Category: Accounts

Working from Home: Virtual Accounting Jobs

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Post date 05/08/2022
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Throughout the United States, the morning commute for millions of full-time workers spans the distance from their living rooms to their kitchen tables. The internet has revolutionized what the daily grind is like for people in a host of occupations and industries. In fact, based on the most recent statistics available, close to 40% of full-time employees perform 100% of their traditional work-related duties from their house, according to Gallup polling. That’s up from an average of just 4% in 2019. Even prior to the coronavirus pandemic, 39% of Americans worked from home at least once per week, according to a PricewaterhouseCoopers survey. That rate has since risen to 77%. Some of these telecommuting workers are accountants. As with several other positions that have become available — due in part to the effects of the COVID-19 pandemic —accounting jobs are increasingly common among firms of all sizes, given the fact that their job responsibilities are easily done remotely. How can you find these accounting jobs? Are they primarily in only certain parts of the country or are these virtual positions available in all 50 states? Are the assignments that accountants perform virtually the same as those who work in a traditional office setting?

What Does a Virtual Accountant Do?

Whether it’s verifying financial transactions, bookkeeping, preparing tax documents, reviewing transactions or preparing statements, accountants are involved in numerous tasks that are largely administrative in nature. The key distinction isn’t what they do, but where they do it from. Through enterprise resource management software, cloud computing and a reliable internet connection, accountants that work remotely can log on from just about anywhere to complete their work. Traditionally, remote work is done from individuals’ homes, mainly because of the convenience and seamlessness of the transition. Home offices may also have other equipment that can help make their jobs easier. For example, if someone needs to have their taxes reviewed or completed, tax preparers might leverage copiers or printers so they can print out what their clients send them electronically. Here are a few other common duties of accountants, according to the Bureau of Labor Statistics:

Suggest ways clients or businesses can reduce costs or improve profits
Make best-practice recommendations to managers or executives
Identify potential external and internal risks for fraud
Assess and evaluate the efficiency of financial operations and decision-making

Given where these duties are conducted, it’s common for employers to seek experienced accountants who are familiar with accounting software and how to use it via cloud computing.

Bearded man in orange dress shirt with pen in right hand staring at laptop

How Much Do Virtual Accounting Jobs Pay?

Just as accountants may be involved in several different tasks on any given day, the salary possibilities are wide-ranging and frequently influenced by accounting experience, not where they’re performed from. On average, an accountant that works part or 100% remotely can see yearly salaries run around $57,525, according to the best estimates of ZipRecruiter. That’s the case nationally. In certain cities, wages can be considerably higher. In California, annual salaries for virtual accounting jobs range between approximately $60,000 and $70,000. For a senior accounting manager that works from home, the average annual salary is $102,700. Again, the location of the job doesn’t affect the rate of pay. The rate of pay is usually influenced by supply and demand, cost of living, job experience and whether the position is full time or part time.

Where Can You Find Virtual Accounting Jobs?

Given that work situations have changed for so many people and businesses, virtual accounting jobs are available all around the country. Many accounting firms have gone entirely remote. In situations where certain tasks require reviewing receipts, clients and accountants may need to make arrangements to meet or to have documentation sent digitally. Since more businesses are sending receipts via email, receipt collection can often be done without paper ever exchanging hands. As far as where virtual accounting jobs are located, they’re predominantly in highly populated states, according to BLS data, such as California, Texas, New York and Florida. But in terms of concentration, the list includes the District of Columbia, Colorado, New York, South Dakota and Delaware, respectively. While BLS’ list is for all general accountants, 99% of accounting firms nationally offer remote work programs, according to a 2018 report from Convergence Coaching. Job search websites and remote apps offer job alert functions that allow users to receive notifications when certain virtual accounting jobs become available. These job alerts can be customized based upon location, type of accounting (e.g. public accounting), or if they’re part time or full time. From coast to coast, employers are placing “join our team” advertisements on websites like Monster and CareerBuilder and holding virtual open houses. This includes 60% of firms who did so during the pandemic, according to a Robert Half survey. Virtual accounting jobs are among them. The online Master of Accountancy program at the University of Nevada, Reno supplies you with the capabilities that will serve you well in your job search. With a Master of Accountancy degree, you’ll not only learn the fundamentals of tax law, financial analysis and reporting, but gain the combination of soft skills and hard skills that can help you succeed in business and in life. You’ll also discover the variety of roles that you can fill with a master’s, as the certification gives you the freedom to work in a number of different capacities and industries from the accounting experience you’ll acquire. This includes the ability to spend your typical 40-hour workweek from the comfort of your own home. Contact us today to learn more about how a master’s degree can open doors for you in more ways than you can possibly imagine.

