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.
- 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.
- 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.
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.