Math whizzes who revel in paying meticulous attention to detail, Accounting Technicians unlock the secret language of numbers to steer a business with precision and creativity towards balanced success. Continue Reading
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What are the typical responsibilities of an Accounting Technician?
An Accounting Technician would typically need to:
Accounting Technicians generally work in comfortable, well-lit office buildings in various industry settings. Their work includes being on a computer system for long hours and regular interaction with colleagues, clients, and managers. One may have to travel to clients’ businesses to assist accountants with audits.
Although they usually enjoy standard 40-hour work weeks, full-time Accounting Technicians must be ready to work on weekends and public holidays to meet client expectations, employer policies, and time-sensitive deadlines at the beginning and end of the financial year. The service industry may not adhere to the same work hours as other sectors.
Career breaks are usually possible. Part-time work, short-term contracts, and temporary assignments make for more flexible work schedules, although one must still expect to work overtime if necessary.
Research suggests that flexible hours and generous telework policies appeal more than salary to the younger generation. There has been an incremental increase in employers willing to give promising employees a chance to adjust their schedules per the job demands.
Finding a new job may be challenging. Accounting Technicians can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies. Self-employment is a viable option.
Accounting Technicians are generally employed by:
Professional associations and organisations, such as the Association of Accounting Technicians (AAT), are crucial for Accounting Technicians interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation.
Professional associations provide members with continuing education, networking opportunities, and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.
Professional organisations offer accounting or public finance and accountancy apprenticeship training programmes to aspiring Accounting Technicians. Some regions offer intermediate, advanced, and higher/degree apprenticeships with varying prerequisites.
The typically one- to three-year-long scheme allows apprentices to earn a handsome stipend while they master in-demand skills and knowledge under an experienced mentor. Successful apprenticeships lead to an industry-recognised credential and may facilitate a debt-free college degree and full-time employment.
Individuals with at least a few years of experience as an office clerk or bookkeeper can work their way up to an Accounting Technician’s position within the same organisation after meeting specific requirements.
Entry-level positions and internships in the accounting/finance departments of non-profit organisations or government agencies can also help acquire experience in maintaining financial records, recording transactions, and entering data into accounting software.
Additional knowledge of accounts payable and receivable, bank reconciliations, financial reporting and payroll processing will enhance a potential Accounting Technician’s ability to land a coveted job. Employers may also appreciate applicants with adequate experience in tax preparation and compliance, industry-specific software, general financial analysis, and business communication.
Expertise in healthcare, real estate, or manufacturing can further strengthen an applicant’s claim to handle industry-specific accounting needs efficiently.
While pursuing post-secondary education, students may secure summer internships or part-time jobs with accounting firms or volunteer as treasurer for a university society to acquire relevant pre-entry work experience.
The experience may also help determine whether the public, private or voluntary sector is best suited to realise one’s ambitions. Your educational provider’s career service department can provide information about viable work placements, internships and voluntary work opportunities in diverse sectors.
Even while in high school, you can check with a teacher or counsellor about relevant work-based learning opportunities available in your school or community that can help you connect your school experiences with real-life work.
Join the math and computer clubs or accounting- or business-related organisations. Seek internships or part-time jobs in accountancy firms or finance departments. Even basic exposure to accounting tasks can give you a head start. Volunteer work involving financial management or bookkeeping also helps gain practical experience.
Read about the profession and interview or job shadow Accounting Technicians to prove your commitment to course providers and prospective employers.
Accounting Technicians must comprehensively understand banking, accounting, auditing, financial analysis, and applicable regulatory concepts, which can usually be acquired through relevant academic programmes.
Depending on their location, most entry-level Accounting Technicians may begin their careers after obtaining a high school diploma. Recommended high school courses include mathematics, computer science/information technology, economics, accounting, business studies, and finance. English and speech classes will help you develop your research, writing, and oral communication skills.
However, vocational courses in accounting, bookkeeping, taxation, and financial reporting provide relevant skills and knowledge through progressive qualifications. Colleges and training centres offer full-time, part-time, or distance education, at the end of which students take a series of computer-based assessments based on real-time workplace tasks.
Each level (foundation, advanced, and professional) counts as a unique qualification and may take a year to complete. An online test indicates a suitable starting level based on the applicant’s prior knowledge, study, and experience.
Although not mandatory, a recognised associate or bachelor’s degree in accounting or finance may open up additional career avenues that hinge on the supplementary knowledge and skills such programmes offer. In addition, interested graduates from a partner university may join the previously mentioned vocational training programme at the professional level and receive an exemption from some of the exams.
Business degrees in accounting and finance enable students to learn about spreadsheet software and intermediate accounting concepts. Employers may also appreciate that new hires with relevant post-secondary education do not require intensive on-the-job training.
Research community colleges offering a professional accounting technician certificate as an acceptable substitute for an accounting degree or booking certification. Although not a full degree, the certificate comprising coursework in basic accounting, finance and business management concepts, along with spreadsheet and accounting software, counts towards an associate degree.
Remember that completing a particular academic course does not guarantee entry into the profession. Be that as it may, professional qualifications and transferable skills may open up more than one door.
Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.
Certification demonstrates an Accounting Technician’s competence in a skill set, typically through work experience, training, and passing an examination. Successful certification programs protect public welfare by incorporating a Code of Ethics.
Open to all interested candidates, the Certified Accounting Technician (CAT) credential is designed to provide introductory, intermediate, and advanced knowledge of accounting principles through full-time, part-time or distance learning. Qualified professionals excel in recording financial transactions, managing costs and revenues, and preparing financial statements.
Depending on their employer, job role, and country regulations, certifications in business accounting and financial analysis from an objective and reputed organisation can help prospective Accounting Technicians stand out in a competitive job market.
