Accountant-Private Practice

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.