand worldwide. Their salaries are affected by many factors, such as the type of work performed, the industry, and employment location. Public accountants, for instance, earn less than those employed by corporations and government agencies.
You might be able to accept a senior-level position with an excellent salary after earning a Masters in Accounting online.
2. Work Flexibility and Freelance Opportunity
Accounting offers greater flexibility in work settings than other professions and is not restricted to a particular geographic region or environment to practice. You can work in any setting, be it a different country or a state.
In such an environment, there is great flexibility in working hours and duties as well as a high salary and career opportunities.
Many companies and individuals are unable to afford to hire full-time accountants, so they hire people on an as-needed basis. In other words, they are not tied to a single company and can work independently and accept assignments from many different companies. Depending on their experience and expertise, accountants may charge by the hour or by the project.
3. Growing Demand
As companies expand, as governments and nonprofits grow, as consumers make more purchases, accountants are needed to help organizations with their financial records and to ensure that they follow the appropriate accounting procedures. The demand for accountants will continue to grow as organizations seek qualified individuals who can help them stay within legal boundaries and safeguard their assets.
What are the drawbacks of this field?
Find out more below-
1. Stressful Job
The major disadvantage of accounting is that it is a stressful job. This stress derives from the fact that accountants are under constant pressure to conform to their client’s expectations and meet deadlines. Accountants must also constantly deal with difficult people because they are in a position of authority and trust. That being said, accountancy can be very rewarding for those who enjoy math, working with people, and helping others. If you are someone who cannot stand the sight of numbers, accounting may not be for you.
2. Ongoing Education
Another disadvantage of accounting is that education is ongoing. For example, you may take a course to learn how to do basic bookkeeping, and then feel like you are an expert. But you will soon realize that there is much more to learn. There are subtle differences between various accounting methods, and new tax laws are enacted regularly. You will have to stay up-to-date on these changes or face fines and penalties.
Accountants often use sophisticated computer programs to help them collect and analyze data. They may also spend time doing research and preparing documents for their clients. Accountants with many years of experience might specialize in certain kinds of services, such as helping people with tax returns or performing audits for corporations.
3. Fierce Competition
Though the demand for accountants has increased significantly in the past few years, the number of jobs available has not kept pace. This has led to a strong candidate market and difficult competition for accounting graduates. The fierce competition requires students and professionals to upgrade their skills regularly and stay updated with the latest trends and developments in the accounting world.
4. Greater Probability of Mistakes and Mistrust
Accounting is a tedious process that involves large volumes of calculations. It is very hard to do it manually. You need to understand all the accounting formulas and processes to maintain your bookkeeping records accurately and timely. As a result, there is a big chance of errors and, if you make a mistake, it can be extremely difficult to find. The errors committed while recording the transactions can lead to mistrust of the client.
Conclusion
Accounting is indeed a lucrative profession. It is certainly not for everyone, but for those with an eye for detail, an interest in facts, and a knack for working as part of a team, then a career in accounting may be right up your alley. If you are up to the challenge, there is no question that you can make a name for yourself in accounting. But make sure you follow good accounting best practices and learn as much as you can along the way.
