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Different Types Of Accountants

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Different Types Of Accountants Explained

Different types of accountants and what they do are a very important part of the growing world, where continuous change is a constant phenomenon, and the world of accounting is also evolving. Their work is diversified which allow them to explore their interests and identify the expertise.

Accountants are responsible for major financial activities in the organization. Thus, it is important to know how many types of accountants are there. Still, honestly, the accounting job is more than just reviewing piles of receipts, posting day-to-day entries, and dealing with tax returns. Though tax returns are still an important aspect of the accountant’s life, this profession’s roles and responsibilities are growing continually, helping accountants worldwide work in more diverse profiles where their knowledge, interest, and skills can be exploited more efficiently than ever. A detailed discussion about how many types of accountants are there are given below.

Top 8 Types Of Accountants

Given below are the different types of accountants and what they do in their capacity in an organization or even when they practice accounting independently. So, we will come to know about how many different types of accountants are there, and their functions and duties are also listed herein:

#1 - Auditors

Auditors are the accountants who help the organization comply with all the financial regulations and help them correctly record their books of accounts. They review financial statements, books of accounts, internal accounting systems, and fiscal records. They also help the organization in dealing with issues, if any, concerning accounting. Finally, they issue their audit report containing a summary of their observations and their impact on the financial statements and affairs of the company. Companies or large organizations are asked to perform at least one external audit a year.

#2 - Forensic Accountants

Forensic accountants practice audit and investigative skills to help the courts in legal matters. Forensic accountants review and analyze financial records to identify any errors or frauds, and apart from this, they also check whether the records are as per state and federal laws. These accountants investigate white-collar crimes like securities frauds, bankruptcy, embezzlement, etc.

#3 - Public Accountants

Here we come to know about the different types of chartered accountants and other public accountants perform day-to-day accounting activities like auditing, tax planning, consulting, and advisory services, whether through their practice or in an accounting firm. A certified professional accountant (CPA) is a statutory credential provider in the US. The Association of Certified Chartered Accountants (ACCA) is a statutory credential provider in the UK for qualified accountants.

#4 - Tax Professional

These accounting professionals are generally trained in the taxation field. They help individuals, partners, and large organizations file tax returns and provide consultancy and advisory services in tax-related matters. This is also done by different types of chartered accountants in an organization.

#5 - Cost Accountants

Cost accountants help in maintaining the cost efficiency of the company. They help in budgeting, planning, and forecasting functions. They also help analyze variances in budgeted and actual numbers and report the reasons causing variances. Their overall purpose is to identify areas in the organization that need improvements and make them cost-efficient.

#6 - Investment Accountants

Investment accountants work in investment banking, i.e., in investment brokerage firms or asset management firms. They are responsible for compliance of the organization to all the regulations in the investment banking industry. They also help in improving the organization’s strategy.

#7 - Financial Advisor

Financial advisors help their clients (individuals and large organizations) by providing investment and financial planning services. Their overall purpose is to improve the client’s financial position and future investment planning. For this, they first try to understand the client’s risk appetite, and then they create an investment plan or portfolio for them and keep following up with them to make adjustments to the plan in the future.

#8 - Financial Consultants

Financial consultants are accountants skilled in finance who provide consulting services to their clients and help them make sound financial decisions. They may perform different kinds of accounting activities like they can review the client’s financial statements and comply with regulations. As a result, they can help businesses with their financial needs on a high level.

Thus the above details tell us about how many different types of accountants are there in the corporate world.