Accounting

Though accountancy is one of the oldest professions known to us, boasting strong links to ancient civilisations, it is also one of the most dynamic and thriving industries of the current century. With a forecasted growth of 5% from 2023 to 2028, accountancy is yet another career path that can be trusted to reward those who devote their lives to it. Benefits such as above-average job security, lucrative salaries, entrepreneurial potential and career diversity are just some of the reasons the number of new accountancy students is on a steep incline. Browse our courses and join them today!

Subjects in Accounting

Benefits

FAQ

Career Paths

Top 6 Roles

Career Prospects

Qualifications

Levels of Courses

How to Become an Accountant

Ways to Study

Skills

Daily Tasks

Benefits

FAQ

Career Paths

Top 5 Roles

Career Prospects

Qualifications

Levels of Courses

How to Become an IT Professional

Ways to Study

Skills

Daily Tasks

Benefits of Studying Accounting

If a career in accounting is something that speaks to you, you’ll be happy to know that it offers a wide range of perks that can’t be found in other fields. The constant demand for qualified accountants means that you won’t ever have to worry about losing your job, not being able to make ends meet or getting stuck in a development rut.

Job Security

Accountancy is one of the few fields that can be said to be recession-proof. Even when the economy fluctuates, businesses still need accountants to help them make sound financial decisions and stay on the right side of relevant legislation. Where money is involved, an accountant is needed.

High Earning Potential

Because of the sustained demand for accounting professionals and the crucial work they carry out, earnings that exceed five figures aren’t unusual in the accounting industry.

Career Diversity

The field offers a number of different avenues within it that you could pursue; from auditing and bookkeeping to tax and management accounting. It’s up to you to decide where your strengths and passions lie.

Self-Employment

If you’ve always dreamt of being your own boss and not having someone else decide what your work is worth, accountancy has you covered. With enough experience and credentials, you can easily set up solo and be the captain of your own ship.

Accountancy FAQ

What is 'accounting'?

While the dictionary offers various definitions of accounting and it’s sometimes used to mean different things, accounting is essentially a means of conveying the financial wellbeing of a business to its stakeholders. This process is carried out by taking into account numerous variables such as a business’s assets, debts and expenses as well as cash flow in order to inform decisions relating to that business’s future operations. Though this process may sound a bit dull and can be overlooked by aspiring entrepreneurs, it is the life force of every business without which most wouldn’t get very far.

However, it’s worth mentioning that accounting isn’t a singular or one-size-fits-all concept. Depending on the business’s size or individual needs, the accounting department may be comprised of a number of sub-departments staffed by accountants and bookkeepers with different skill sets and areas of expertise. For example, a bigger organisation might have a tax department, a payroll department and an internal audit one.

Why is accounting important?

Accounting is often referred to as the ‘language of business’, and for a good reason. The financial records produced and analysed by bookkeepers and accountants paint a picture of how a business or an organisation is doing and help unveil any internal issues that may not be easy to detect otherwise. The data supplied by accounting professionals also acts as feedback for how existing strategies and products are performing, which influences important decision-making and boosts businesses’ overall performance.

At a more basic level, however, without a good accounting team, business owners would struggle to know how much to pay in taxes, how much to pay themselves and how to weather unexpected financial storms. It wouldn’t be an exaggeration to say that without accounting, a business is like a ship sailing in a fog without radar.

What is the difference between bookkeeping and accounting?

Similarly to accounting, bookkeeping also focuses greatly on a business’s finances. The role of bookkeepers is to ensure that all financial data is recorded regularly and accurately. Financial data means anything from income, expenses and invoices to bank transactions and other purchases or debts that need to be accounted for within a bookkeeper’s working day.

Once the bookkeepers have recorded all financial data, it then gets passed to the accountants. The accountants study the data and interpret the bookkeepers’ findings in order to draft a more rounded picture of the business’s financial condition. Together, the bookkeepers’ diligent note-taking and the accountants’ sophisticated analysis allow them to detect even the smallest inconsistencies in the business’s books – for example, fraud.

Though their roles may vary, bookkeepers and accountants rely on each other to a significant extent. Just as accountants wouldn’t have much to analyse without the raw data supplied by bookkeepers, so too would bookkeepers struggle to sift through all that data without the data entry systems established by accountants. Though bookkeepers are focused on the details and accountants on the bigger picture, both need one another to be able to do their job in a way that is both efficient and delivers reliable results.

