Accountant

Accountants apply principles of accounting to analyze financial information and prepare financial reports.

Tasks

• Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, documenting business transactions;
• Analyze financial information detailing assets, liabilities, and capital;
• Prepare the balance sheet, profit and loss statement, and other reports to summarize current and projected company financial position;
• Audit contracts, orders and vouchers, and prepares reports to substantiate individual transactions prior to settlement;
• May establish, modify, document and coordinate implementation of accounting and accounting control procedures;
• Prepare or assist in preparing tax returns/advises on taxation problems;
• May devise and implement manual or computer based system for general accounting;
• May direct and coordinate activities of other accountants and clerical workers performing accounting and bookkeeping tasks;

Basic Educational Requirement

Most accountant positions require at least a bachelor's degree in accounting or a related field. Professional recognition through licensure by the Professional Regulation Commission (PRC) provides a distinct advantage in the job market.

Skills and Competencies

• Aptitude for mathematics;
• Ability to analyze, compare, and interpret facts and figures quickly;
• Excellent communication skills both verbally and in writing;
• Practical knowledge of computers (basic accounting software packages) and their applications in accounting and internal auditing;
• Strong interpersonal skills.

Physical Attributes and Characteristics

• Have high standards of integrity;

• Must be good at working with people;

• Can exercise independent judgement;

Salary/Compensation

Accountants employed in Government offices usually receive a starting salary of P15,000 while a Chief Accountant normally has a monthly take-home pay of P24,000 to P25,000. In medium-sized private companies, an accountant's salary usually ranges from P25,000 to P35,000 a month. In large or multi-national companies, accountants usually receive about P50,000 to 75,000 a month.

Prospects for Career Advancement

Accountants with adequate academic preparation may advance to positions with more responsibility in 1 or 2 years and to senior positions within another few years as supervisors, managers or partners in an accounting firm. They may assume the position of chief accountant, budget director, controller or chief financial officer. Those who excel in their jobs may move to executive positions in other fields of specialization such as management accounting or internal auditing, occupying top positions as Vice-President for Finance or as Corporation President.

Employment Opportunities

The demand for Accountants will increase simultaneous with economic growth since the number of business establishments is expected to increase as the economy grows. The increase in the number of business establishments will require more accountants to set up books, prepare taxes, and provide financial advice. Regardless of specialty, accountants who are duly licensed by the Professional Regulation Commission should have the best job prospects. Holders of a master degree in accounting or in business administration with specialization in accounting also will have an advantage. There is not much employment opportunity for Accountants in the overseas market.

Cost of Education *

A four-year accounting in B.S. Accountancy cost around P17,000 to P35,000 per semester in a private institution while in a government-owned school, the tuition fee is only around P3,000 per semester.

* Based on tuition fee rates for school year 2007 - 2008

Source: Bureau of Local Employment, Manila, Philippines