Accountants work in the public and private sectors. Their role is to analyze, examine, and audit the financial records of an individual or an establishment. Their goal is to ensure that their customers meet the provincial and national regulations, that all procedures are followed, and that all incomes and expenses are accounted for.
Another role an Accountant can undertake is that of a Financial Advisor and Auditor, always staying focused on their ultimate goal, which is to maximize profits for their clients by reducing expenses as much as possible. Accountants can specialize in Taxation, Corporate Accounting, Forensic Accounting, and Insurance Accounting. Accountants work in quite different areas ranging from public firms, tending to individuals or commercial organizations, to non-profit associations and government offices where they may work in treasury management, financial management, or procurement. Accountants are also known to be self-employed.
In Canada, Chartered Professional Accountants (CPA) are Accountants that have undertaken a specialized course in order to obtain a certification and become CPAs. A certified Accountant can apply for higher ranking jobs within a firm and get higher wages, among other benefits.
Here’s a non-exhaustive list of common tasks Accountants are required to complete.
- Documenting financial reports for clients:
- Reviewing clients’ financial books;
- analyzing profits and expenses;
- balancing financial books; and
- writing reports on the financial status of their clients.
- Managing financial records, systems, and budgets.
- Running financial audits for clients.
- Advising clients on financial matters (e.g. business improvement, cost reductions, and insolvency):
- Offering financial and tax advice; and
- reporting irregularities.
- Preparing new financial and tax reports for clients and analyzing existing ones, ensuring they comply with current standards and legislations:
- Examining financial accounts and records;
- advising clients on tax returns and planning; and
- calculating tax return amounts.
- Supervising and training aspiring Accountants and interns.
- Collecting data and auditing individual or business clients.
- Analyzing accounting records.
- Balancing incomes and expenses on record books.
- Ensuring all costs and incomes are accurate.
- Ensuring accounting books follow provincial and national regulations and laws.
- Writing financial reports and making cost-reducing recommendations to clients.
- Preparing tax return reports and identifying possible tax reductions and deductibles.
- Preparing budgets.
- Managing companies’ payrolls.
The average Accountant salary is $58,601 per year or $30 per hour. This is around 1.8 times more than the Median wage of the country. Entry level positions start at $41,000 while most experienced workers make up to $82,000. These results are based on 1,655 salaries extracted from job descriptions.