FollowAs tax season approaches, many accountants are bustling with business until that day in mid April. Tax laws are changing constantly and what renders a deduction one year may not in the year to come. As a corporate accountant, those numbers grow dramatically as the amount of money a big business pushes around is several times more than that of the average household. An accounting degree is a strong degree to have but if you specialize in taxes, you become an invaluable asset. This is exemplified during what is referred to as, tax season. During the off season, those tax evaluation skills may come into play as an auditor. Listed below are some of the jobs available having an accounting degree while specializing in taxes and auditing.
Auditor
The auditor evaluates the daily income and expenditures of a company and compares this information with the data provided through reports. Use of databases, spreadsheets, and critical reports are commonplace. They are used to compare and contrast the information as a means of quality assurance to keep the company on budget. Any discrepancies are analyzed, corrected, and then reported to the controller who reports to the Chief Financial Officer.
Finance and Budgeting Analyst
As an analyst, the accountant evaluates the ways in which money is taken in and paid out through various accounts. Working in conjunction with the auditors and accounting clerks, reports are are drawn and the data is used to forecast future revenue losses or gains using schematics, charts, and other analytic tools. This data is then presented to the controller and CFO for review. The analyst will often suggest new ideas to improve the financial situation of a business as well as provide feedback regarding various policies and information contained in the financial reports.
Senior Tax Accountant
Where personal and household incomes do their taxes annually, most corporations will process their taxes on a quarterly basis. This is done to keep a balance throughout the year and to maintain budget over an even keel. The senior tax accountant is responsible for processing the corporation’s taxes as well as have a general understanding of current tax laws.
Compliance Officer
As often as tax laws change, so do the laws that govern the finances of a company. Items like credit card numbers and account information must only be kept on file for a certain length of time. It is the responsibility of the compliance officer to ensure that the company’s files and operation are compliant and up to date with current rules and regulations.Having an analytical mind is often required for these positions as the process of auditing often changes with the rules that govern them. Being an accountant with a focus on taxes and auditing requires a continual learning of new laws. From this, it up to the accountant to keep the company informed and work closely with other finance clerks to ensure that these policies are upheld. When it comes to accounting careers, these are often called the most stressful and hardest jobs in their field as fellow employees and clerks may not understand the reason for the continual change. But it is up to the tax and audit accountant to ensure that these policies are enforced or the company could be fined or worse, audited by the IRS.
