People interested in occupations that require knowledge or use of generally accepted accounting principles (GAAP) can work in business finance management, accounting, auditing, and budget analysis. GAAP is a set of standards and procedures used by companies to classify revenues, expenses, and other finance-related transactions for use by executives and shareholders. Financial managers oversee the preparation of financial reports meant for shareholders or government regulators. Accountants review such financial reports to ensure that the company is operating at maximum efficiency, to substantiate the accuracy of the information reported, or to make sure taxes on the revenues and profits contained in such reports are paid. Budget analysts aid company executives in managing finances by developing or analyzing proposed budgets and future cashflow requirements.
Individuals working GAAP jobs in financial management have varying roles depending on their titles. Controllers are usually charged with preparing financial reports and summarizing the financial position of the companies they work for. They typically supervise the entire accounting, auditing, and budgeting departments. Treasurers direct the investment operations of the company. This requires them to manage funds, determine potential risks, and oversee any associated mergers or acquisitions.
These types of GAAP jobs require a bachelor’s degree or its equivalent in finance, economics, accounting, or business management. Advanced degrees or certifications may also be required. Financial managers should also have excellent communication skills in order to manage personnel or present financial data in a concise and simple manner.
Accountants work in both the public and private sector. Public accountants provide services to individuals, businesses, and governments. They provide services on a wide range of issues including taxation, financial report preparation, and fraud. Management accountants work exclusively for private companies. In these types of GAAP jobs, accountants record, prepare, and analyze financial data of the companies that employ them. Their duties may also require them to report such information to executives or regulators.
GAAP jobs in accounting require a bachelor’s degree in accounting or finance. Accountants working as public advisers usually must have a license to practice. Similar requirements may exist for management accountants who prepare financial reports meant for shareholders or government regulators.
Budget analysts primarily focus on identifying unnecessary costs or excess spending or employing financial resources in the most efficient manner possible. During the budgeting process, managers submit budget proposals containing financial reports highlighting the costs of certain programs and the amount of capital required to continue operations. Individuals working GAAP jobs as budget analysts review these proposals for accuracy, conduct cost benefit analyses to determine if the programs are necessary, or search for alternative means of funding. Once complete, budget analysts summarize the information for executives and advise them on budget allocation.
Most budget analysts have degrees in accounting, business, statistics or public administration. They also have a strong mathematics base. People interested in these positions should also have effective written and oral communication skills.
