personal statement accountant

Sample Personal Statement Accounting and Finance

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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How to Write a Personal Statement for Accounting (Best Tips)

It should signify your love for numbers and your passion for business and finance. It should also provide an in-depth look into your personality and evidence that you are qualified for this course. This article will show you how to write a captivating personal statement for accounting school in the simplest yet most substantial form.

What is a Personal Statement?

What to include in your personal statement.

A personal statement is not a lengthy essay to be filled with your life story and fancy goals. It must be a concise, realistic, and compelling justification of why you’re the most suitable candidate to be granted admission.

Include these in your personal statement:

According to James Seymour, Director of Marketing and Student Recruitment at the University of Gloucestershire , universities do not want a beautifully written essay with tens of achievements but a realistic picture of a candidate with all efforts, traits, goals, and hardships that shaped him for an accounting major.

How to Write a Personal Statement for Accounting (Step-by-Step Guide)

1. do your research.

Be very sure about what and where you are applying for and why you are applying for it. Do your research on:

This research will make you confident about your choice and your plans. Reflect the knowledge gained from this research into your statement. Tip: Do thorough research and make notes on the achievements of instructors, industry leaders, and related case studies. This will help you in compiling evidence-based personal statements.

2. Brainstorm and Write

Once you have done enough research and analysis on pursuing an accounting and finance program, the next step is to jot it down. Take a paper and pen, and write whatever comes to your mind regarding the course and your application. Leave the structure and language for now, and think and write whatever comes to your mind. Support your every thought with evidence from the research you did in step#1.

3. Filter it Out

Group sentences into the above sections and then write them in paragraph forms under each section.

4. Arrange and Refine

5. analyze and improve sections, 6. set the flow.

Once the content is completed, the next step is to arrange the paragraphs in a sequence. Read the individual paragraphs and make connections between them. Each new paragraph should be a smooth transition from the previous one. Arrange paragraphs in such a way that it keeps the reader engaged and gradually provides insights about you. Think of it as the art of storytelling . It goes from the introduction to the body of the story to the climax.

7. Proofread

8. peer check, 9. don’t be hasty in submitting it.

Yes, do not submit your personal statement along with your application if the deadline is still far off. Keep the final version with you and read it after a day or two. You will see lots of space for improvement after checking it with a fresh mind. Keep on improving and submit the best version a few days before the closing date. That’s it. We provided you with the best approach to writing a personal statement for an accounting school application. You may end up writing an amazing one if you follow these steps in a sequence. If you are still confused about structuring your accounting and finance personal statement, here is how you can do that.

How to Structure Personal Statement for Accounting and Finance

Making a general structure or outline for your personal statement will make your writing ten times easier and will give it a natural flow. The widely accepted personal statements usually follow the following structure:

Opening Paragraph

Begin your personal statement with an interesting opening paragraph. It is a very crucial part of your essay as it draws the reader in. Mention your interest in accounting and finance and explain what stokes your passion for choosing this course.

Middle Part

You can divide this part into academics and work experience as follows:.

Watch this and learn how to include academics and work experiences in your accounting and finance personal statement.

This part is a personal touch. This is where you can mention the least significant part of your story. Mention your interests, hobbies, and other activities and elaborate on how they help you develop relevant soft skills. Mention books, events, programs, or people by name that you follow. Tip: Even the least significant information must significantly relate to your passion for accounting and finance. For example, you can mention reading books like ‘Rich Dad, and Poor Dad’, listening to TEDx talks, etc. Check out this guide to learn how to talk about hobbies in a personal statement.

Tips for Writing a Great Accounting Personal Statement

Common mistakes:, amazing examples of personal statements.

After reading all the tips and tricks for writing a personal statement for accounting and finance, check out these successful examples that got selected for top-ranked institutes.

Want more examples? Here is a list of the best accounting statements that have been shared by the UCAS admission officer.

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Dr Fatimah Zainudin from the University of Southampton’s management school is looking for 'the "chemistry" that makes an applicant shine out,’ so try and demonstrate your enthusiasm about the course and the buzz you'll get from studying it.

'What we love to see is a passion for the subject itself. If you fall in love with the subject, that’s what will lead to success on the course; it will give you the right chemistry,' she says.

Demonstrate your enthusiasm

If you can demonstrate what's sparked your interest in finance and accounting, that's a good start – but it’s no good just saying you’ve got a passion for it, you have to show it.

If you’re not the kind of person who gets very passionate about things, don’t worry. But do still try to explain what it is that attracts you to studying it. Then back it up with evidence of your relevant skills, knowledge or experiences and show that you understand something about what’s involved. That should solve it.

See our in-depth guides to studying finance or accounting at university, from typical modules to career paths, for some inspiration.

Finance and accounting personal statement must-haves

• Get the basics right: good communication skills are essential to anyone working in the finance sector, so make sure your statement is well-written. Nobody is asking for a literary masterpiece here, just a well-structured and waffle- and error-free statement.
• Interest in the subject: Sheffield Hallam University is looking for you to demonstrate 'an interest in and awareness of accounting and finance, or some level of practical experience.' Similarly, Bristol is looking for 'interest and commitment to the subject.' This means conveying enthusiasm for studying it and showing that you understand something about it, whether that comes from reading, work experience, or studying relevant topics in your A level, BTEC, or Higher course.
• Business awareness: University of Bath selectors are expecting students to have an interest and aptitude for 'quantitative analysis of business issues.' Demonstrate this with evidence that shows your abilities for applying mathematical skills to the analysis of business problems.
• Beyond the classroom: The University of Bristol is looking for 'intellectual curiosity – reading or research beyond the A level (or equivalent) syllabus.’ This is always good practice in personal statements, provided you then reflect on what you learned from your wider reading or research – they don’t just want a list.
• Relevant outside interests: if you choose to include extra-curricular activities, make sure they are relevant or showcase appropriate personal characteristics, skills, or achievements. Apply the 'so what?' test: if you play the flute or basketball, can you make that relevant to your future success at university, or should other factors take priority in your 47 lines?

Make the most of any experience

If you’ve had some work experience , that’s great. It doesn’t matter whether it’s a couple of weeks spent shadowing an accountant, a couple of hours just talking to one, a part-time job in a financial, retail, or business environment, or a scheme like Young Enterprise. What does matter is that you write about something relevant that you have learned from it. But, as Sheffield Hallam and LSE say on their websites, experience is not essential, so don’t panic if you don’t have any.

