Accounting Profession

• An accountant provides guidance on various corporate topics, ranging from financial reporting to taxation and auditing. If you're an aspiring accountant, you need a college degree in a business field, such as economics, finance, accounting or auditing. As a liberal arts major, you also can embark on an accounting career, provided you receive proper hands-on training. Experienced accountants often have a professional designation, such as certified public accountant, or CPA.
  
  

Starting a Business

• Starting a business requires financial acumen, accounting expertise and marketing knowledge. Being familiar with various laws and regulations also helps. You also must pay close attention to the company's prospective clientele, ensuring that the firm's products or services match customers' desires and wants. Analyzing the target market may help you prevent sluggish sales.
  
  

Connection

• The accounting profession is distinct from procedures needed to start a business. However, both concepts may interrelate in modern economies. Entrepreneurs generally keep a close eye on accounting work streams and mechanisms when forming a business. These mechanisms relate to hiring qualified accounting personnel, setting record-keeping policies and preparing pro-forma financial statements. A pro-forma accounting report is one that you prepare with projected numbers.
  
  

Auditing

• If you're an accountant, you may start businesses in various economic sectors. Auditing is a sector in which you can use your accounting expertise to help clients improve operating activities. To audit a company's internal controls and financial accounts, you need a CPA license. You receive this certification after meeting specific criteria, such as a bachelor's degree and a successful score on the CPA exam. You also must have two years of practical experience under the leadership of a CPA with an active license.
  
  

Financial Accounting and Reporting

• As an accountant who provides financial accounting services, you help clients prevent regulatory crackdowns. These may result in substantial operating losses, as government agencies often levy hefty fines on non-compliant companies. You help customers record transactions and recommend the best way to prepare financial statements. Accounting reports include a statement of cash flows, a statement of profit and loss, a balance sheet and a statement of retained earnings.
  
  

Taxation

• If you're a tax accountant, you can point to failures in the way clients record and report fiscal data. Specifically, you help customers file periodic returns with the Internal Revenue Service as well as state, municipal and local revenue agencies. To become more proficient in fiscal matters, seek the IRS enrolled agent designation.