MEMORANDUM

TO: Mrs. Lisa Ramirez

FROM: Anika Longsworth

SUBJECT: Prospective Professional Memo

DATE: February 22, 2018

An Accountant plays a vital role in a company, their responsibilities and qualities are very
important. The accountant of any company can either make or break a company simply because
they are the one who deals with the company’s financials and advice on development. Being an
Accountant is more than balancing off accounts and providing financial information, but it is also
about being ethical. I am preparing myself to become a Certified Public Accountant in hopes of
becoming a successful Accountant.

The Role of Accountants

Accountants work in both the public and private sector, and can fill either technical, managerial,
or advisory roles within different types of organisations. In small companies the Accountant may
perform all such roles, but in larger companies the responsibilities are divided. According to
Oxbridge Academy, larger companies have different types of Accountants to divide the
responsibilities which include:

 Cost Accountant
o Helps organisations to reduce costs and maximise profits.

o Determines accurate costs of products and services.

o Provides financial information to aim at helping managers to make good business
decisions.

 Financial Accountant
o Records, summarises and reports on the financial transactions of an organisation.
These financial statements will then be used for decision-making purposes by business
owners, shareholders, suppliers, banks, employees, government agencies and other
stakeholders.
 Forensic Accountant
o Uses a combination of accounting and investigation skills to investigate the accuracy
of financial information.
o Helps uncover financial crimes such as fraud, embezzlement and money-laundering.
o Assists in risk management and risk reduction, and may be asked to give advice in
relation to transactions such as mergers and acquisitions.

 Internal Auditor
o Evaluates and reports on the efficiency and effectiveness of the activities, processes
and procedures within an organisation.
o Gives recommendations for improvements to the structures and processes within an
organisation.

 Management Accountant
o Assists in strategic planning by providing accurate and timely financial and non-
financial information to the managers and key decision-makers within an
organisation.
o Prepares weekly or monthly reports that can be used to make short-term decisions.
o Explains the financial implications of the projects undertaken by an organisation.
o Assists in the formulation of business strategy.

 Project Accountant
o Tracks the financial progress of projects.

o Works closely with project managers, and will be responsible for activities such as
project budgets, investigating budget variances, reporting on the profitability of
individual projects, and compiling information that is required by internal and external
auditors.

 Public Accountant
o Provides a wide range of accounting services to businesses, individuals, non-profit
organisations and government departments.
o Works as external consultants in public accounting firms, which allows them to remain
objective when rendering accounting services to clients.

 Tax Accountant
o Provides tax-related advice to individuals and organisations.
Skills Necessary for an Accountant
According to Helstrom (2010) Accountants should display professionalism, competence,
integrity, confidentiality, credibility and reliability. Developing the skills of an efficient and
effective accountant will aid in my achievements. The skills include:
 Organization
 Time Management
 Adaptability
 Communication
 Analytical
 Leadership
As an aspiring Accountant, I will need to acquire and develop these skills. I will need to be able to
adapt quickly to changes in the work environment and nature of their work. I must be able to
communicate both written and orally. Critical thinking will determine ways to make the company
more financially efficient; therefore, analytical skills play a vital role in accounting. I also must be
a leader and visionary individual as to engage in decision making and long-term planning.

My Career and Preparations

Accountants can work in the public and private sectors providing consulting, auditing, and
analysing services. According to Banfield (2003) there are 5 major steps in becoming an
Accountant. The steps are:

Step 1: Earn a Bachelor's Degree

A bachelor's degree is generally the minimum educational requirement needed to obtain an entry-
level position in the field. Bachelor's degree programs in accounting are available by that title
specifically, or accounting specialization options may be present in broader programs like business
administration. While both types of programs include courses in accounting, taxation and auditing,
some involve additional coursework in management, marketing and finance.

Step 2: Gain Work Experience

Work experience can help you advance in the field of accounting, and some states require it to take
the Certified Public Accountant (CPA) exam. By taking an entry-level accounting position, or
possibly an internship, aspiring accountants have an opportunity to observe the duties and
responsibilities they'll perform on a daily basis.

Step 3: Consider a Master's Degree

A master's degree is not required, but it's beneficial depending on the type of position desired.
Master's degree programs in accounting include managerial courses that cover advanced topics in
auditing, taxation and finance. A master's degree is a common way for bachelor's degree holders
to meet the 150 credit hour requirements for CPA licensing. While 150 credit hours are commonly
mandatory, a master's degree is not necessary for CPA licensing.
Step 4: Become Licensed
Licensing and certification are not requirements to work as an accountant, but many employers
prefer to hire accountants with credentials. The CPA license, administered by the jurisdiction's
Board of Accountancy.

Step 5: Pursue Certification

Optional certifications help accountants stand out in the job market. They include the Certified
Management Accountant, the Certified Internal Auditor and the Certified Information Systems
Auditor credentials. They're all offered through different organizations and require professional
experience and an exam.

Where I see myself within 5-10 Years

I am currently pursuing my Bachelor’s Degree in Accounting at the University of Belize. I have
been previously working in the business community for six years; four years as an Administrative
Assistant and two (2) years in the auditing field as a Junior Auditor. Working as a Junior Auditor,
my salary was $1,600 monthly plus commission on every audit. This experience will surely help
me to advance in my career.

In the next 5-10 years, after obtaining my Bachelor’s Degree I will then have the opportunity to
advance myself to apply to sit the four examinations required to become a Certified Public
Accountant. My salary would then be at $3,500-$5,000 per month (personal communication,
February 20, 2018). The examinations will be difficult since I will need to teach myself for the
preparation of the examinations. I still have a lot of development and experience to achieve before
reaching my utmost goal which is to own my own accounting firm. The uniqueness of being an
Accountant is that there’s no ceiling on how high one can go, I can eventually own my own
accounting firm.
 References

Oxbridge Academy. Role of an Accountant. Retrieved from

https://www.oxbridgeacademy.edu.za/courses/bookkeeping-accounting/role-accountant/

Helstrom, K. (2010) Basic Accounting Skills. Retrieved from

https://budgeting.thenest.com/basic-accounting-skills-26913.html

Davis, S. Role of an Accountant. Retrieved from

http://smallbusiness.chron.com/role-accountant-play-business-operations-411.html

Banfield, C. (2003) How to become an Accountant. Retrieved from

https://study.com/articles/How_to_Become_an_Accountant_Education_and_Career_Roadmap