Accounts

Path to Becoming an Accounting Analyst

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Post date 05/08/2022
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Office - documents, ring binders, laptop, pen and calculator

The globalization of the economy has created new possibilities for companies looking to increase their profitability and grow their customer bases. However, to capitalize on business opportunities in international and domestic markets, organizations need financial experts who can help inform their decision-making and ensure that their investments deliver a sound return on investment. One such role is that of an accounting analyst, an occupation that’s growing in demand thanks to the expanding economy and a complex tax and regulatory environment, according to the U.S. Bureau of Labor Statistics (BLS). However, how do accounting analyst job descriptions differ from those of other positions in finance, what steps can professionals take to launch their accounting careers, and how can a Master of Accountancy degree help in the job market?

What Is an Accounting Analyst?

Accounting analysts, often referred to simply as accountants, perform a wide array of administrative tasks that allow businesses to keep track of expenses and forecast future performance. Their primary duties involve preparing and examining financial reports, with an eye on accuracy and compliance. These reports include income statements, balance sheets, cash flow statements and capital statements. Depending on their level of education and years of experience, accounting analysts may also be asked for recommendations to help reduce costs, enhance revenue streams and increase profit margins. According to the BLS, accounting analysts are often responsible for:

Examining quarterly and annual financial reports
Creating financial statements that detail profits, overhead expenses and tax deductions
Calculating taxes owed and preparing tax return documents
Inspecting accounting books and systems to ensure efficient reporting
Organizing and maintaining clients’ financial records
Assessing financial operations and accounting department performance

As in most areas of business, information technology (IT has transformed how accounting analysts work. Professionals in this field rely on software applications like Microsoft Excel, QuickBooks and SAP to create detailed financial records, analyze data and generate ad hoc reports, according to the U.S. Small Business Administration (SBA). As such, accounting analysts should have strong computer competencies and an ability to learn new programs quickly, as financial technologies are constantly updated and improved. Professionals should also have some experience with databases such as MySQL, Oracle, Microsoft Access and Microsoft SQL Server.

Accounting Analyst Salary and Job Outlook

Accounting analyst salaries are heavily tied to a candidate’s level of education, accounting experience and work history. According to the BLS, the median annual salary for accountants was $73,560 in 2020, with the highest 10% earning more than $128,680. The lowest 10% earned a median annual salary of $45,220. In terms of job outlook, the demand for experienced accounting analysts will likely expand as business continues to globalize through international mergers and acquisitions. The BLS estimates that employment of accountants and accounting analysts will grow by 4% between 2019 and 2029, which is about as fast as the projected national average for all occupations. The agency also highlights that candidates who are accredited as certified public accountants (CPAs) will have the best job prospects and may be able to negotiate more competitive pay rates.

Accounting Analyst Requirements

The first requirement to become an accounting analyst is education. Some entry-level positions are open to those with an associate or a bachelor’s degree, though many employers prefer candidates with master’s degrees, particularly for senior positions. Relevant degrees include business, accounting or business administration with an accounting focus. The next key to an accounting career is practical experience with an accounting or a business firm. With the right degree and work experience, accountants can consider certification. Many choose to become CPAs, which requires 150 credit hours of coursework, two years of work experience and a passing score on a four-part examination. Alternatively, the Association of Government Accountants (AGA) offers the Certified Government Financial Manager (CGFM) credential for auditors and accountants working in federal, state and local sectors. CGFM certification requires a bachelor’s degree in any field, two years’ experience in government financial management and a passing score on three comprehensive examinations.

An accounting analyst prepares an invoice on a computer.

How to Become an Accounting Analyst

Since most accounting analyst roles call for a deep understanding of finance, taxation and legal compliance, many professionals start their careers by earning a bachelor’s degree in accounting. This enables them to pursue entry-level positions and start building their work history for future advancement. Through their postsecondary education, students learn how to prepare financial statements in accordance with the generally accepted accounting principles (GAAP) that the Financial Accounting Standards Board (FASB) has outlined, as well as other important business concepts, including risk management and principles in taxation. After earning their bachelor’s degree and acquiring real-world work experience, accounting analysts often enroll in graduate programs like the online Master of Accountancy (MAcc) at the University of Nevada, Reno. This master’s program provides essential learning opportunities in advanced accounting, tax laws and financial analysis that are necessary for high-level positions. For example, the online MAcc curriculum at the University emphasizes technical skills and industry knowledge that accounting analysts use around the world, including business analysis methods, data transformation and SQL, federal taxation, and auditing. Many companies also prioritize candidates who are CPAs, which requires that candidates pass a 16-hour computer-based examination that the National Association of State Boards of Accountancy administers, meet the education and experience requirements, and get fully licensed. Luckily, the online MAcc at the University is designed to prepare students for the CPA examination and help them distinguish themselves from other job seekers with similar backgrounds. The program is entirely online and can be completed in as few as two years, allowing you to schedule classes around work and other important life commitments.