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Career Paths

Though accountancy might not sound like a very diverse field, it carries with it a surprising number of different areas of expertise and career paths. It’s up to you to decide which of them hold the most appeal to you.

Technical Accounting

Tax Accounting

Xero

Bookkeeping

Chartered Accountancy

Management Accounting

Top 6 Roles

With the economy expanding and average businesses employing more and more people, accounting professionals now often have to choose a specialty to satisfy the demands of big business. Below are some of them:

Accounting Technician
Tax Accountant
Xero Accountant

Bookkeeper
Chartered Accountant
Account Manager

Career Prospects

The demand for accounting professionals is reflected in the earning potential offered by this field; with the average accounting salary being nearly double the UK average. It’s really no wonder more and more students are signing up for accounting courses!

£62,00

Average Accountant Salary

Job Growth

2010 → 2018

0,000

Accountants are employed in the UK

Accountancy Qualifications

The Office for National Statistics (ONS) have created a list of qualifications most commonly found among accountancy professionals. As you can see, having a bachelor’s degree is hardly a be-all and end-all of success in the field.

of accountants hold an Award/Certificate/Diploma qualification

20% Bachelor’s degree
7% International Baccalaureate
3% HNC/D

Levels of Courses

Level 2

Completion of this level will help lay the groundwork for further study of your chosen subject. You may also be able to secure basic accountancy work experience.

Level 3

Completion of this level allows you to progress on to the next level of study (Level 4/Certificate). This level may also qualify you for some junior-level positions in the industry, but you’re highly advised to secure your prospects by gaining more qualifications.

Level 4 • Certificate

Completion of this stage enables you to advance to Diploma-level study, though a limited number of undergraduate courses may be available to you as well as entry-level employment with smaller businesses.

Level 5 • Diploma

Completion of this level will fast-track your path to university and allow you to progress straight on to the final year of a relevant undergraduate degree. Level 5 courses will also enable you to secure employment in the field, or progress your career in your existing accountancy role.

Level 6 • Bachelor’s

Completion of this level gives you the opportunity to continue studying at graduate level or pursue employment in a relevant field of your choice. Most, if not all, career paths within accountancy are within your reach.

Level 7 • Master’s

Completion of master’s level of study continues to qualify you for all roles within the field. Holding this qualification will boost your chances of more senior or management roles within the field.

How to Become an Accountant

Earn the right qualifications
A good place to start is by gaining the necessary certification and committing yourself to an ongoing study of accounting and its various concepts and functions.
Decide on your area of expertise
Though all accountancy jobs will see you looking after a business’s finances, some may require you to pick a team. Whether it be tax, payroll or even bookkeeping, it’s worth defining your expertise.
Look for entry-level jobs in your area of expertise
Be ambitious but also be humble – it’s best to start small, learn as much as you can and use your increasing knowledge to help you rise through the ranks.

Ways to Study Accounting

Online

This method involves you working independently from a place of your choice and studying uploaded course material at your own speed and according to your own learning preferences.

In-Class

This is the traditional study method and it involves having a teaching professional use their own skills to help you understand the material.

Blended

This method entails a combination of online and in-class study. The online to in-class ratio will vary depending on the course provider.

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Skills for Accountants

Communication

Multitasking

Problem solving

Time management

Teamwork

While having the right set of soft skills is a good start for any career, employers will often want to see what your proven strengths are and what kind of things you can actually do. Have a look at our list to see whether there’s anything that still requires some finessing in order to land you your dream job!

Numerical Ability

Analytical Ability

Proficiency in IT

Business Acumen

Revenue Recognition

What Daily Tasks Do Accountants Do?

The roles and responsibilities of an average accountant go beyond counting money and doing taxes. Accounts are instrumental in any business making financially sound decisions and ultimately, succeeding. Some examples of their tasks include:

Analysing the revenue and expenditure of a business
Conducting financial investigations and audits

Reporting to managers, directors or shareholders
Providing advice to businesses on taxation

In an unstable world where job security seems to be a thing of the past, accountancy is a beacon of hope for those who never want to worry about whether their job will be there tomorrow. Not only that, the field is also known for offering exceptional salaries, various areas of expertise to choose from and opportunities for further development. If this sounds like something you’d enjoy and you boast the right skill set, there’s no time like the present to find the right course and go for it!

What are you waiting for? Get started on your journey today.

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