Accounting job description: Roles & responsibilities

Accounting is a widespread industry, with 215,200 people in Australia employed in the profession. Due to its diverse nature, accounting job descriptions vary depending on the organisation and area of specialisation.

However, generally speaking, accounting professionals help companies make financial decisions and comply with taxation laws and regulations. At smaller companies, a single accountant may handle all the tasks related to financial and taxation management, whereas at larger companies, different accountants may be responsible for different specialisations. Some accountants also provide taxation and financial planning services to individuals.

Accounting roles and responsibilities

The accountant job description is varied. Some of the key services an accountant provides include:

• Financial reporting
• Cost management and budgeting
• Taxation
• Auditing
• Financial planning and decision-making
• Compliance
• Strategic governance

Some accountants specialise in particular areas, while others have generalist skills that apply to many areas of financial management and taxation.

The typical responsibilities of an accountant include:

• Preparing financial statements for use by a company’s ​​board of directors, management, shareholders or governing and statutory bodies
   
• Conducting financial investigations and audits for internal or external stakeholders
   
• Formulating budgets and financial plans
   
• Analysing a company’s income, operating costs and other expenditure
   
• Providing strategic financial and taxation advice
   
• Preparing tax returns for companies or individuals
   
• Liaising with banks and financial institutions regarding business funding
   
• Introducing and maintaining a company’s financial and accounting systems

Ultimately, an accountant’s role is to provide data and insights that enable companies or individuals to make sound financial decisions and achieve their goals, while meeting compliance requirements.

What qualifications do I need to be an accountant?

To become an accountant in Australia, the minimum qualification you need is a diploma of accounting. However, many accountants have a degree such as a Bachelor of Accounting or Master of Professional Accounting.

Qualified accountants are also required to be a member of one of Australia’s three accounting bodies: Chartered Accountants Australia and New Zealand, CPA Australia and Institute of Public Accountants.

Some accountants choose to undertake further studies to become a Chartered Accountant (CA). CAs have a bachelor’s degree in accounting followed by completion of post-graduate studies in a Diploma of Chartered Accounting. This is followed by three years’ work experience alongside a mentoring CA.

Once qualified, CAs must undertake ongoing training and development to maintain and renew their membership to the Institute of Chartered Accountants Australia New Zealand (ICAA).

What are the career paths in accounting?

Career paths for accountants are diverse. Many choose to stay as generalist accountants fulfilling a range of responsibilities for an employer or providing services to clients. Others opt to specialise in a particular area such as tax accounting, management accounting, forensic accounting, auditing, financial accounting or government accounting.

What are the top skills in accounting?

Broadly speaking, accountants need to possess a range of technical and soft skills. These include:

• The ability to prepare, interpret and translate financial statements and insights
   
• Sound knowledge of accounting principles and practices
   
• Knowledge of business operations and practices
   
• Critical thinking skills
   
• Decision-making skills
   
• Proficiency in accounting software
   
• Understanding of local government and statutory requirements
   
• Time management
   
• Verbal and written communication skills
   
• Commitment to continued learning

As well as being able to analyse and interpret a business’ financial position and requirements, accountants must also be able to explain complex data in a way that is easy for all stakeholders to understand. Additionally, they may be required to make high-level strategic decisions. As such, technical acumen and interpersonal skills are equally important to the role of an accountant.

How much does an accountant earn?

If you're curious about the salary of an accountant, the best place to find the most current and comprehensive salary data is right at your fingertips. Our Salary Comparison Tool offers up-to-date information on finance salaries, allowing you to see how accountant earnings vary by experience, industry and more.

How to apply for an accounting role

If you have the skills and qualifications required for an accounting position, the next step is to ramp up your job search.

Accounting job descriptions can vary significantly, so read the details carefully before applying. Take a close look at the role and responsibilities in the job listing. If you meet the requirements and are interested in the role, make sure to tailor your resume and cover letter to the role, highlighting your relevant skills, experience and qualifications.