Accounting Job Opportunity in United Kingdom

Accounting job is ranking high at employment market in United Kingdom. United Kingdom is one of the largest financial centre in the world. Most of the accounting standard is derived from the financial reporting standard from United Kingdom.

To get an accounting job in United Kingdom is a great opportunity for career development. First of all we must obtain basic accounting knowledge for us to further our future career. What is the basic accounting knowledge that we need to get the job determine what is our future in accounting career development. Whether it is from basic book-keeping to financial accounting report where we prepare the document according to financial reporting standard.

The basic knowledge of accounting is where we must understand the importance of the beginning fundamental knowledge of the transaction. Basically we do our transaction through buying and selling. This is the first step we involve ourself into accounting realm.

We use money we earn to buy and we get our remuneration or salary from the work or services performed, or in greater scale from the products sold or services we provided as a term we call it as business.

Let us start with our role as a business, we sell products or provide services to our customer, this is simple transaction we start our business, and our customers will pay us from the products or services they received from us, within this transaction few things happen as following:

We sell products or provide services.
Transaction agreed.
Customer pay for products and services they receive.
We get our revenue or money.

This is fundamental part of understanding the meaning of transaction and how it evolves from transaction to accounting standard of double entry; debit (Dr.) and credit (Cr.). We will talk more about the double entry in later part. First of all, as we know earlier that our customers have paid us in cash, and we issue them the receipt upon we sold the products or services. How if the transaction is done through credit term? We will always notice the document with word Invoice. We issue invoice to customer for products or services performed, and customer will pay accordingly to the amount stated on the invoice. The good part of invoice is that it records down all the details of the product and services performed, so that the customer would know what are them paying for. Normally invoice will be issued for different cases;

To record the detail of the product or services
As a reference for products or services warranty
Customer get the products or services first and pay later
As a better sales account record

In this simple transaction, we see the fundamental of transaction and the initial entry to accounting system, where daily sales will be recorded into Sales Journal, detail of the invoice to be record into the folio. Accounting is the standard guideline for more transactions, so that we can derive our transaction into a standard reporting system.

Accounting is the fundamental financial information for a firm and business. Apart from the basic accounting transaction as we have discussed earlier, we are moving forward to understanding the importance of accounting transaction and what actually build up the accounting system, and the need of accounting system for a business.

The transaction happen everywhere at anytime from buying and selling of products and services. In order to keep a good record, we must categorize the set of transaction into various category, the main category are as following:

Asset
Capital
Liability

Asset, the thing we own in our business, everything we bought, acquired, purchased for the use of business operation, production, transaction.

Capital, the initial fund we injected for the started up of a business.

Liability, the amount of transaction or money or thing that we owe in order for us to do business, for example, financial facility; loan.

As we know, Asset is everything we own for the business, including the initial capital we invested and also the liability we owe in order for us to start up the business, thus Asset = Capital + Liabilities.

To get an accounting job, this is a very important basis for us to explore more possibility of every transaction, accounting system is not only about figure, but the real meaning of the value of everything we have transacted for purchasing and selling, thus the layer of systematic transaction is categorized.

You have to make clear what is Asset, Capital and Liabilities in order for you to build up a systematic term of transaction under an understandable categorization of terminology. Some people get confused in the very fundamental of the accounting system, because they put thing into wrong category, they misunderstood the meaning of the thing that they suppose to categorize in a systematic way. Always remember, once the foundation and the very beginning transaction is wrong, the error will occur in accounting system. This has to be rectified as soon as possible and to make clear that you really understand the accounting system before you start the job or work.

The most in-demand accounting jobs in the United Kingdom are:

Financial accountant: Financial accountants are responsible for preparing financial statements, analyzing financial data, and ensuring compliance with accounting standards and regulations. This role requires strong analytical skills and attention to detail.

Management accountant: Management accountants provide financial information to help managers make strategic decisions. This role requires strong analytical skills and the ability to communicate complex financial information to non-financial stakeholders.

Tax accountant: Tax accountants prepare tax returns and provide tax planning advice to individuals and businesses. This role requires a strong understanding of tax laws and regulations.

Internal auditor: Internal auditors are responsible for reviewing and evaluating a company’s internal controls and processes to identify areas for improvement. This role requires strong analytical skills and attention to detail.

Financial analyst: Financial analysts analyze financial data to help businesses make investment decisions. This role requires strong analytical skills and the ability to communicate financial information to stakeholders.

Accounts payable/receivable clerk: Accounts payable and accounts receivable clerks are responsible for managing a company’s payments and collections. This role requires strong organizational skills and attention to detail.

Bookkeeper: Bookkeepers maintain a company’s financial records, including recording transactions and reconciling accounts. This role requires strong attention to detail and accuracy.

If you want to get the most in-demand accounting job in the United Kingdom, here are some tips:

Get qualified: The majority of accounting roles require some form of professional qualification, such as the ACCA, ACA or CIMA. Research the qualifications that are most relevant to your desired role and aim to complete them.

Gain relevant experience: Employers value candidates who have practical experience, so consider internships or entry-level roles in accounting to gain relevant experience. This will also help you build a network of contacts in the industry.

Build your skills: Keep up-to-date with the latest accounting software and technology, and develop your analytical, problem-solving and communication skills.

Tailor your CV and cover letter: Tailor your CV and cover letter to the specific job you’re applying for, highlighting your relevant experience and qualifications.

Network: Attend industry events, join professional accounting bodies, and build relationships with professionals in your desired field. Networking can help you learn about job opportunities and build relationships with potential employers.

Prepare for interviews: Research the company and the job role before the interview. Practice answering technical questions related to accounting, and be ready to discuss any relevant projects or experiences you’ve had.

Keep learning: Stay up-to-date with the latest accounting regulations and best practices by reading industry publications and attending relevant courses and webinars. Employers value candidates who are committed to ongoing learning and development.