The Complete Guide to Accounting Jobs

Accountants are responsible for various accounting tasks from analysing accounts, reviewing financial statements, conducting routine and annual audits, assessing financial operations, preparing tax returns, suggesting improvements for efficiency and cost-saving measures, and providing risk analysis and forecasting.

According to the South African Institute of Chartered Accountants (SAICA), there is an estimated shortage of 22,000 qualified chartered accountants in South Africa when they conducted a study in 2009. It is also one of the highest paying professions in South Africa. Accounting is still in demand according to the Government Skills Shortage List.

What is an Accounting Job?

A career in accounting involves the management and analysis of financial information for individuals, businesses, or organisations.

Having dependable financial data is crucial for both businesses and government organisations. In the past, accountants were seen as number crunchers, but they are now recognised as holding a significant role in the effective financial management of a company. Organisations rely on accounting professionals to navigate the complexities of evolving tax laws and other government and financial regulations.

They are responsible for completing necessary tax and financial filings to ensure government compliance. Businesses rely on the financial documents prepared by accountants to accurately monitor income, expenses, and other important data. This information is used to evaluate their financial standing, develop budgets, and make essential financial forecasts for the benefit of investors.

What are the Different Accounting Jobs?

There are three main types of accountants in South Africa: financial, chartered, and management. Before there was SAICA, SAIPA or CIMA registered societies - all accountants were CAs. The most popular type of accountant in South Africa is the Chartered Accountant (CA). The stereotype likely originated from the historical role of CA, being the primary financial statement preparer. Other individuals involved in accounts were generally referred to as bookkeepers.

However, as the accounting profession evolved, it became clear that there was a need for separate specialisations within the field. Over time it became apparent that the skills of a CA could be better utilised elsewhere. This resulted in the creation of Financial and Management accountants, with each focusing on mastering their specific skill sets to better serve their respective communities.

The roles of financial accountant and management accountant were created to allow for mastery of specific skills to provide better services for their organization.

Chartered Accountant

A CA (SA) focuses on generating and safeguarding value within a business and the larger economy, while also strategically guiding and leading at a top level and is the highest level of accounting.

Large public companies like Anglo American, Discovery, Sasol, Bidvest and Vodacom still require CA’s to audit their books. The primary distinguishing factor between an accountant and a chartered accountant lies in the latter's typically higher level of qualification and years of expertise, as well as their association with a professional organisation. A chartered accountant possesses extensive knowledge and experience in providing specialised accountancy services and business advice.

These large companies are not owned by individuals and have shareholders who are not involved in daily operations. It is the role of the CA to ensure that these shareholders' interests are protected by complying with government guidelines and ensuring honest and transparent communication. The main professional body for CA’s in South Africa is SAICA (South African Institute of Chartered Accountants).

The Chartered Accountant qualification is the highest professional accountancy qualification in South Africa and is an internationally recognised career. Individuals who have completed the education and training criteria of SAICA must become members to use their CA (SA) title. A chartered accountant possesses expertise in financial accounting, external auditing, financial management, management accounting, and taxation. They are known for their multidisciplinary and analytical skills and their systematic and logical approach to resolving issues.

Once qualified as a chartered accountant, there are several different roles you excel in.

Auditor: Auditors analyse a company’s financial statements to ensure accuracy and compliance with legislation.
Staff accountant: A staff accountant prepares a company’s taxes, reports and financial statements while also handling the bookkeeping and managing the company’s budget.
Forensic accountant: Forensic accountants investigate fraud and other account mismanagement.
Tax accountant: Tax accountants specialise in tax legislation and they work to legally reduce a company’s tax bill by making maximum use of available deductions, among other things.
Finance manager: Finance managers are responsible for an organisation’s financial health. They handle financial reporting and investment and must ensure that the company complies with all tax and financial legislation.

Financial Accountant

Financial Accountants make up the majority of practicing accountants and are qualified to handle the books for companies that are not considered public. This typically includes small to medium-sized enterprises (SMEs) with an annual turnover of less than R100 million or a staff count of over 250. While there may be other criteria, this is the most notable characteristic of a non-public company according to the Companies Act. It is estimated that 90% of businesses would not be classified as public companies and therefore would require the services of a financial accountant. The main regulatory body for professional accountants in South Africa is SAIPA (South African Institute of Professional Accountants).

The main focus of a financial accountant is to use their expertise in accounting and finance to help companies make investment decisions. They analyse financial data, market trends, and economic conditions to assess the potential risks and returns of various investment opportunities. While those who work in general accounting focus on recording and reporting on those transactions.