Your commitment to studying accounting or finance as an academic subject is usually the key requirement. However, if you can also show that extra ingredient of passion and a glimpse of the ‘chemistry’ that exists between you and the subject, then your application really will stand out.

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• Accounting personal statements

Accounting and finance degree personal statement example (1a)

My decision to apply for a degree course in Accounting and Finance stems from my research in the college library and my career aspiration to become a chartered accountant. I particularly enjoy administrative work, numerical and statistical exercises, and opportunities to work with others as a team. I am confident that these strengths and transferable skills will be developed in a degree course, and valuable in my subsequent career

In order to get a head start, I have arranged a two-week work experience programme with Ahmed and Co accountancy, which provides services for well-known restaurants, cafes and other businesses. These two week work experience will provide me with a greater understanding of the basic skills required of an accountant, and introduce me to techniques such as cash balance appraisal, budgetary control and current cost accounting

I am currently studying A- Level ICT and History and AS- Level Urdu and Business Studies. Studying AS-Level Business Studies will provide the foundations and understanding of real life problems faced by businesses and the right solutions that are used by professional businesses in order to succeed and A-Level in ICT will give me a better understanding of advanced technology available that can be used in order to process more easily with less time consuming

I am a very active sportsman, taking advantage all sports facilities that my college provides. I have represented my college in cricket, football, basketball and cross-country and the medals, certificates and trophies accomplished can represent these. I hope to take these achievements further by representing the university in the sports facilities it will provide and by achieving more medals and trophies as possible

I believe university offers an excellent opportunity to further my learning in a challenging environment so I am applying for a degree in accounting and finance, which will enable me to acquire the skills required to understand the world of business and help me become a chartered accountant

I look forward to the challenge of a demanding degree course, and am confident that I have the personal qualities and academic motivation to make a success of it.

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Accounting Personal Statement Examples

Personal statement examples for accounting are available for students to use as inspiration. Read below both examples.

Accounting Personal Statement

I am inspired and motivated by my family and by my own general aptitude for mathematical subjects to pursue a degree in accounting and to pursue a career in the field. During my summer vacations, I worked in the accounting department of my father’s company and observed the accountants at work and learned a lot from them. Upon graduation, my immediate plans are to return to my father’s business, assist him with his business, and gain experience that can be applied to my own company in the future. As China’s business environment continues to develop and expand at an unprecedented rate, I am eager to contribute to this new era of commerce. The versatility and variety of accounting appeal to me. Modern enterprises can benefit from the expertise of a well-qualified accountant in many ways, and a degree in business studies from a British university would be the best way to begin my career in this field, given the reputation of British universities and the business studies courses they offer. It is very important to my parents for me to take advantage of this opportunity to study in the UK and to expand my academic knowledge and skills.

Modern corporations, charities, governments, and individuals are eagerly seeking accountants from good universities with good degrees. The role of accountants in business planning and decision-making is becoming increasingly important, so they need good interpersonal skills in addition to academic aptitude. Complexity and analytical abilities are required for the job. In the same way that businesses rely on their lawyers, I understand that as an accountant I carry enormous responsibility. In addition to keeping up with tax and legal developments, the accountant must always be accurate and able to work under pressure. Being a member of a well-respected profession would be a great source of human satisfaction, both materially and personally. Prospects seem very promising to me.

Reading journals and following economics stories in the media has developed my interest in the business world and accountancy. Regularly updating one’s information is essential given that the situation is constantly changing. My communication skills and approachable temperament extend beyond the classroom. Both in everyday life and in my academic studies, I enjoy being part of a team. Being a team leader during my college’s summer campus taught me a lot about working with others and getting along with them. Being able to serve the needs of the elderly has always been rewarding for me as a volunteer in care homes in China. I love adventures, also I am open-minded and always ready to try new things and consider new ideas.

I have a number of languages, Chinese, fluent English and some Japanese and Korean. I believe that such skills are an immense asset in today’s increasingly international and globalised economic environment. I also have highly trained IT skills, which I know are now central to the accountancy profession. I am hard-working, reliable and mature in my attitude, and very much committed to my chosen career path. I have a number of friends with whom I would hope eventually to set up a joint venture company, after working for some time in my father’s firm. I am academically able, enthusiastic, energetic and ambitious, and very much look forward to a successful career. I can offer my total commitment to my chosen course and I hope you will consider my application.

Accounting Personal Statement Example

Besides serving as the cornerstones of any successful business management , finance and accounting are also two of the most important building blocks of our contemporary society, and they become even more important during economic crises, like the one we are currently experiencing. Hence, I cannot see how anyone cannot become fascinated by learning more about the processes that govern capital flows and shape our world. I have grown steadily fascinated by these processes and developed an aptitude for and interest in mathematics throughout my school years, so I am confident I will be a motivated and ambitious undergraduate student in these subjects.

I have always enjoyed subjects which focus on numbers and mathematics. In addition to my studies, I also undertook maths challenges that aimed to make mathematics accessible and fun. It is this attitude to the subject that has inspired me to continue progressing to higher-level study in related subjects. My positive attitude to study also extends to other subjects, however, and I have gained valuable skills and experience from branching out into other fields. Studying Biology and Chemistry not only made good use of my mathematical skills but also encourage a logical, patient approach to problem-solving, while studying German inspired an interest in learning about other cultures and languages that will assist me in the increasingly international field of global finance.

Gaining experience within existing businesses offered an opportunity to begin to see how the principles of finance were applied in a real-world context. Through working as a customer adviser at Next, I have gained experience in working to daily targets, handling money and realising the importance of setting and adjusting financial expectations based on a variety of variables. Through occupying a customer service role I also gained the opportunity to hone communication and teamwork skills, allowing me to maintain excellent relationships with customers and colleagues. During my work experience with Edutech, I also utilised and developed these same skills, while undertaking repairs of school computers and increasing my knowledge of Information Technology and computer systems, so central to the contemporary field of finance.

I have been deeply involved in supporting both my academic and local communities, believing it is essential to help guide younger students at my school and in my neighbourhood. I have found serving as a role model for them as they overcome challenges to be immensely rewarding. I served as Senior Prefect and School Council Member, roles giving me a window into how funding decisions directly impact students – reinforcing the centrality of finance and accounting. I also volunteered with Oriel Youth Wing, establishing and running a youth club, an experience that taught me much about organization and time management while mentoring members through difficulties. Similarly, I mentored and supervised children of various ages through BEIS fun club and the Knowing Me Knowing You mentor scheme.

