Government Accountants

As we all know, accounting has many different fields that you can specialize in.  Today we are going to learn about a government accountant and what they do for a living. 

The duties of a government accountant are similar to the duties of a public accountant. The difference between the two fields is your client base. Government accountants are employed by the government and deal either with the government’s finances or with finances of organizations overseen by the government. Government accounting careers exist at all three levels of government, so you could work at the local, state, or federal level.  A government accountant is someone who maintains and examines records of government agencies, audits private businesses and individuals whose activities are subject to government regulations or taxations.  Sounds interesting, right?  You need at least a bachelor's degree to qualify for this job.  Salaries differ from job to job and how long you've been working somewhere.  In 2008 government accountants were getting paid between $32,000 and $102,000 a year.

This piece of a blog I found tells you a little bit about what a government accountant does to report a tax abatement. 

Managerial Accounting vs. Financial Accounting

Which is better?

Many people know that managerial accounting differs from financial accounting but they do not know how they differ from one another.  Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals.  Financial accounting a specialized branch of accounting that keeps track of a company's financial transactions by recording, summarizing, and presenting them in a financial report or financial statement.

Management accountants analyze a company's financial data so that it can be used to make strategic decisions mainly focusing on business planning and budgeting responsibilities for the client.  To become a Management accountant you need to at least have a bachelor’s degree in managerial accounting or be a Certified Management Accountant (CMA).  Management accountants must be logical and detail-oriented with good math skills and be an expert in current accounting principles.  They make an average salary of about $63,000 annually.

A financial accountant is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions. Financial accountants may work extensively with technology to compute, maintain and classify financial records.  They need a bachelor's degree in accounting for entry-level employment or a master's degree may be preferred by some employers.  According to the U.S. Bureau of Labor Statistics (BLS), accountants and auditors are predicted to see a 13% job growth from 2012-2022.  They make an average salary of about $50,000 annually. 

Here is a blog called Martin's Accounting Blog. It's about a man named Martin who writes things about management and financial accounting.  But it isn't as boring as it sounds, so give it a try!

So it’s up to you - which is better, Managerial or Financial? 

Auditing - How Does It Work?

It can be very easy to get your financial statements out of line and all mixed around. But luckily there is someone you can hire to check over all of your financial records and get them straight for you.  It is called auditing. Auditing is an important part of financial records.  It is also something that an accountant or CPA can specialize in. 

When you are an auditor, you perform an official examination and verification of accounts and records in finance.  When auditing, an auditor examines data, statements, records, operations and performances of a business to create an audit report.  An audit report tests to see if a business' financial statements meet the terms of GAAP (Generally Accepted Accounting Principles). Audit reports consist of the responsibilities of the auditor and directors, state that the GAAP was used, and then the auditors opinion to the business or individual. Many businesses and individuals hire auditors to make sure that they are in check with all of their financial statements and records.  

Here is an interesting blog I found about an auditor.  It's called Life of an Auditor. The author tells us about their life as an auditor working for one of the Big 4.  The author also answers questions he or she receives in the comments.