Financial analysts also focus on interpreting financial data to provide insights into a company's performance. This includes analysing revenue trends, identifying cost-saving opportunities, preparing budgets and forecasts, evaluating investment options, and conducting risk assessments.

Management Accountant

Management Accounting is a relatively new accounting field in SA. While it may be new and largely unknown, its role is to use past financial data to forecast future outcomes and make informed decisions. This includes making estimations, analysing cash flows, and creating budgets.

While large public companies still require CA’s to audit their books, smaller businesses may benefit more from the expertise of a management accountant who can use past figures to make predictions and informed decisions. The main professional body governing managing accountant professions is global CIMA.

Management accounting is fast gaining more recognition and popularity in SA.

Other career paths to pursue with an accounting qualification are:

Accounting Technician (SA)

Accounting Technicians support a CA (SA), with appropriate technical knowledge and skills, an Accounting Technician can handle daily accounting tasks and play a critical role in generating accurate financial data. In larger organisations, this empowers senior accounting professionals to take on a more proactive and strategic position. Similarly, in smaller businesses, Accounting Technicians are involved in all aspects of financial management, providing high-quality financial information to support business planning, secure credit, and facilitate business growth.

These skilled individuals assist senior accountants by utilising manual or computerised systems to process invoices, receipts and payments. They also handle tax returns, payroll and expenses management, monthly account generation, budget planning and control, among other duties.

Registered Government Auditor

Government accountants work for local, state or federal agencies to manage public funds and ensure compliance with relevant laws and regulations. Their responsibilities often include monitoring budgets, preparing financial reports, and conducting audits.

“The accounting officer prepares the departmental budget (specified in terms of measurable objectives) for the Minister or MEC to approve and present to the legislature for voting. The accounting officer is then responsible for implementing and managing the budget.” National Treasury.

Forensic Accountant

Forensic accountants use their expertise in accounting to investigate fraudulent activities such as embezzlement or money laundering. They often work closely with law enforcement agencies during investigations involving financial crimes. Final reports are presented to senior management and can include recommendations.

Auditor

Internal auditors are employed by organisations to assess their internal controls and identify any potential risks or fraud within the company's operations. They play a crucial role in maintaining the integrity of an organisation's financial records.

An entry level internal auditor role calls for a minimum of a Postgraduate degree in a business-related field, such as accounting, finance, management, public administration, or computer information systems.

Tax Accountant

Tax accountants specialise in preparing and filing tax returns for individuals and businesses. They need to stay up to date on ever-changing tax laws and regulations to ensure accurate and compliant filings.

Tax preparation involves calculating and filing taxes on behalf of individuals or businesses. Knowledge of tax laws and regulations are imperative to ensure accurate reporting while minimising tax liabilities.

Associate General Accountant - AGA (SA)

AGAs (SA) play a vital role in assisting companies by providing a range of services. These include compiling financial statements, acting as a commissioner of oaths, registering as a tax practitioner, and conducting independent reviews. Ultimately, their contributions add significant value to organisations by improving efficiency and facilitating progress. In essence, they enable organisations to perform at their best.

Cost Accountant

Cost accountants work with manufacturing companies to track the internal costs of producing goods or services. They analyse production processes and determine the cost of materials, labour and overheads in order to help organisations make strategic decisions about pricing and profitability.

Bookkeeper

Bookkeepers are responsible for recording daily financial transactions for a company. They may also be involved in reconciling accounts, preparing reports, and assisting with payroll processing.

Bookkeeping is the process of recording daily financial transactions such as sales and purchases. This involves maintaining accurate records of receipts, invoices, and other documents to track the flow of money in and out of a company.

Bookkeepers record financial data into general ledgers, which are used to produce the balance sheet, income statement and further documents for accountants.

South African Qualifications and Accounting Associations

NQF4: Matric or school leaving certificate with Maths, Accounting and Business Studies.
NQF5: Higher certificate
NQF6: Diploma or advanced certificate
NQF7: Postgraduate certificate, advanced diploma or bachelor’s degree
NQF8: Postgraduate diploma, honours degree or bachelor’s degree (usually a 4-year bachelors)
NQF9: Master’s degree
NQF10: Doctoral degree

The most basic qualification for an accounting job is a bachelor's degree and this provides you with the necessary coursework and training to understand financial concepts, tax laws, auditing procedures, and other essential skills required for an accounting position.

Many employers also prefer candidates who have completed additional certifications or advanced degrees such as a Master’s or Doctoral degree. These credentials demonstrate your dedication to the field and can give you an edge over other candidates.

