What is Accountancy?
Accountancy is about collecting and recording financial information about a business. This information is then presented to various people, e.g. management to help them make decisions about the business. An accountant (or bookkeeper) collects documentation and records this information, categorizes it and presents it in specific formats.
Accountancy information is finally presented in the form of financial statements – the key reports of a business.
Bookkeepers are usually involved more in data collection and entry. Accountants can fulfill this role too, but more often these days are involved in preparing and presenting financial statements, and fulfilling an advisory or consulting role. Accountants have even become business strategists, intimately involved in guiding the operations of a business.
Accountancy and financial services
There are a number of areas within accountancy that are relevant to financial services businesses. These may include but are not limited to:
- Management accounting/bookkeeping
- Financial accounting/bookkeeping
- Financial/Corporate Reporting
- Forensic accounting
- Business Strategy
Examples of job roles within Accountancy:
- Financial or Tax Adviser
- Financial Analyst
- Management/Financial Accountant/Trainee
- Financial Controller
- Finance Director
- Head of Finance/Chief Financial Officer (“CFO”)
Skills you may need:
- Computational and technology skills, including proficiency in accounting software
- Advanced analytical and problem-solving ability
- Ability to analyse complex data sets
- Ability to work in a team, both in leadership and collaborative roles
- Ability to approach issues from multiple perspectives
- Ability to tactfully deal with sensitive information
- Project management skills
- Logical decision-making and strategic and creative thinking abilities
Qualifications you may need:
- Relevant university degree
- Relevant work experience
- Professional accreditations from organisations such Association of Chartered and Certified Accountants (ACCA), Institute of Financial Accountants (IFA) and Chartered Institute of Management Accountants (CIMA)