As a committed and ambitious student with an aptitude for mathematics, I believe I possess the intellectual ability and drive needed for undergraduate and potentially graduate studies in accounting and finance. More importantly, as someone with a well-developed social conscience, I will bring to my studies an awareness of the profound impact these subjects have on all our lives, creating extra motivation to understand and influence these fields after graduation.

Best Personal Statement Examples

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Accounting and Finance Personal Statement Sample

The global economic crisis has brought into relief the increasing value of financial awareness and skills, to advise bodies from businesses to governments on decision making. I chose to study Business at GCSE in order to delve deeper into business management and structure, wherein I discovered a keen fascination for finance, but it was my mother’s redundancy from a company 6 months into the recession which cemented my focus. I was determined to understand why some organisations survived and others failed, impacting on everyone from employees and their families to customers and staff themselves.  I am thus keen to become a fully qualified Accountant, with a long-term view to become a Chief Executive Officer in a business in future, to help avoid devastating crises in future times.  

Maths has always been a passion of mine: its rules, expression of abstract ideas through models, and intriguing problems play a role across diverse industries. A-Level maths has consolidated my numeracy and I have enjoyed learning Accounting precepts through wider reading to focus my knowledge on the financial sector, as well as  several Gresham lectures online to enhance my understanding of current issues. I particularly enjoyed a lecture on the extent to which accounting principles “caused” the recession, which underlined the relevancy of accountancy to financial security, and reforms within the discipline that will make working within it exciting. My long-standing fascination with forensic science inspired me to study Sciences to understand the complex scientific techniques and logical approaches used in solving crimes and draw new exciting conclusions; to this end, I also read “Popular Science” magazine regularly to keep abreast of new developments in the field.

I arranged work experience at a doctor’s surgery last summer to gain insight into its multifaceted daily business: healthcare, like economics, is integral to the welfare of society. I undertook a variety of admin tasks including appointments and filing of patient records, and my attention to detail with filing gained me an extension on my placement to help ensure that all the documents were up to date for the upcoming inspection. I particularly enjoyed observing the management of resources within the clinic and other financial business handled by a public body, which interested me in a possible future career in public sector finance. I also volunteered weekly at my local Age Concern for 4 months, where I befriended the elderly and became close to one gentleman who was living alone with no friends or relatives. His stories about his travels and the War were fascinating and I felt extremely lucky to gain his trust and friendship. I have also regularly volunteered at my local Sikh temple over the last 2 years and gained awards for service. At school I was an elected prefect and mentor for students from primary to secondary age, and the sense of satisfaction I gain from helping others has made me increasingly focused on a career which will help ensure society’s security.

In my spare time I enjoy a range of sporting activities, including football and trodai classes. Trodai has been useful in gaining self-defence skills and confidence, and as well as gaining medals in tournaments I am only a few grades away from my black belt. I also enjoy chess, which develops my strategic skills, and teaching myself keyboard.

The evidence required to make the key decisions in business comes directly from finance, and thus Accounting is integral to effective management and ultimately success. It is clear that qualified financial professionals are more needed than ever, and the chance to achieve something important daily through my skills and knowledge would make for a highly rewarding career. I feel I have the mental agility, flexibility and passion to achieve my goal, along with the motivation to help improve our daily lives through effective management and financial responsibility.

A greater range of Accounting and Finance Personal Statement Samples are available on our site and can be browsed at will.

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3 Accountant CV Examples & Templates (+CV Writing Guide)

Posted by CV Nation on Mar 18, 2021

The ultimate guide to prepare a job-winning accountant CV, with three accountant CV examples and everything to need to know to stand out from the crowd.

When pursuing accountancy jobs, your CV is one of the most important tools at your disposal. It’s your first, and possibly only, opportunity to demonstrate your worth to recruiters and stand out from the competition.

In this guide, we’ll show you how to do exactly that, step-by-step.

The CV templates and advice in this guide have been designed for all accountants, including certified public accountants, chartered accountants, management accountants, cost accountants, forensic accountants, entry-level accountants and investment accountants.

This guide includes:

- What to include on your accountancy CV and how to format, structure and design it

- Which skills are most important for accountants and how to show them on your CV

- How to present your accounting experience and accomplishments

- Three of the best accountant CV examples and templates

Accountant CV Example

How to Write an Accountant CV

Professional profile/personal statement.

Professional profiles, which are frequently referred to as personal statements, personal profiles and executive summaries, are short summaries at the top of CVs.

The goal of your professional profile is to provide insight into who you are as a professional and how you can add value.

Keep your personal statement concise and focus on the most relevant details. As an accountant, you may want to touch on your proficiency with advanced tools or your track record of improving processes.

Here is an example of an effective personal statement on an accountant’s CV:

Versatile, analytically-minded accountant, with over 14 years’ experience working for global companies with revenues in excess of 100 M. Recognised as an influential leader, with experience managing teams of accountancy professionals and fostering collaborative, positive workplace cultures.

Proven track record of maintaining compliance with regulatory requirements and general accountancy standards, as well as internal protocols. Proficient with multiple accounting tools, including EnterpriseOne (E1), NetSuite, Momenteo, Wave Accounting, QuickBooks and Xero.

Including a professionally formatted skills section quickly draws attention to what you can bring to the table. It can make your CV stand out and show recruiters why you’re a perfect fit for the job.

Highlight 9 or 10 of your strongest skills. Avoid including too many as this will dilute the section and the skills won’t stand out as much.

In this section, focus on hard skills – skills that are fundamental in performing role-specific tasks. System implementation and financial analysis are examples of hard skills.

Which skills are most important for accountants?

Staff accounting, forensic accounting, project accounting, cost accounting, management accounting, data analytics, accountancy tools and technology proficiency, budgeting, forecasting, payroll, data trending, regulatory compliance, due diligence, auditing, financial analysis, system implementation, cost allocation, variance analysis, month/year-end closing.

As stated in Forbes’ article on the evolving role of accountants , one of the key skills for the modern day accountant is proficiency with advanced tools and technologies.

Technology is constantly playing a more active role in allowing accountants and businesses to enhance efficiency and performance. As such, it’s important to draw attention to your proficiency with technologies and tools on your CV.

Depending on your level of technical skills, you may want to consider dedicating a large portion of this section to your proficiency with technology and tools.