Accredited credentials in Sage, Xero, and QuickBooks, demonstrating proficiency in using the software for bookkeeping and financial analysis, may align with specific career needs, aspirations, and goals.
Classes in accounting and income tax procedures, computer software, and business mathematics and at least two years of accounting/bookkeeping experience before or after an online exam wherein one must obtain at least 80 per cent will make it possible to earn a professional bookkeeping certification.
Accounting Technicians may need a licence from a relevant regulatory body or government agency if they work independently or provide services that fall under regulated areas, including preparing tax returns or working as payroll specialists. Consult with a local accounting or regulatory authority to better understand the need for and the exact prerequisites to acquire a licence.
Accounting Technicians may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media, and drug screening.
As they accumulate experience, requisite qualifications, and skills, skilled Accounting Technicians may become Auditors, Directors of the Finance Division, Finance Officers, Internal Auditors, Finance Controllers, Payroll Managers, or Tax Analysts.
Industry demand, market conditions, and individual performance affect one’s career trajectory; however, acquiring globally-recognised credentials may make it easier to become qualified Accountants or seek employment in a country of their choice.
While a few move into related positions in data management, many Accounting Technicians prefer to become self-employed and eventually offer accountancy services to small businesses.
The desire to accelerate career growth and personal development has an increasing number of millennials choosing to job hop and build a scattershot resume that showcases ambition, motivation, and the desire to learn a broad range of skills.
Studies prove that job hopping, earlier dismissed as “flaky” behaviour, can lead to greater job fulfilment. Employees searching for a positive culture and exciting work are willing to try out various roles and workplaces and learn valuable, transferable skills along the way.
Detail-oriented individuals with relevant educational qualifications and certifications in finance or accounting, practical experience with accounts and bookkeeping, and problem-solving, teamwork, and collaborative skills, have the best job prospects.
Continuing professional development (CPD) will help an active Accounting Technician build personal skills and proficiency through work-based learning, a professional activity,
formal education, or self-directed learning.
Most employers provide on-the-job training to familiarise new hires with the company’s accounting software and procedures, including recording cash expenses and income. Besides, many employers are willing to support their employees’ professional development; they sponsor further education and grant adequate study leave.
While an employer may have the final say in the promotion, incumbents may find investing in relevant certifications and a master’s degree in accounting or business administration worth the while.
Technicians who could not do so earlier make the most of part-time study or distance learning options to obtain the CAT qualification that paves fast-track routes to chartered accountancy and a boost up the career ladder.
Zealous incumbents who have already acquired requisite credentials and accumulated at least one year’s work experience can apply for full AAT ( Association of Accounting Technicians) membership (MAAT), an internationally-recognised status held in high regard by employers.
Participate in industry events and workshops to keep abreast of the latest trends, network with the experts, and access valuable learning and career development opportunities.
In addition to offering the opportunity to continually upskill, regardless of one’s age, job, or level of knowledge, CPD also enables the periodic renewal of desirable certifications, which increase your chances of advancement and becoming an independent consultant.
Accounting Software Worth Mastering
Accounting Technicians working for small businesses may find QuickBooks, Quicken, FreshBooks, Xero, SlickPie, or Sage 50 more efficient. At the same time, larger companies require more sophisticated, customised accounting solutions with add-on modules from Oracle, NetSuite, and Sage.
Accounting Technicians vs Accountants
Accountants and Accounting Technicians work in similar environments and handle financial matters for their clients or employers. However, the scope of an accountant's responsibilities is broader than that of an Accounting Technician.
Accounting Technicians use strong math skills to conduct financial transactions, while accountants go beyond to prepare corporate taxes, analyse budgets, and address issues related to financial records. In addition to strong math skills, accountants must have comprehensive knowledge of relevant economic trends and tax regulations.
Accounting That Serves Small Businesses
Financial accounting involves tracking, recording, and recapping daily transactions into financial statements, such as balance sheets, income statements, and statements of cash flows, offering a general overview of business performance to stakeholders.
Unlike financial accounting, managerial accounting organises sensitive financial data to help business managers make informed decisions in operating, controlling, and evaluating the business. It is shared exclusively within the organisation.
Cost accounting focuses on analysing the actual costs associated with achieving business goals, optimising production processes, and distinguishing between fixed and variable costs to increase profitability.
Current Scenario
The employment outlook of a particular profession may be impacted by diverse factors, such as the time of year, location, employment turnover, occupational growth, size of the occupation, and industry-specific trends and events that affect overall employment.
Employment for bookkeeping, accounting, and auditing clerks may decline from 2021 to 2031 due to technological advancements automating many tasks.
Nonetheless, Accounting Technicians who adopt a more analytical and advisory approach in dealing with clients’ books stand a better chance of rising to the challenge of increasing automation. Furthermore, many job openings are projected annually over the decade, mainly due to the need for replacements as workers switch to other fields or retire.
Potential Pros & Cons of Freelancing vs Full-Time Employment
Freelancing Accounting Technicians have more flexible work schedules and locations. They fully own the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.
On the other hand, full-time Accounting Technicians have company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.
A passion for complex problem-solving, an eye for detail, a drive to make numbers dance, and a deep-seated sense of honour breathe life into an accomplished Accounting Technician’s meticulous efforts to bring financial order and prosperity to a business.
ADVICE FROM THE WISE
Continuously improve your skills, stay up-to-date with industry developments, and maintain a strong work ethic to provide the financial backbone that keeps an organisation thriving.
AI automates tedious tasks like bookkeeping, data input, and reconciliation, freeing accounting professionals for higher-level problem-solving.
What do Accounting Technicians do?
An Accounting Technician would typically need to:
Accredited
$44,760
