Industry Solutions

Accounting Industry

About accounting

Accounting is the practice of tracking every cent that goes into or comes out of a business. By its very nature, accounting work must be precise. Exceptional accuracy isn’t “going above and beyond”; it’s demanded.

The accounting process isn’t a creative endeavor. Most countries have regulations in place that govern the movement and tracking of money by a business. Although the steps needed to do a full accounting may vary from one industry to the next, the concepts are generally the same.

There are daily, monthly, quarterly, and annual accounting cycles. Each of these cycles consists of many actions to record the inflow and outflow of money. Daily transactions may be recorded in the journal and general ledger. Companies run reports on monthly and quarterly bases to ensure they’re staying on track. At the end of the fiscal year, companies assess their profit or loss for the year to report to their board, investors, and shareholders. And of course, at the end of each calendar year, accounting must be done for tax reporting purposes.

Accountants and clerks within a company’s accounting department may handle different aspects of accounting, such as accounts receivable, accounts payable, and payroll. Accountants at an accounting firm typically handle the accounting work for a company that doesn’t have its own department.

Problems hiring the right people for accounting

The people who work in the accounting field should have focus, persistence, and be able to work independently. Many people in accounting work alone in a quiet environment, although this isn’t always the case. Still, accounting isn’t a social job.

And the duties performed by accountants don’t typically offer much variety or stimulation compared with the duties required by some other types of jobs. A typical day in an accounting job equals a lot of time spent sitting indoors and a lot of screen time.

People who work with money or track the flow of money must be honest, ethical, and trustworthy. Such employees may have access to various accounts and passwords as well as a vault or safe that contains cash, checks, and critical documents.

Furthermore, people in accounting should be detail-oriented. As mentioned, accuracy and precision are requirements. Books may be reviewed at any time by a company’s executives or board of directors, not to mention auditors and the IRS. Significant accounting errors are red flags and can come under great scrutiny.

Why use pre-employment testing for accounting

Using pre-employment testing for accounting is an excellent way of discovering which candidates have the qualities needed to fill accounting roles. Whether you’re staffing an independent accounting firm or an accounting department within a company, even your administrative assistants and office managers should have many of the same qualities you look for in your true accounting personnel.

Many companies face difficulty in finding candidates who possess the right qualities to fill accounting roles. When you hire with HireNest, you can use targeted pre-employment assessments to narrow down your pool of candidates quickly, fairly, and accurately.

Pre-employment assessments also minimize your risk of bad hires. In the accounting field, this is especially important. Erroneous accounting processes can affect a company’s reputation as well as its bottom line.

Finding the right candidates for accounting jobs via the traditional hiring route of resumes and interviews can be quite difficult. The specific skills you want in accounting employees don’t necessarily show up in the conventional candidate review process. Only through targeted testing can you fill those roles confidently with the right talent.

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Common positions in accounting

  1. Accountant
  2. Accounting clerk
  3. Auditor
  4. Bookkeeper
  5. Bursar
  6. Certified public accountant (CPA)
  7. Chief financial officer (CFO)
  8. Controller
  9. Financial analyst
  10. Tax accountant
  11. Treasurer

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