Exploring Accounting Specialist

Accounting is defined as the theory and system of setting up, maintaining, and auditing books of a firm. In a company, an accounting specialist is responsible for accounts, receivables and payables, including general ledger coding, inputting invoices to a payable system, writing checks and posting payments to accounts. However, the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial aspect is challenging for a person; therefore a person has to be determined, have learning abilities, and growth to become an accounting specialist.
Accounts receivables are payments that are coming into the company. Accounts payables are monies being paid out for bills and expenses. A general ledger is journals of accounts that keep all accounts updated on a balance.
Accounting specialists, whom are often employed by banks, accounting companies or other businesses ' payroll or accounting departments, are typically responsible for various aspects of recording and reporting financial transactions. Some of the responsibilities of accounting specialists are to handle general ledger bookkeeping, payroll tasks, bank statement reconciliation (assuring that all transactions are recorded that are going in and out of the bank account) or accounts receivable and accounts payable. Accounts receivable is the monies owed to you on account from your customer’s, and accounts payable is the monies that are being paid out to other companies for bills and/or supplies and expenses of the company. Accounting specialist are also responsible to prepare relevant reports of certain financial activity and use your accounting skills for problem solving. (DegreeDirectory.org, 2013)
If you are looking into what it takes to become an accounting specialist, you will need a specified amount of education. You need to get an associate’s degree and have 5-7 years of experience in the accounting field. (Accounting Jobs Today, 2012) Throughout getting this education, the individual will gain knowledge and understanding of accounting procedures. “An accounting specialist is responsible for accounts, receivables and payables, including general ledger coding, inputting invoices to a payable system, writing checks and posting payments to accounts. You must be proficient in computer skills and Lotus or Microsoft Excel.” (Accounting Jobs Today, 2012)
There are several programs for accounting specialists and they are typically offered at the certificate level and associate 's degree level. The programs are designed to prepare you for entry-level accounting positions like an accounting specialist. In order to participate in these programs, you 'll need to have a high school diploma or the equivalent to apply. You might also be required to have completed a certain number of math classes in high school, like algebra. (DegreeDirectory.org, 2013)
These certificate and degree programs cover basic accounting topics, such as tax procedures, accounting software, economics, principles of finance and standard business practices. Another requirement for you may be to take classes in English, communications or computers. Some of these programs may offer you the chance to complete an internship. An associate 's degree program may prepare you to be able to transfer to a bachelor 's degree program for continued study if you decide to continue with this career. (DegreeDirectory.org, 2013)
In order to succeed in this career, you 'll need to understand the basic principles of accounting, along with common accounting standards and office procedures. You will also typically need a comprehensive understanding of accounting software. Also, thinking critically is a crucial skill as you may be required to prepare reports and conduct a primary analysis of business transactions. Having the ability to clearly organize financial information and to understand relevant laws, learning to identify and fix any financial discrepancies that may arise and perform mathematical equations accurately is also important. (DegreeDirectory.org, 2013)
If you have the ability to set your mind to learning these skills to perform accounting procedures and are sure this is what you want to do as a career, then you should look into what school you want to choose to start your career. This will be the beginning of a career that has many opportunities and growth for your future.
“Depending upon the individual’s experience, an accountant salary range can be anywhere from $25,792 to $98,571.” (Knoji, 2012). According to job Salary.com, the average salary for an accounting specialist is $44,328. The more experience you have in this field, the more your salary could be. If you have just finished with your college degree and earned your Associate’s degree, you are more likely to have a salary closer to the lower end of the scale. If you were to continue on with your education and earn a Bachelor’s degree, then you are more likely to get paid closer to the middle end of the scale. As you continue your career in Accounting, your salary could rise with the years of experience. In other words, the more years of experience and more education, the better your salary will be. It pays to continue your education in this field of career choice.
According to Accountant Salary (2012) “the accounting field is expected to grow 15.7% over this decade and the best prospects for accounting are for those who can manage a company and possess a master’s degree in business (MBA’s) and for those who can audit financial dealings with their Certified Public Accountant (CPA) license.” At this time, the biggest industry growth is expected to be in the health care, social services, professional and business services, and construction fields. (Accounting Salary, 2012) According to Accountant Salary (2012), “good accounting prospects put these positions among the top 30 occupations for growth during the decade.” Businesses these days are moving toward International Financial Reporting Standards (IFRS), which uses principal-based standards and requires higher level accountants to be able to adhere to these complex rules. (Accountant Salary, 2012)
In today’s marketplace, an accounting degree offers an even bigger pathway to new opportunities and industries. Starting from tax departments and manufacturing companies to Big 4 consulting and international firms, accounting majors from accredited accounting schools are always in demand. (Franklin University, 2013)
The expected increase of growth is 20 percent or more through 2018, for accountants and auditors in the field of accounting. This figure is according to the U.S. Department of Labor’s Bureau of Labor Statistics. “Analysts also predict that economic growth, retirement attrition, and increased regulation and scrutiny of company finances will mean favorable job prospects for degreed accountants—especially CPAs.” (Franklin University, 2013)
There are many different jobs for accounting graduates that could include becoming a staff accountant, public accountant, tax accountant, financial analyst, business analyst, compliance pro, financial reporting manager and controller. In addition, you could also be self-employed as an option. In 2008, accountants made up approximately 8 percent of the 1.3 million accounting jobs in the U.S. (Franklin University, 2013) “Accounting is such a versatile field that a degree in it can be an excellent launch pad for other careers in business or finance, including financial planner, loan officer or even CEO.” (Franklin University, 2013) If you are looking to open your possibilities in accounting and to become an executive at a company to make the best salary, then you should continue your degree in accounting to a master’s degree. This will make it possible for you to succeed in the highest level of accounting. It will also give you the potential to earn the most you possibly can in the field of accounting. Now, if you are not quite sure if accounting is what you want to do for the rest of your life, then you should probably take a self-assessment quiz about accounting to help you make your final decision. Here are some of the questions from Franklin University (2013) that you might ask yourself:
• Are you comfortable explaining complex ideas to others?
• Have you enrolled in accounting courses before?
• Would you describe yourself as a “concrete” thinker rather than an “abstract” thinker?
• Are you good at solving problems or puzzles?
• Do you make decisions based more on logic than anything else?
• Do you organize data or information in a sequential manner?
• Are you known for your ability to plan things in advance?
• Do you strongly appreciate predictability?
• Would you say that you are more of a rule follower than a rule breaker?
• Do you have high personal standards?
• Are your personal finances in order?
According to Franklin University (2013), if you answered yes to 6 or more questions then “you seem to have an inclination for the field. Like any major life decision, however, be sure to consider all your options before choosing your major. Give thoughtful consideration to how a degree in accounting might fit your passions, goals and aptitudes. Then if you decide an accounting degree is right for you, go for it!”