Finance vs. Accounting

Although a lot of overlap exists between financial analysts and accounting analysts, the positions are quite different. Most accounting and finance professionals earn a Master of Accountancy or similar graduate degree, but the work they perform varies. Each job focuses on separate aspects of money management and calls for distinct certifications; students should, therefore, consider their personal interests and long-term goals before launching their careers. Accounting analysts analyze and report companies’ financial data on a day-to-day basis, while financial analysts review specific financial decisions. In many cases, financial analysts use reports that accountants generate to evaluate market trends and formulate investment strategies, making their partnership crucial to an organization’s success. Accounting analysts also play a key role in ensuring that their companies are compliant with existing tax law and upholding all regulations that the U.S. Securities and Exchange Commission (SEC), the International Accounting Standards Board (IASB), and other government or private sector regulatory agencies have set forth.

Your Path to Becoming an Accounting Analyst

Begin your path to a rewarding career with the online MAcc at the University of Nevada, Reno, a U.S. News & World Report National Tier 1 University. With a curriculum that features courses such as Federal Taxation, Governmental and Not-for-Profit Accounting, and Ethics and Professional Responsibility in Accounting, our versatile program prepares the accountants of tomorrow for careers in the private or public sector and is founded on best practices and strong ethics.

Accounts

2022 Will Be The ‘Year Of The Management Accountant’

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Post date 05/08/2022
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Businessman planning and analyse investment marketing data.

Though many hoped 2021 would be a year of full recovery from COVID, the reality has been more complex. Progress is being made, as vaccination rates slowly tick upwards and public sentiment improves, but we are still far from the complete economic recovery and return to normality many suggested would happen. In a sign of the cautious mood, this month, Goldman Sachs revised down its growth outlook for 2022 from 4.2% to 3.8%, due to the Omicron variant of COVID. Competent management accounting teams are critical for responding to this changing environment in a way that instills confidence and helps organizations build strategies for the new paradigm. In fact there is room for optimism given the new emphasis business leaders are placing on agility for the short-term and anticipatory thinking for the long-term. This represents a pivot in thought and action, perhaps one that was long overdue. At IMA, we have been championing the need for finance and accounting professionals to move beyond the compliance mindset to engage as full business partners and as future-focused strategic planners who use data to anticipate the future. It is this future-focused orientation that makes management accountants so valuable to their organizations, and I believe 2022 is the year when their skills will be best utilized and recognized. If I had one prediction to make for 2022, it is that there will be more uncertainty and risk. Automation will continue to be deployed in the hope of mitigating some of the risk. A recent Bloomberg article cited a Federal Reserve survey in which one-third of CFOs indicated they are exploring or implementing automation as a way of mitigating exposure to COVID related issues among workers. The war for the best talent will continue unabated, as organizations experience labor shortages and ripple effects from the Great Resignation of 2021. PwC reported in an August 2021 survey for CFO Dive that “65% of employees were looking for a new job, and 88% of executives said their company was experiencing higher-than-normal turnover.” Investing in employees and making their organization “the destination of choice” will fall on the CFO’s shoulders. Part of that investment will involve the need to upskill finance and accounting staff for new value-added activities that can only be accomplished with the aid of technology. Blackline recently conducted a survey of CFOs to discover what skills gaps they identify among their teams. More than a third (38%) of respondents said that not everyone in their finance team has the broad business leadership knowledge or skills required today. A similar number (35%) indicated that not everyone on their finance team has the skills to help with more strategic work (like analysis and planning). Upskilling finance and accounting teams in technology, data analytics, and financial analysis is now a strategic imperative for CFOs. Another strategic imperative accelerated by COVID is a focus on sustainability for the long-term health of organizations and the planet. COVID taught us that we are all global citizens, and that it is impossible in today’s interconnected society to insulate or to isolate ourselves from global risks and problems like climate issues (which some opine have contributed to our vulnerability to novel viruses like COVID), income inequality, or environmental disasters. CFOs are responding in kind with investment in DE&I initiatives to combat income inequality and work on sustainability reporting standards. These activities are toward the ultimate goal of building sustainable value for our businesses, our stakeholders, and the global community.