South African professional accounting associations:

International associated accounting organisations:

Other Useful Career Guides

Accounting and Finance Jobs

Banking and Finance Jobs

Advertising Jobs

Executive Jobs

What Skills are Needed for an Accounting Job?

In order to excel in the field of accounting, there are certain personal skills that are essential for success. While technical knowledge and expertise are important, it is these personal skills that can make a significant difference in your performance as an accountant

Attention to Detail

Attention to detail is perhaps one of the most crucial skills for any accountant. Accounting involves dealing with large amounts of data and numbers, and even minor errors can have significant consequences. Having strong attention to detail helps ensure accuracy and precision in financial records and reports.

Ethics & Honesty

Accountants often deal with sensitive financial information that must be handled ethically and with honesty. Employers look for individuals who exhibit honesty, integrity, objectivity and ethical conduct in their work.

By maintaining honesty and integrity, accountants not only uphold ethical practices but also build trust and credibility among stakeholders such as investors, creditors, and customers. Ensuring fair and accurate financial reporting that accurately reflects the financial state of a business.

It is crucial for employers and clients to be aware that you handle work tasks and financial data with honesty.

Communication Skills.

As an accountant, being able to communicate effectively is a valuable skill. The ability to convey financial information to colleagues or clients who may not have a background in accounting is essential. Having the knack for simplifying complex concepts into easily understood terms is incredibly beneficial in this profession.

Teamwork

While accountants may have individual responsibilities, they also need to work closely with other members of their team or other departments. Good teamwork skills are crucial for collaboration, communication, and achieving common goals in a fast-paced accounting environment.

Problem-Solving

Accounting involves dealing with complex financial issues that require problem-solving skills. Accountants must be able to identify problems, research possible solutions, and make decisions that benefit the organisation.

Accountability

As an accountant, it is crucial to have a sense of accountability. Taking responsibility for any errors or mistakes that may arise, particularly during audits. Making judgment calls is a regular part of the job, and it is essential to be willing to accept responsibility when these decisions lead to incorrect outcomes. Demonstrating this quality further solidifies one's abilities as a competent accountant.

Well Organised

Accountants need to keep financial information and other data as organised as possible. This helps reduce the risk of errors and ensures that they’re able to find what they need promptly.

An accountant will be responsible for managing multiple tasks simultaneously - from preparing financial statements to analysing budgets and overseeing tax filings. This requires excellent organisational skills to keep track of deadlines, prioritise tasks, and manage time effectively.

Proactive

Being proactive means being able to anticipate problems beforehand and take steps to prevent them rather than reacting to them after they occur. If you tend to do this in your personal life, your proactive qualities can make you a highly successful accountant. Being a proactive accountant can help you avert financial disasters and lower the risk of facing these kinds of problems on the job.

Time Management

Accounting schedules can fluctuate throughout the year. During tax season, for example, you can expect to be much busier than normal. Time management is essential to have as an accountant. You’ll need time management skills to make sure you’re able to complete your work on time without feeling overwhelmed or letting the team down.

Analytical Thinking

Accounting requires a high level of analytical thinking, as accountants need to interpret financial data, identify trends, and make sound decisions based on their analysis. Being able to think critically and analytically allows accountants to spot potential issues or areas for improvement in a company's finances.

Adaptability

The field of accounting is constantly evolving, and accountants must be able to adapt to changes in regulations, technology, and industry trends. Being adaptable allows accountants to keep up with the latest practices and maintain their relevance in the field.

Open to Learning

Accounting is a dynamic field where new technologies and practices emerge regularly. It is important for accountants to have a thirst for knowledge and continuously update their skills through training and professional development opportunities.

Frequently Asked Questions

Is Accounting a Good Career?

Yes, accounting professionals serve as the pillar for every organisation and offers a lucrative and stable career path. They play a crucial role in the functioning of any company, whether it's managing revenue or sustaining operations.

With this profession, you can rest assured that there will always be opportunities available for you, locally or internationally, regardless of what lies ahead.

Is Accounting in Demand?

“South Africa is in desperate need of scarce skills that are crucial to our socio-economic development. These include finance-related skills such as those provided by accountants.” explains Prof Heleen Janse van Vuuren, director of the School of Accounting Sciences at the NWU’s Faculty of Economic and Management Sciences.

Accountancy roles are highly sought-after positions that come with numerous benefits for those who pursue this profession. Some of the perks that come with being an accountant include the chance to work in various fields, job stability, working remotely, international job opportunities and the potential to establish your own accounting firm or enterprise.