Here is an example of a skills section on an accountant’s CV:

Soft Skills

Soft skills – such as organisation and communication – don’t add much value on your CV unless they are backed up with examples of times you have utilised the skills.

For this reason, it’s more effective to showcase your soft skills through your achievements and duties in your work experience section.

Here is an example:

‘Devised, developed and delivered a workshop for junior colleagues to communicate the processes involved in the digitalisation of the invoicing process, which eliminated over 50 working hours per week’.

Note how this achievement demonstrates the accountant’s communication skills by highlighting her experience delivering successful workshops.

But which soft skills are most important for accountants? And how do you show them on your CV?

1. Communication

Accountants should be adept at communicating complex financial information to people who are not financially-savvy. Sound communication acumen enables accountants to convey beneficial information to Senior Management and clients to enable informed decision-making.

How do you show your communication skills on your CV?

To show your communication skills on your CV, highlight achievements that came about as a result of your communication skills.

For example, have you delivered presentations that contributed to improved processes? Have you communicated financial information Senior Management, which led to cost savings?

2. Attention-to-Detail

As accountants work with large amounts of financial information and data, it goes without saying that attention-to-detail is an important part of their skill set.

How do you show your attention-to-detail on your CV?

As with your communication skills, the best way to show your attention-to-detail on your CV is to show how the skill led to positive outcomes.

This may include identifying errors and reducing accounting discrepancies.

Reduced accounting discrepancies by 41% against the previous five years via attention-to-detail and an analytical approach to tasks.

3. Leadership

Leadership is a key skill for modern-day accountants. Those in more senior accounting roles will have people management and training responsibilities, so strong leadership qualities enable departments to operate more efficiently.

For junior accountants or entry-level accountants, strong leadership skills will provide you with a platform to take the step towards more senior roles.

How do you show leadership skills on your CV?

As leadership is fundamentally about getting results, the best way to show leadership skills on your CV is to highlight your successes.

If you’re a junior or entry-level accountant with little or no experience, you can focus on your commitment to training and development to improve your leadership skills.

4. Organisation

As accountants usually manage multiple clients simultaneously and work to tight deadlines, they are expected to be well-organised.

How do you show your organisation skills on your CV?

Highlight times you reorganised processes or utilised your organisation skills to achieve positive outcomes.

Sourced and implemented a new accountancy tool to replace manual paper processes, which improved efficiency by 22%.

Work Experience

Now it’s time to include your professional work experience.

List your job posts using the reverse-chronological format, starting with your current or most recent job and working backwards.

Include your job title, the name of the company you worked for, the location of your employment and the dates of your employment.

Before listing your achievements and duties, include two or three lines to provide some context. This will show recruiters or hiring managers what your role involved.

Joined this logistics company to support the monthly close process and manage balance sheet reconciliations, reporting directly to the finance director.

Numbers and Metrics

Use numbers and metrics to bolster your achievements. Numbers and metrics make your CV stand out and provide tangible evidence of your successes.

‘Generated a cost saving of 11 pounds per invoice by implementing new accounts payable software’.

Education and Training

The education and training section enables you to show recruiters that you're qualified and have obtained any necessary certifications.

When detailing your qualifications, include the name of your qualification, followed by the school you attended and the dates of study.

Consider including a list of the modules you undertook; this will not only show your expertise, but will also help to optimise your CV for recruitment screening software (more on that later in this guide).

Here is an example of an accountant CV’s education section:

Additional Information

Include any additional information in the final section of your CV. Relevant additional information includes memberships, language skills, licences, interests and voluntary work.

Further Tips to Improve Your Accountancy CV

Nowadays, many recruiters and HR departments use Applicant Tracking Systems (ATS) to filter and rank applicants’ CVs based on specific keywords. Other factors that affect ATS scores include formatting, layout and design.

To ensure your CV passes through and ranks highly in ATS, it’s important to optimise it by including the relevant keywords.

To learn about the most important keywords for your CV, analyse the job description for the role you’re applying for. This will give you an idea of the essential criteria for the role. These are the keywords you should be including on your CV.

What are the most important keywords for accountant CVs?

KPI delivery, financial analysis, auditing, management accounting, data, analytics, regulatory compliance, data entry, Microsoft Excel, team leading, staff accounting, payroll systems, cost accountant, forensic accounting, project accounting, budgeting, system implementation, cost allocation.

The accountant CV templates in the guide are optimised for Applicant Tracking Systems (ATS), so feel free to use them to enhance your chances of success in the job market.

LinkedIn URL

If you’ve got a well fleshed-out LinkedIn profile, include your LinkedIn URL with your contact details.

Before including a link to your LinkedIn profile on your CV, make sure your profile is as good as it can be. Many recruiters go to your LinkedIn profile after viewing your CV, so it’s important to have an effective profile that demonstrate your value as an accountant.

How long should accountants’ CVs be?

There are no hard rules about CV length, but two pages is considered the optimal CV length.

Those with little experience would be recommended to opt for a one-page CV as they often don’t have the content to fill two pages.

Those with more experience often go with a three-page CV as they have a significant amount of achievements and skills that they want to get across. Two pages sometimes doesn’t offer enough space for those with a great deal of experience.

However, try not to exceed three pages. CVs over three pages usually make for a poor reading experience and the key details can be difficult to locate.

For more comprehensive assistance with preparing your accountancy CV, view our in-depth guide on how to write a CV .

In the United States, the accounting sector is predicated to grow by 10 % by 2026 , which accounts for an additional 139,900 jobs. As such, the future is bright for accountants. Use the advice, guidance and templates in the guide to prepare a powerful CV and secure the job you want.

Want to ace your job interview? View our free guide to accountancy job interviews , which includes 20 of the most common accountant job interview questions and answers.

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Five Essential Factors to Consider When Selecting an Accounting Firm

Choosing an accounting firm for your business isn’t a decision to make lightly.

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Selecting the right accounting firm for your business is an important decision that can greatly influence your financial health and business success. A reliable and skilled accounting firm can help you manage taxes, financial planning and bookkeeping, ensuring your business operates smoothly and efficiently.

My organization has extensive experience hiring accounting firms for our own needs and on behalf of our clients, so I understand the critical role a top-notch accounting firm plays in achieving financial stability and growth. This experience has given me valuable insights into what makes an accounting firm truly exceptional.

Here are five key tips to consider when hiring an accounting firm:

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1. Assess the firm’s expertise and specialization.

When vetting potential accounting firms, consider the firm’s expertise and specialization. Different firms may focus on areas such as tax planning , auditing, financial consulting or industry-specific services.

