Overview of the accountancy profession
Accounting has been one of the most sellable and important fields for ages. The scope and necessity of this field will be growing for the foreseeable future. There are a lot of different career options and paths in the accounting field. It ranges from general bookkeeping, internal auditing, and preparing taxes and reports to the most senior positions like financial directors and chief accountants. And as in every other field, with the increase in experience and qualifications, accountants reach the position of financial officer or financial analyst or finance director in private and public sectors. As the position title goes higher, salaries and reputation also increase to a great extent. In order to achieve these positions and professional designations, you need to get a good accountancy degree, a professional degree, and a lot of hard work and dedication. Accounting is a field that requires many qualities along with academic or professional degrees. A few of the other skills you require to become a successful accountant are logic, analysis power, ability to play with numbers, ability to work in deadlines, foresight, and integrity.
Accounting Degrees and Pathways in Nepal
Being a CA or Accounting graduate is a stepping stone to an accountancy career. With a CA certificate or any other professional Accounting certificate like ACCA and CIMA, you are probably likely to get the position of chief accountant or finance manager in private sector organizations in Nepal. Chief accountants are in charge of supervising the accounting system of the business. They check that the business follows tax laws to maintain its legality, and they are also responsible in preparing the business’ financial statements and preparing (or verifying) other statutory reports like tax returns, bank reconciliation statements, stock valuation reports, etc. With a bachelor’s or master’s degree in Accounting or business studies (BBS/MBA/MA} you are likely to get a senior accountant position in organizations (industries/banks/private companies) in Nepal with a few years of experience. Without experience, you might start from a mid-level position if you do not have a professional degree.
Major responsibilities of bookkeeper or junior accountant
A bookkeeper’s major responsibilities may include:
- Maintaining and updating financial records, including invoices, bills, and bank statements.
- Recording financial transactions, such as sales, purchases, and expenses.
- Reconciling bank statements to ensure that all transactions are accurately recorded.
- Preparing financial reports, such as balance sheets and income statements.
- Assisting with budgeting and forecasting.
- Ensuring that all financial records are organized and easy to access.
- Providing support to the accounting department, as needed.
- Maintaining confidentiality of financial information.
- Complying with all relevant laws and regulations, including tax laws.
- Performing other duties as assigned by the accounting department or management.
Responsibilities of senior accountant
An accountant’s responsibilities may include:
- Preparing and examining financial records, including financial statements and reports.
- Analyzing and interpreting financial data to identify trends and problems.
- Advising on financial matters, such as budgeting and tax planning.
- Providing guidance on financial decisions, such as investments and loans.
- Assisting with the development of financial strategies and plans.
- Reviewing and analyzing internal controls to ensure compliance with laws and regulations.
- Assisting with audits and preparing for regulatory compliance.
- Providing training and support to other employees on financial matters.
- Maintaining confidentiality of financial information.
- Complying with all relevant laws and regulations, including tax laws.
Aside from the tasks mentioned earlier, Accountants also take charge in budgeting and financial planning. Businesses, big or small, need accountants. However, in the case of very small businesses, owners can do the accounting tasks since they do not yet involve any complex calculations. Bigger or larger scale businesses require accounting personnel to handle all the accounting works and TAX-related works. As the business expands, it needs to hire additional employees for the accounting department with different roles. It is also the task of the accountant to determine if the company can afford to hire additional employees in its own department. The accounting and Finance department also checks whether the benefit of hiring new employees in the accounting department exceeds the cost of hiring them.
Accounting involves a lot of paperwork along with calculations and analysis. Professional accountants need to prepare tax returns for businesses, which are very much more complicated than the income tax returns of individuals. The chief accountant of the company is also responsible for setting broad objectives related to finance for the company’s growth and development. Their aim is to gain more profits, keep the costs under control, and report to management about the status of accounts and budgets.
Career prospects of the accountancy profession in Nepal
Being a CA, a professional accountant or a chief accountant are just a few of the many careers in accountancy. There are still other careers in Nepal and abroad that you can pursue as long as you’re a graduate of accountancy or received professional training in accounting. How can you find the right job or career option after getting a qualification in accountancy in Nepal?
You can start by checking on the internet. With the advancement of technology and wide availability of the internet in Nepal, Employers post job vacancies for accounting jobs in Nepal on various forums and platforms like websites specialized for jobs and careers (eg: merojob, cmsjobs, jobmandu), official Facebook pages, LinkedIn groups, and other forums. However, there are not any specialized websites in Nepal that offer job opportunities or provide vacancy notices in the accountancy field only. You can search these sites and find a job opening that you qualify for. Make sure that you send your complete and updated resume to the employer or the employment agency or the websites on which the jobs are listed. If you do qualify for the job, you will be notified either by email or telephone.
As in every other profession, in choosing a career in accountancy, you have to know your strong areas and weak areas. That way, you can pick a career that best suits your capability and interest and help you work out in the weak areas. We always suggest students and jobseekers to create their personal SWOT analysis.
Start now and look and look for a career in accountancy while you’re still young. Looking for a part-time job while studying will be a great way to gain experience and knowledge side by side. Since accounting involves a lot of technical aspects, working while studying helps to boost knowledge as well as the application of the knowledge. Exert some effort and time, and soon you will have a rewarding career.