References
Accounting Jobs Today. (2012). Accounting specialist job description. Retrieved from http://www.accountingjobstoday.com/cm/Job-Descriptions/accounting-specialist.html
Accountant Salary. (2012). Accounting prospects. Retrieved from http://accountantsalaryinfo.com/accounting-prospects
DegreeDirectory.org. (2013). What does an accounting specialist do?. Retrieved from http://degreedirectory.org/articles/What_Does_an_Accounting_Specialist_Do.html
Franklin University. (2013). Is an accounting degree right for me?. Retrieved from http://www.franklin.edu/blog/is-an-accounting-degree-right-for-me/
Knoji. (2012). Accounting specialist salary & job requirements. Retrieved from http://careers.knoji.com/accounting-specialist-salary-job-requirements/

References: Accounting Jobs Today. (2012). Accounting specialist job description. Retrieved from http://www.accountingjobstoday.com/cm/Job-Descriptions/accounting-specialist.html Accountant Salary. (2012). Accounting prospects. Retrieved from http://accountantsalaryinfo.com/accounting-prospects DegreeDirectory.org. (2013). What does an accounting specialist do?. Retrieved from http://degreedirectory.org/articles/What_Does_an_Accounting_Specialist_Do.html Franklin University. (2013). Is an accounting degree right for me?. Retrieved from http://www.franklin.edu/blog/is-an-accounting-degree-right-for-me/ Knoji. (2012). Accounting specialist salary & job requirements. Retrieved from http://careers.knoji.com/accounting-specialist-salary-job-requirements/