Seek a firm with significant experience in your industry. Industry-specific knowledge is invaluable, as the firm will understand the unique challenges and regulatory requirements of your sector. For instance, a construction company would benefit from an accounting firm experienced in managing project-based finances and handling contract revenues.

Additionally, ensure the firm’s accountants are certified and possess relevant professional qualifications. Certified public accountants ( CPAs ) have undergone rigorous training and testing and adhere to high ethical standards, making them adept at handling complex financial issues.

The accounting field is ever-evolving due to changes in tax laws and financial regulations. Firms that prioritize continuing education for their staff are more likely to stay updated with the latest developments, providing accurate and current advice.

2. Evaluate the range of services offered.

Accounting firms’ services vary widely, with some offering comprehensive financial solutions and others specializing in specific areas. If your business requires a broad range of services, choose a firm that provides bookkeeping, tax preparation, auditing, financial planning and advisory services. Larger companies and those experiencing rapid growth typically need comprehensive services due to their complex financial needs and regulatory requirements. In contrast, smaller businesses or startups might benefit more from basic accounting services focused on essential bookkeeping and tax preparation.

It’s important to ask whether the firm can tailor its services to your specific needs. Customization allows the firm to address the financial aspects most relevant to your business. For example, a startup might need strategic financial planning and funding advice , while an established company might focus more on compliance and tax optimization.

Modern accounting firms leverage technology for efficiency and accuracy. Inquire about their use of accounting software and technological tools. Firms employing advanced technology can offer real-time financial reporting, aiding in timely business decisions. Examples of effective accounting software include QuickBooks, Xero, Sage Intacct and FreshBooks and cloud-based platforms such as NetSuite, which facilitate seamless integration and automation.

3. Consider the firm's reputation and references.

The reputation of an accounting firm offers insights into its reliability and service quality. Look for reviews and testimonials from the firm’s current or past clients. Positive feedback from similar businesses can indicate whether the firm can meet your needs. Online reviews on platforms such as Google, Yelp and industry-specific forums can provide valuable insights.

A reputable firm should also willingly provide references upon request. Speaking with past or current clients can give you a clearer picture of what to expect in terms of service quality, responsiveness and expertise.

Membership in professional associations such as the American Institute of Certified Public Accountants or the local Chamber of Commerce is also something to consider, as that can indicate a firm’s commitment to maintaining high standards and staying engaged with industry best practices.

Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives. Learn more >

4. Evaluate communication and responsiveness.

Effective communication and responsiveness are crucial for a productive relationship with your accounting firm. How accessible are the firm’s accountants? Will you have a dedicated point of contact? How quickly do they respond to emails or phone calls? Accessibility ensures you get timely answers to your questions and that any issues are addressed promptly.

You’ll want to make sure the firm you work with has a similar communication style to you, as well. The firm should communicate complex financial information clearly and understandably.

A good accounting firm goes beyond reacting to your needs by providing proactive advice. They should keep you informed about changes in tax laws, identify opportunities for financial improvement and offer strategic guidance to help you achieve your business goals. For example, an accounting firm once advised my company to optimize our cash flow by restructuring our debt and taking advantage of certain tax incentives . This strategic advice not only improved our financial health but also enabled us to reinvest in our business, leading to significant growth and expansion.

5. Assess the firm's pricing structure and value.

Understanding a firm’s pricing structure and evaluating the value it provides help to ensure its services fit within your budget and deliver a good return on investment.

Make sure the firm provides a clear, transparent pricing structure. Be wary of firms that are vague about their fees. Understanding how the firm charges — whether it’s an hourly rate, a fixed fee or a retainer — can help you budget accordingly.

It’s also important to consider the value the firm provides for its fees. A higher fee might be justified if the firm offers extensive expertise or specialized services.

Conduct a cost-benefit analysis to determine if the services offered justify the expense. For example, a firm that helps you significantly reduce your tax liability or streamline your financial processes might offer substantial savings that outweigh its fees.

Setting your business up for success

Choosing an accounting firm isn’t a decision to make lightly. By first assessing these factors, you can make an informed choice that aligns with your business’ needs and goals. A good accounting firm can be a valuable partner in your company’s financial success, providing the support and expertise you need to set your business up for financial success .

Related Content

• Need to Create a Business Tax Plan? How to Work With Your CPA
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• Audit-Proof Your Small Business

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

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What Can I Do with a Bachelor's in Accounting?

By Robbie Gould on 08/08/2024

If you're contemplating whether a bachelor's degree in accounting will offer better long-term prospects than an associate degree, you're considering a pivotal decision for your future.

Both degrees potentially serve as valuable and effective pathways to opportunities in the financial sector. An associate degree offers a solid foundation, preparing you for entry-level roles and providing practical skills that are immediately applicable in the workforce.

On the other hand, a bachelor's degree builds on that foundation, offering a deeper understanding and a broader scope of opportunities for specialization.

Graduating with a bachelor's degree from an accounting program could open exciting and challenging career opportunities. This degree equips you with the knowledge and skills needed for various roles within the financial sector. Below are some of the key positions an accounting major could pursue with a bachelor’s degree in accounting.

Rasmussen University’s Accounting Certificate, Accounting Associate’s degree and Accounting Bachelor’s degree programs are not designed to prepare graduates for any state-issued professional license or certification. Rasmussen University’s Accounting Associate’s degree and Accounting Bachelor’s degree programs do not meet all educational prerequisites for licensure as a Certified Public Accountant (CPA) in any state. For further information on professional licensing requirements, please contact the appropriate board or agency in your state of residence.

1. Financial Analyst

Financial analysts evaluate financial data, prepare reports, and develop investment strategies. They work with organizations to analyze financial performance, project future revenues and expenses, and advise on budgeting and investment decisions.

Their role is crucial in helping businesses make informed financial decisions and optimize their financial operations.

This position may require additional or different education beyond an Accounting Bachelor’s degree, additional work experience or certification.

Auditors examine and verify financial statements and records to ensure accuracy and compliance with laws and regulations. They can work internally within a company or externally for auditing firms.

Auditors identify financial discrepancies, assess risk management processes, and provide recommendations to improve financial accuracy.

3. Tax Accountant

Tax accountants focus on managing and preparing tax filings for both individuals and businesses. They ensure that their clients adhere to all relevant tax laws, while also identifying potential tax-saving strategies.

