When you think of accountants, you probably just think there is only one type of accountant. However, this is a mistake that many people make about accountants. Just like other professionals such as lawyers, there are different fields that accountants can go into. The accounting industry is split into three different types of accountants that perform various functions and have different job duties and responsibilities. These different types of accountants are specialized in different areas of accounting, which makes them expert accountants in their own field of accounting.
The most popular type of accountants are public accountants. Public accountants have the widest range of accounting than any other type of accountant. Unlike other types of accountants, public accountants can work for individuals, businesses, and organizations, as well as be utilized by government agencies. There is no limit to whom public accountants can work for, which is why public accountants are the ideal accountants for job seekers in the accounting field. A large amount of public accountants are self-employed with some also working for various CPA firms.
Public accountants also have a wide range of duties. They can be tax preparers, consultants, financial strategists, or work hand in hand with law enforcement agencies in the field of forensic accounting. There is virtually no limit to what public accountants can do. However, there are laws that prevent public accountants from performing multiple duties for the same clients, which is to limit a public accountant’s power to a single group.
The next type of accountants are Cost accountants also known as management accountants. These types of accountants are used in major businesses and organizations and are essential to the functioning of a business. Cost accountants do not have as many duties as public accountants, however, their duties are of high value and extremely important. Cost accountants are in charge of such things in a business as budgeting, giving continual evaluations concerning the business, its finances, growth, and liabilities as well as financial information regarding costs and assets for the company. This is a major role within a business or organization, which is why cost accountants are valued by such groups. Without public accountants, businesses would not be able to survive.
Government accountants are the last type of accountants. Governments accountants have the most specific duties than any other type of accountants, which to work in the best interest of the government and the public within that government. Government accountants not only keep track of business records as well as the public records, but they also ensure the fulfillment of tax obligations. Government accountants also make sure that the financial laws and regulations are being followed by businesses and individuals.
As you can see, the accounting field offers not only different fields for accountants to go into, but it also offers many options for accountants to explore within those three classifications. Accountants hold a high value within not only businesses but also in our society as a whole. The role of an accountant is essential to operate our financial needs.