Being an accountant employed in a private practice, it is your job to render accounting services for customers or clients. You would be handling accounts and clients’ taxes, carrying out audits, and advising clients about how to enhance their finances in business. Your primary tasks include preparing/making financial statements, budget reports, and business plans; bringing out audits of the company’s accounts; producing monthly and annual account reports; and managing clients’ credit, spending, payroll, costs, and investments. An accountant also needs to figure out companies’ financial performance and upcoming profits, assist businesses with financial difficulties, deal with financial conditions, file and provide tax returns and advice, recommend to companies how to enhance their profitability and financial systems, and look for and avoid fraud or forensic accounting.
This type of job should have the following skills and knowledge in order for you to be called a private practice accountant. You must have good computer and mathematical skills, a logical approach and analytical skills, a clear understanding of business, attention to detail and strong accuracy, the ability to manage time and organisational skills, honesty, and good spoken and written communication skills.
In working to become a qualified accountant, you must belong to at least one of the following professional bodies: ACCA (Association of Chartered Certified Accountants), ICAEW (Institute of Chartered Accountants in England and Wales), ICAS (Institute of Chartered Accountants of Scotland), ICAI (Institute of Chartered Accountants in Ireland), and AIA (Association of International Accountants). In ACCA, there are several entry points to be considered, such as the two A levels or the BTEC Diploma plus GCSEs (grades A-C), including English and maths.
A trainee or part-time qualified accountants gets a salary of £17,000 to £23,000, while qualified Aberdeen accountants earn £28,000 to £50,000. Those who are senior accountants in a big private practice receive more than £100,000 in a year.
A full-time job in this field has standard working hours of 9am to 5pm on weekdays, with the possibility of overtime hours, like at the financial years end. Flexible and part-time hours, job sharing, and temporary contracts may also be possible. Usually, it is office-based work, but you spend most of your time visiting clients in their specific workplaces. Moreover, if you are involved in a big accounting practice, this requires you to travel inside the UK and overseas if needed. Aberdeen accountants will find a lot of business in North East Scotland but it is probable that some clients will be based in Edinburgh and London.
Upon being hired from the position, one is expected to pass the first level of exam and must complete the supervised work experience requirement. You will be exempted from all level of exams if you have relevant qualifications like a business or accounting degree or qualifications from an accounting technician. You must also qualify as a chartered certified accountant by the ACCA Professional Scheme by passing all five of its exams and an additional nine exams at the professional and fundamental levels. You can also study part- or full-time at private training centres and local colleges or by distance learning. You must also pass several exams to be a qualified associate-chartered accountant (ACA) with ICAS, ICAI, or ICAEW. However, while studying for those exams, you must complete a certain training contract from an authorised firm.
Working for an Aberdeen accountants firm, you could find a job with a National accountancy firm easily, and as an in-house accountant for the public sector or a company like a local council. Those with experience may specialise in forensic accounting or auditing or progress to a manager.