Their role involves staying informed about the latest tax regulations to offer accurate and timely advice. By leveraging their expertise, tax accountants help clients reduce their tax obligations and effectively plan for future financial decisions, ensuring compliance and maximizing financial benefits.

4. Management Accountant

Management accountants, sometimes called cost accountants, specialize in overseeing and improving internal financial processes. They play a key role in helping management make informed strategic decisions by analyzing financial data, preparing budgets, and controlling costs.

Their work includes evaluating financial performance and providing insights that are crucial for enhancing operational efficiency and supporting long-term business planning. Management accountants ensure that financial resources are used effectively to meet the organization’s objectives.

5. Forensic Accounting

Forensic accountants specialize in uncovering financial discrepancies and fraud through detailed examination of financial records and transactions. Combining expertise in accounting, auditing, and investigative techniques, they meticulously analyze data to identify irregularities and fraudulent activities.

These professionals often collaborate with law enforcement agencies or legal teams, playing a crucial role in litigation support. Their findings are instrumental in uncovering financial crimes, and they frequently provide expert testimony in court, offering critical evidence and insights that aid in legal proceedings. Forensic accountants help ensure financial transparency and accountability, making them invaluable in the fight against financial misconduct.

6. Corporate Controller

Corporate controllers are responsible for managing a company’s accounting operations. Their duties include preparing financial reports, maintaining accurate accounting records, and implementing robust internal controls.

They ensure that financial statements are accurate and comply with regulations, while also overseeing the management of financial resources. Corporate controllers are important to financial planning and strategy development, providing insights and direction that help shape the company’s financial future.

7. Budget Analyst

Budget analysts play an essential role in helping organizations manage their finances effectively. They are responsible for creating detailed budget reports, meticulously monitoring spending, and recommending necessary adjustments to ensure that financial targets are achieved. By thoroughly analyzing budget proposals and assessing the financial needs of the organization, budget analysts identify areas where costs can be reduced and resources can be allocated more efficiently.

Their expertise ensures that the organization's financial resources are utilized optimally, supporting both short-term and long-term financial goals.

8. Financial Manager

Financial managers lead teams of financial professionals, guiding them in executing the organization’s financial plans. They make high-level financial decisions, ensuring that all financial activities align with the organization’s objectives and regulatory requirements.

Handling sensitive financial documents and financial reporting make discretion and integrity important in this role.

By balancing risk and profitability, financial managers steer the organization toward long-term financial success and stability. Their strategic insight and leadership are indispensable for navigating financial challenges and capitalizing on opportunities for growth.

9. Internal Auditor

Internal auditors work within an organization to assess the effectiveness of internal controls, risk management processes, and governance. They conduct audits to ensure compliance with policies, identify areas for improvement, and recommend corrective actions. Internal auditors help to enhance operational efficiency and safeguard organizational assets.

What’s the difference between Associate and Bachelor’s degrees in Accounting?

When deciding your career path, it is crucial to understand the differences between an associate degree and a bachelor’s degree in accounting.

An Associate degree in Accounting

Think of an associate degree as the first step. It typically takes about two years to complete and gives you a solid grounding in basic accounting principles, making it a great option if you want to enter the workforce quickly.

You’ll learn essential skills that prepare you for entry-level positions like a bookkeeper, accounting clerk, or payroll assistant. It’s practical, time-efficient, and can be a smart choice if you're eager to start working and earning sooner.

A Bachelor's degree in Accounting

A bachelor’s degree is more comprehensive and takes about four years to complete. These programs go beyond the basics, diving deeper into complex topics like financial analysis, auditing, and strategic management. With a bachelor’s degree, you’re not just limited to entry-level jobs. Accounting majors with a bachelor's have the potential to aim for more advanced positions such as a financial analyst, personal financial advisor, or even a managerial role.

Plus, it opens up opportunities to pursue a master's degree or professional certifications like Certified Management Accountant ® (CMA), which can enhance your professional credibility and expand your career opportunities.

Is a bachelor’s degree in accounting worth it?

Deciding whether an accounting degree is worth the investment of time, effort and money is a significant consideration. Here are some key points to help you evaluate the value of a degree in accounting:

Professional certifications

Depending upon the specific type of bachelor’s degree in accounting, you might be able to pursue professional certifications to enhance your career prospects. It is important to check the specific education and work experience requirements that are needed to sit for professional certifications.

Versatility and flexibility

An accounting degree provides a versatile skill set that is applicable across various sectors. Whether you choose to work in public accounting, corporate finance, government, or non-profit organizations, your skills will be in welcomed and leveraged. This flexibility allows you to explore different career paths and industries throughout your career.

Explore your options, weigh the benefits, and choose the path that aligns best with your professional ambitions by checking out Rasmussen’s Bachelor’s in Accounting Degree page .

Rasmussen University’s Accounting Certificate, Accounting Associate’s degree and Accounting Bachelor’s degree programs are not designed to prepare graduates for any state-issued professional license or certification. Rasmussen University’s Accounting Associate’s degree and Accounting Bachelor’s degree programs do not meet all educational prerequisites for licensure as a Certified Public Accountant (CPA) in any state. For further information on professional licensing requirements, please contact the appropriate board or agency in your state of residence

Certified Management Accountant® is a registered trademark of Institute of Certified Management Accountants

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Robbie Gould

Robbie is a content writer for Rasmussen University. He researches and writes on a variety of topics and is passionate about storytelling, learning and empowering the next generation of students.

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Beginner’s Guide to Financial Statements

Whether you aspire to be an executive, an entrepreneur or an investor, it’s important to understand the basics of a financial statement. Financial statements offer crucial insights into a company’s financial health and serve as the basis for company-wide decisions.

As a project manager or executive, financial statements are the foundation for department budgets, operating activities, project budgets, and company goals and objectives. As an entrepreneur, they not only tell you where you are headed with your company, they can also help you sell your brand to potential investors.

This guide goes beyond the accounting statements’ definitions to explore various parts of these statements and what they mean.  

What are Financial Statements?

The simplest way to define financial statements is that they are reports which summarize the financial activities and accounting information of a business over a set period. 1 They allow for assessments of the probability that a company can generate cash, pay off its debts, and remain profitable over time.

Financial statements give you, as a business owner or executive-level employee, an idea of your company’s fiscal health and aid in decision-making. For example, if your company is currently experiencing high profits and steady cash flow, you might be more inclined to take a risk such as entering an untested market.  

