The main branches of accounting and job skillsets and competencies

Accounting is a vast field and is divided into many categories. But here we will analyze three main types of accounting, including management accounting, financial accounting, and tax accounting.

The first is management accounting. This is a specialized area of ​​accounting to grasp the real issues, especially the financial status of the business. Their duties include recording and processing numbers, helping with the selection and management of a company's investments, risk management, budgeting, planning, strategy, and decision making.

Next is the Financial Accountant who is responsible for running the accounting and financial activities of an organization. They analyze the economic stability of the company and provide financial information to other departments, allowing them to make budgeting and investment decisions. Financial accounting reflects the current situation and fluctuations in capital and assets of an enterprise in a general form or reflects the physical and cash flows in the relationship between the enterprise and the external economic environment.

Last but not least is Tax accountant - in charge of tax declaration issues in the business. The state can only manage the multi-sector economy when there is tax accounting. On the contrary, enterprises can only do stable business and favorable tax reports when making clear tax issues. Like its name, tax accountants have a direct role and influence on tax issues, including Resolving with stakeholders on collection issues, preparing tax records, submitting returns, then preparing presentations and reports. The role of a tax accountant includes Preparing monthly, quarterly tax reports and paying taxes for the company. Prepare financial statements, year-end tax reports, corporate income tax, and personal income tax reports.

References

Anon (2021) Tax Accountant - Career Overview. [online] Accounting.com. Available at: < https://www.accounting.com/careers/tax-accountant/#:~:text=Tax%20accountants%20determine%20tax%20strategies,government%20agencies%2C%20and%20private%20individuals > [Accessed 14 November 2021].

Davoren, J., (2018). Key Roles & Functions of Financial Accounting Within an Organization. [online] Your Business. Available at: < https://yourbusiness.azcentral.com/key-roles-functions-financial-accounting-within-organization-12681.html > [Accessed 14 November 2021].

Fontinelle, A., (2021). What Management Accountants Do. [online] Investopedia. Available at: < https://www.investopedia.com/articles/professionals/041713/what-management-accountants-do.asp > [Accessed 14 November 2021].