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Top 3 Industries that Require an Accountant

By Robert Turp 4 Comments

Top 3 Industries That Require an Accountant

In 2014 accountants and auditors held around 1.3 million jobs in the UK, working across many sectors to help out public and private businesses. In certain industries hiring a third party accountant is a necessity to help your company run smoothly in a number of different ways.

The main way is to deal with payroll, taxes and other financial issues and in certain cases employing an accountant must be done, while for others it can be optional. Below are the three industries that employed the most accountants and auditors (aside from accounting firms themselves) throughout 2014.

  1. The Government

Both state and local government employ the largest number of third party accountants. They are responsible for the upkeep of government agencies and providing transparency with the financial records, as it is a high priority for voters to know that their taxes are being used in appropriate ways.

Accountants for the government will examine records and decide which businesses and individuals need auditing. They must also ensure that all revenue is being received and spent appropriately and that all local and national laws are being met in the process. Schools and the education sector, while under the government’s control, will usually employ their own third party accountants.

  1. Financial Sector

It is of little surprise that the financial sector employs the second largest amount of third party accountants. This is because they will be dealing with money all the time and want to ensure that no mistakes are made anywhere.

Many will be employed to take care of the company’s taxes, as this can be a time consuming task. While people within the financial sector are sure to be well equipped in many ways to do an accountant’s job, they will have their own work to be focussing on so a professional third party accountant can play a key role.

  1. Management

Management accountants are hired to take care of recording and analysing the financial information for the organisations they work for, normally limited companies. This is often for internal purposes only, seeing whereabouts an organisation is losing money and what can be done to change this. The results will be used by management for budgeting reasons.

It will involve looking over the archives, sorting out taxes and the payroll usually. They can also be asked to help the organisation budget and plan out its financial future. If you work in any of these sectors then hiring a third party accountant should be seriously considered.

Filed Under: Business

Comments

  1. Liz says

    May 14, 2016 at 21:25

    I just wish I were an accountant because it’s all-season position that every company needs and it is one of the highest paying jobs.
    Liz recently posted…The Unlimited Overdraft FacilitiyMy Profile

    Reply
  2. Dan @ Our Big Fat Wallet says

    May 12, 2016 at 19:35

    Being an accountant I may be biased but I’d say virtually all businesses, even small ones, require an accountant. The more complex the transactions and reporting requirements, the greater the need for one
    Dan @ Our Big Fat Wallet recently posted…Condos Aren’t A Good InvestmentMy Profile

    Reply
  3. Elle @ New Graduate Finance says

    May 10, 2016 at 21:09

    Everyone needs accountants!
    Elle @ New Graduate Finance recently posted…How Much Money Do You Make?My Profile

    Reply
  4. Jamie says

    May 7, 2016 at 21:39

    Almost all businesses require an accountant, even myself. I have once hired an accountant for my small business. The moment I felt I am losing control of who owes me money and how much, I hired an accountant to help me back on track.
    Jamie recently posted…Standing out and getting ahead as a modern freelancerMy Profile

    Reply

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