Types of Financial Statements

A financial statement is not limited to a single type of report. There are multiple varieties, which offer different information about a company and how it handles its money.

Income Statement

An income statement details a company’s reported income over a specific period, such as a quarter or a fiscal year. 2 Each income statement will contain a headline indicating the period on which it is reporting. It will then outline:

• Revenue: Income gained through regular operations such as sales of goods and services
• Expenses: Regular costs a business must pay, including costs of goods, general and administrative costs, research and development and loan interest
• Gains: Money made from atypical activities such as selling assets
• Losses: Atypical costs such as lawsuit settlements

Balance Sheet

A balance sheet showcases a company’s total assets and how the company owns or has financed them. 3 Each balance sheet has sections showing the company’s assets, liabilities and shareholder’s equity—usually presented with assets on one side and liabilities and equity on the other. They are used to calculate financial ratios that give a glimpse into a company’s performance.

Cash Flow Statement

A cash flow statement is a summary of all cash moving into and out of a company. 4 It shows how a company is earning money, investing it and funding operations. It gives an idea of how well a company can meet its expenses.  

Statement of Shareholders’ Equity

Shareholders’ equity is what remains after subtracting liabilities from assets. This statement explains the account’s valuation to people who own company shares. 5 This financial statement goes in-depth to show how a company raises and distributes its capital.  

How to Read and Interpret Financial Statements

Let’s review the essential types of financial statements.

An income statement is also called a profit and loss statement. 6 It details revenues and expenses. Expenses include general costs and financing activities such as rent, operational costs and equipment leases.

Revenue refers to money made from selling goods or services. The profit and loss statement first lists total revenue and then deducts the cost of goods sold. Next, the sheet shows general expenses and deducts them from the gross profit. At the bottom, you will see a company’s net profit or net loss for the year.

A balance sheet goes into further detail about assets and liabilities. 7 Assets include cash, cash equivalents, property, equipment, investments and accounts receivable. Liabilities include accounts payable, taxes, debt and deferred revenue. Finally, the balance sheet contains information about shareholder equity.

At the top of each column, the balance sheet will tell how to read each figure. For example, some companies shorten figures by thousands or millions, so $650 could mean $650,000 or $6.5 million. Each column will tell how the company abbreviates its numbers, along with the period over which they were measured. Finally, a balance sheet typically compares multiple periods such as years or quarters, showing how the company’s performance has changed over time.

Cash flow statements are similar to income statements, but they only show how much cash a business has on hand. 8 It breaks cash flow into categories, including operating, investing and financing.

Each statement shows the change in cash flow and the total of cash a company has on hand. Cash flow statements often include projected cash flows compared to actual cash on hand, allowing a company to see if it is hitting its projections.

A statement of shareholders’ equity shows how much the company has left when its liabilities are paid. Companies usually pay a portion of their profits to owners and shareholders. When the shareholders’ equity is positive, the company can pay more to these investors. When it’s negative, it could signal impending financial issues.

Key Financial Ratios

The other financial data used in each financial statement allows you to calculate aspects of a company’s financial performance.

Profitability Ratios

These ratios, including gross margin and net profit margin, tell you how much the company has profited once it has covered its operational expenses and other expenses.

• Gross profit margin reflects how much a company earns relative to its costs; 9 a high gross profit margin can indicate a company that is more efficiently operating its business
• Net profit margin refers to the actual profit of a company after paying its expenses

Liquidity Ratios

Liquidity ratios can tell how well a company can pay its debts without raising more money. 10 Common liquidity ratios include the current ratio and the quick ratio.

• Calculated by dividing current assets by current liabilities, the current ratio refers to a company’s ability to pay its current liabilities within the year
• The quick ratio shows how a company can meet its short-term obligations; calculate it by adding cash, marketable securities and accounts receivable, then dividing the total by current liabilities

Solvency Ratios

Any company needs the cash flow to pay off its debts. The most common solvency ratio, the debt-to-equity ratio, is calculated by dividing the company’s liabilities by its shareholder equity.

Efficiency Ratio

To operate well, a company should be able to turn over its inventory and its accounts receivable quickly. Efficiency ratios will tell you about how long it takes companies to sell inventory and to collect on bills.

Common Mistakes to Avoid

Many common mistakes can affect financial statements. By definition, accounting statements require accurate record-keeping. An accountant may forget to log certain data into accounting books or might enter numbers incorrectly when calculating ratios.

Your best defense is to keep electronic records and use software that integrates with your accounting systems to automate financial statements and offer data visualizations that can signal you of potential errors.

Heighten and Hone Your Financial Expertise

As part of the online MBA program at Yeshiva University, you will explore the analysis of businesses in depth. Our faculty of business leaders not only explain financial statements, they share their expertise and experience in the industry with students. The online program allows you to advance your career and gain valuable connections, all while continuing to meet your non-academic obligations.

Join us to learn all about modern business leadership from innovative faculty and a close-knit student body. Take the first step by contacting an admissions outreach advisor today.

• Retrieved on June 6, 2024 from accountingtools.com/articles/financial-statements
• Retrieved on June 6, 2024 from investopedia.com/terms/i/incomestatement.asp
• Retrieved on June 6, 2024 from corporatefinanceinstitute.com/resources/accounting/balance-sheet/
• Retrieved on June 6 ,2024 from td.com/us/en/small-business/statement-of-cash-flow-definition-analysis-creation
• Retrieved on June 6, 2024 from fe.training/free-resources/accounting/statement-of-shareholders-equity/
• Retrieved on June 6, 2024 from bench.co/blog/accounting/how-to-read-income-statement
• Retrieved on June 6, 2024 from fidelity.com/learning-center/trading-investing/what-is-a-balance-sheet
• Retrieved on June 6, 2024 from finmark.com/how-to-read-cash-flow-statement/
• Retrieved on June 6, 2024 from corporatefinanceinstitute.com/resources/accounting/profitability-ratios/
• Retrieved on June 6, 2024 from investopedia.com/terms/l/liquidityratios.asp

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Accounting for Small Businesses: What You Need to Know

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Running a small business can be a big job, but your accounting doesn’t have to be a hassle. 

Here’s an itemized overview to get you started.

What you need to know

• Tracking income
• Expense tracking
• Understanding profitability
• Financial statements
• Tax planning
• Hiring accounting professionals  

Tracking income: why?

You’ll want to know how much income your business is generating so you can track your profits and manage your money effectively. 

