There’s no shortage of excellent, affordable software options on the market and we’ve done the legwork to research the top choices for you. Check out our reviews of the Best Accounting Software to find one that will work for your needs. A search for “small business accountant” will net thousands of results, and attempting to wade through them all would be a challenge. Start by crowdsourcing and asking other small business owners who they use and trust with their finances. Once you have several names, complete some internet research on their background and experience, and read any available reviews.
How Much Will It Cost to Hire an Accountant to Do My Taxes?
According to the BLS, accountants in the U.S. earned a median annual income of $77,250 as of 2021. Depending on an accountant’s experience level, industry and location, they may make even more. Accounting jobs typically require at least a bachelor’s degree in accounting. For some positions—especially senior roles—many employers seek candidates with master’s degrees and CPA licensure. Internships provide hands-on practice in a real accounting environment.
AI is already delivering the tools to help well-trained accountants deliver more value to clients and firms, and we are only at the emerging stage of AI’s development. Headquartered in Los Angeles, California, the University of Southern California offers a 100% online master of business taxation program for working professionals.
Step 6: Consider Continuing Education
Read more about online accountants here.
Essential Tips for Becoming a Business Consultant
Working as an intern is a great way for aspiring accountants to gain industry experience. A master’s in accounting can help accountants qualify for more job opportunities. This degree builds advanced accounting knowledge and allows students to delve into specialized topics. As accountants gain experience and move into managerial roles, they may become financial controllers and run their organizations’ accounting departments. The BLS reports a median annual salary of $131,710 for financial managers like controllers, projecting that these jobs will grow by 17% from 2021 to 2031. As the global economy grows and tax laws and regulations become more complex, accountants should remain essential to the economy.
Finally, accounting majors should focus on in-demand soft skills like communication and collaboration. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. Although the terms accounting and bookkeeping are often used interchangeably, they are actually two very different processes. Accounting examines the broader picture of a business’s finances, performing such functions as tax preparation and filing, applying for loans and helping to create a business plan. Bookkeeping focuses more on the daily financial operations of an organization, which includes recording transactions, reconciling statements and managing payroll.
The U.S. Bureau of Labor Statistics expects the employment of accountants and auditors to grow by 7% from 2020 to 2030. That’s about average for all occupations, but accounting tends to be an extremely stable career as well. According to AccountingWEB, during recessions, unemployment rates for accountants are usually lower than those for other workers.
While degrees aren’t always required, most accountants have a bachelor’s in accounting or finance. Tax accountants who take courses in tax law are particularly well prepared for their profession. Some employers seek out tax accountants that have master’s degrees in accountancy or business administration. Your career path may also lead you to a different accounting career, such as a management accountant, public accountant, budget director, or internal auditor. Some tax accountants also progress to become top executives and financial managers of corporations, including financial vice presidents, treasurers, controllers, and chief financial officers. A CPA is a financial professional licensed by a state board to provide accounting services to the public.