Accountants help organisations and individuals manage their finances. Accountants in private practice work for a range of clients and charge for their services.
They can be involved in:
- preparing year-end accounts
- dealing with payroll for a company’s employees
- advising on tax and value added tax (VAT) matters
- devising strategies to make businesses more profitable.
In smaller practices accountants usually deal with all aspects of accountancy as well as giving advice and answering questions from their clients. In larger firms accountants may specialise in certain areas such as:
- audit – inspecting the business or organisation accounts systems and providing assurance that a company’s accounts have been properly prepared, that they comply with financial reporting standards and that they present a true and fair view of its financial position and performance
- accounts – preparing monthly, quarterly and annual reports and helping with budget preparations and forecasting
- tax planning – recommending ways of structuring financial matters to minimise payments and making sure tax returns are completed and submitted
- corporate finance – assessing merger and acquisition opportunities, calculating the value of deals and raising funds to develop the business
- business recovery and insolvency – helping companies recover money owed or improve their cash flow; this may involve restructuring, selling assets or divisions, or managing the business until it is sold
- forensic accounting – searching for evidence of fraud to help clients resolve legal disputes and quantifying losses arising from incidents such as fire, accidents, floods or natural disasters
- management consultancy – looking at all areas of the business to improve efficiency.
Hours and environment
Accountants usually work from 9.00am to 5.00pm, Monday to Friday, but may need to work longer hours towards the end of their clients’ financial year when the workload tends to increase.
Part-time or job share work is possible in some practices. Temporary contract work may also be available.
Most private practice accountants work in an office, but often visit clients at their own workplaces or homes. This can mean travelling throughout Ireland, possibly staying away from home, or overseas when working on a large project.
Salary and other benefits
These figures are only a guide, as actual rates of pay may vary, depending on the employer and where people live.
- Starting salaries for graduates range between €22,000 and €25,000.
- A recently qualified accountant may earn between €35,000 and £45,000.
- A successful accountant in a senior post can earn up to €100,000 and a senior partner in a large firm can earn up to €150,000 a year.
Skills and personal qualities
An accountant in private practice needs:
- strong ability with numbers
- to be confident using computers
- a logical and analytical approach
- good business awareness
- excellent communication skills
- to be able to build and maintain a relationship with clients
- to be scrupulously honest and discreet when handling confidential information
- to work well under pressure and keep to deadlines.
Interests
It is important to:
- enjoy solving problems
- have a keen interest in business and finance.
Getting in
Private practice accountancy firms vary widely in size from small partnerships serving a local area to large international companies. Their clients can also vary from individuals and small businesses up to multinational organisations with worldwide offices.
Experienced and qualified candidates are in demand, especially specialists in tax.
Most large employers recruit direct. Many advertise vacancies on their websites. Jobs are also advertised in accountancy publications and in national and regional newspapers. There are many recruitment agencies and websites that specialise in advertising accounting and finance jobs.
Entry routes
Most accountants are graduates who have gone on to complete professional qualifications. However, there are alternative entry routes for individuals after completing their Leaving Certificate.The Higher National Certificate in business, administration and finance may be relevant.
A degree in any subject is acceptable but subjects such as maths, accountancy, business studies, economics and finance or other numerate disciplines are especially useful.
Some accountancy degrees provide an exemption from the initial stages of the professional exams. Some areas of accountancy, for instance forensic accounting, may have specific requirements, such as a degree in computing, risk management or law.
To be an accountant without first taking a degree usually requires individuals to study for the Association of Accounting Technicians Ireland (ATI) . Many universities will offer exemptions from parts of their accountancy degree to candidates who have ATI qualifications. ATI qualifications can eventually lead to chartered accountant status. Foundation degrees are also available.
Useful Links:
Institute of Certified Public Accountants in Ireland (CPA)
Association of Chartered Certified Accountants (ACCA)
Accounting Technicians Ireland (ATI)
Chartered Institute of Management Accountants (CIMA)
Courses
Bachelor of Arts International Business BA (Hons)-American College Dublin AC120Bachelor of Arts (Honours) Accounting-Technological University of The Shannon-Athlone Campus AL852
Bachelor of Business (Honours) -Technological University of Dublin
Bachelor of Arts-World Languages (Hons)-University College Cork CK110
Bachelor of Commerce-University College Cork
Bachelor of commerce (International) French
Bachelor of Commerce (International) German
Bachelor of Commerce (International) Italian
Bachelor of Commerce (International) Hispanic Studies
Bachelor of Commerce (International) Irish
Bachelor of Commerce (International) Chinese Studies
Bachelor of Arts-Economics-University College Cork CK212
Bachelor of Civil Law & Business
Bachelor of Business - Accounting BBus (Hons)
Bachelor of Arts-Business BA (Hons)-CCT College Dublin CT325
Bachelor of Business BB (Hons)
Bachelor of Arts - Accounting & Finance (Hons)-Dublin Business School DB521
Bachelor of Business-Dublin Business School DB571
Bachelor of Business Studies International (Hons)
Bachelor of Business Studies (Hons)
Bachelor of Arts in Global Business (Canada) BA(Hons)-Dublin City University DC119