Accounting Profession
Today, accountants have gained the same professional status as the medical and
legal professions. In the Philippines alone, the number of people working in the
accounting profession is well over a million. In addition, several million people hold
accounting-related positions. Typically, accountants provide services in various
branches of accounting which include public accounting, management (industrial)
accounting, governmental or other not-for-profit accounting, and higher education. The
demand for accountants will likely increase dramatically in the future.
1. Accounting in the Public Interest - Accountants who operate as individuals or in
public accounting firms provide professional accounting and associated services to
businesses, other organizations, and individuals for a charge.
If an accountant passes the Philippine Regulation Commission's Board of
Accountancy's license examination, he can practice his profession as a Certified Public
Accountant (CPA). The following are some of the services:
a. Examining clients' financial statements. It entails an independent study of financial
statements in order to provide an opinion on the fairness of the financial statements
prepared by the company under audit. The financial statements are examined by the
auditor to see if they follow generally recognized accounting rules. Annual Income Tax
Returns must be accompanied with Audited Financial Statements, according to the
Bureau of Internal Revenue (BIR).
b. Tax Assistance. CPAs that specialize in tax accounting and prepare income tax
returns as well as provide tax advice to customers. They might offer lawful ways for
clients to pay less tax. Accountants rely on this as a key source of income, particularly
during tax season.
c. Management consulting (or advisory) services. Include offering services to clients
in areas such as accounting system design and maintenance, budgeting, cost
accounting, production, organizational planning, and other business problems.
2. Accounting in the private sector or in management
Accounting services for a single business are often provided by management
accountants. The controller or chief financial officer is usually in charge of accounting in
a corporation with numerous management accountants.
Management accountants may or may not be certified public accountants (CPAs), but
they can take the exam to become Certified Management Accountants (CMAs).
Management accounting is a rewarding and hard career path. Many management
accountants specialize in a single accounting discipline. Some may specialize in cost
measurement and control, while others may focus on budgeting (the preparation of
financial plans).
Today, accountants have gained the same professional status as the medical and
legal professions. In the Philippines alone, the number of people working in the
accounting profession is well over a million. In addition, several million people hold
accounting-related positions. Typically, accountants provide services in various
branches of accounting which include public accounting, management (industrial)
accounting, governmental or other not-for-profit accounting, and higher education. The
demand for accountants will likely increase dramatically in the future.
1. Accounting in the Public Interest - Accountants who operate as individuals or in
public accounting firms provide professional accounting and associated services to
businesses, other organizations, and individuals for a charge.
If an accountant passes the Philippine Regulation Commission's Board of
Accountancy's license examination, he can practice his profession as a Certified Public
Accountant (CPA). The following are some of the services:
a. Examining clients' financial statements. It entails an independent study of financial
statements in order to provide an opinion on the fairness of the financial statements
prepared by the company under audit. The financial statements are examined by the
auditor to see if they follow generally recognized accounting rules. Annual Income Tax
Returns must be accompanied with Audited Financial Statements, according to the
Bureau of Internal Revenue (BIR).
b. Tax Assistance. CPAs that specialize in tax accounting and prepare income tax
returns as well as provide tax advice to customers. They might offer lawful ways for
clients to pay less tax. Accountants rely on this as a key source of income, particularly
during tax season.
c. Management consulting (or advisory) services. Include offering services to clients
in areas such as accounting system design and maintenance, budgeting, cost
accounting, production, organizational planning, and other business problems.
2. Accounting in the private sector or in management
Accounting services for a single business are often provided by management
accountants. The controller or chief financial officer is usually in charge of accounting in
a corporation with numerous management accountants.
Management accountants may or may not be certified public accountants (CPAs), but
they can take the exam to become Certified Management Accountants (CMAs).
Management accounting is a rewarding and hard career path. Many management
accountants specialize in a single accounting discipline. Some may specialize in cost
measurement and control, while others may focus on budgeting (the preparation of
financial plans).