You’ll also want to track income to report your earnings correctly for taxes and avoid penalties. Keeping detailed records will help in claiming your deductions and credits — we all want to reduce our tax liability!

What about measuring the financial performance of your business? Income tracking provides clarity about  which of your products or services are most profitable, and also reveals trends in earnings over time. You’ll need this information later for planning and making adjustments to improve your profitability.

Income tracking can also help you manage your cash flow. It ensures that there’s enough cash on hand for business expenses, debts, and personal purchases. The goal is to maintain the availability of liquid assets and ensure the stability of your business.

What if you’re trying to attract investors or get a business loan? When you track your income through detailed and accurate records, your business is more attractive to potential investors and lenders. These records are crucial in showing your ability to generate revenue and manage your finances.

Methods for tracking income

While there are many effective methods for tracking income in a small business, there are two you should be most aware of:

By product or service

Tracking income by product or service helps you identify the most profitable aspects of the business and focus on expanding them. 

For example, you may be a building contractor who also offers landscaping and interior design services. Find out which service is more profitable and put more effort into expanding that area.

Some ways to do this:

• Use software like Quicken to generate reports on income by product/service category.
• Create spreadsheets with columns for product/service, revenue, and profit margin. Then assign each product/service a unique code for easy tracking.

By customer or job

Tracking income by customer or job provides a view into your most valuable client relationships or your most profitable kinds of jobs. 

Going back to our earlier example, if you were a building contractor, you could find out which customers or jobs generate the most income and understand where to target your efforts.

• Use software like Quicken to categorize your income by customer or job.
• Use spreadsheets with columns for customers, product/service, revenue, and profit. Then assign each customer a unique code for easy tracking.

Expense tracking — the why and how

It’s important for business owners to track expenses for several reasons. First, it makes financial management and planning easier. It shows where money is being spent, allowing for better budgeting and cost control.

Second, it aids you in tax compliance. Detailed receipts are necessary for claiming deductions and credits when filing taxes, minimizing tax liability.

Third is fraud detection. If you regularly review your expenses, it’s easier to spot signs of fraudulent activity, like duplicate or fake expenses from an unauthorized party.

The fourth and most important benefit of tracking expenses: it helps you save on costs, explore new growth opportunities, and earmark money for future opportunities because you’re armed with information about your business spending.

If you don’t know what’s coming into your business, planning for the future becomes a tough job.

Here are some effective methods for tracking expenses

• Open a dedicated business bank account and credit card to separate business and personal finances.
• Make digital copies of receipts to eliminate paper clutter. Regularly review expenses and put them into categories to get a better view of your outflows.
• Use Quicken to automate expense tracking and categorization.
• Integrate Quicken into your business bank accounts to automatically import transactions.

The importance of categorizing expenses

By consistently categorizing your expenses, you can gain valuable insights into your company’s spending and profitability. It also makes it much easier to generate the financial statements you’ll need to do your taxes.

What are the main expense categories?

Operating expenses — The costs created by a business in its day-to-day operations, like rent, insurance, and funds allocated for research and development.

Cost of goods sold (COGS) — The costs associated with manufacturing the goods sold by your business, like the cost of materials and labor directly related to the production process.

Marketing and advertising expenses — Ad costs, sponsorships, and anything else you do to help market your business .

Payroll expenses — Costs related to employees or contractors. Many small businesses use a payroll service due to the complexity of payroll taxes.

Understanding profitability — why track profit?

When you’re consistent about tracking profitability, you can understand your business better and make better decisions. It’s really that simple.

Is your new line of book-themed candles profitable? Great! Make more. Are your porch swings too labor-intensive to be worth it? Try simplifying the design.

Tracking and understanding profitability helps you make these kinds of decisions and more.

Net profit vs. gross profit

Gross profit is the revenue you have left after paying for the cost of the services or products you sell. 

Net profit, by contrast, is what’s left after paying all your expenses and taxes. 

Both are important for understanding your business’s profitability and helping you make informed decisions.

Cash flow management

Cash flow management is just what it sounds like — paying attention to cash payments as they flow in and out of your accounts.

Many small businesses feel the limitations of cash flow. Maybe they need to buy supplies for a job long before they’ll get paid for that job. Or maybe they need to wait on a customer’s 60-day payment cycle before they can pay their own bills.

Looking ahead at your upcoming cash flows helps you plan ahead so these kinds of situations don’t take you by surprise.

Forecasting cash flow can also help you plan the best way to expand your business, knowing how much cash you’ll have available and when.

Strategies for improving cash flow

Here are 10 simple strategies for improving cash flow in your business:

• Offer discounts for early invoice payment or impose late fees for overdue invoices. This encourages customers to pay you sooner.
• Make it easy for customers to pay by accepting credit cards, ACH, and online payments.
• Provide discounts for customers who prepay for products or services.
• Create subscription or membership programs where customers pay upfront.
• Offer special promotions or limited-time offers to encourage prepayment.
• Avoid tying up too much cash in inventory that sells slowly.
• Sell off discontinued or excess inventory at a discount.
• Ask for extended payment terms from suppliers.
• Review your expenses and cut any costs that aren’t necessary.
• Implement cost-saving measures like energy-efficient upgrades to your properties.

Financial statements — which ones are needed?

Let’s keep it simple — there are three main statements your business needs, and the first two are required for taxes. They are:

Income statement

An income statement focuses on the revenue, expenses, gains, and losses of your business during a particular time period, such as a day, week, month, quarter, or year.

Balance sheet

A balance sheet shows you what your company is worth based on the value of your company’s assets and debts at a given moment in time.

Cash flow statement

A cash flow statement shows you how cash has been flowing into and out of your business.

Most small businesses use accounting software to generate all 3 of these financial statements automatically. 

Tax planning and compliance

Tax planning can help lower your taxes while making sure you’re still complying with local and federal tax laws. A tax professional can help you find those savings.

Be proactive and tackle tax planning throughout the year instead of waiting until the end and scrambling around like a chicken in a barnyard. (Been there, done that. Trust me, it’s not great.) 

Besides, most of your tax savings will come from things you have to do all year long, like tackling your expenses and saving receipts.

Hiring accounting professionals

As your small business grows, hiring an accountant or bookkeeper becomes more important to make sure you’re keeping good financial records, complying with tax regulations, and making informed decisions. 

Look for a professional who understands your business, and communicate with them regularly about your goals and concerns. 

Working closely with someone you trust can help you focus on the things that make your business profitable — and maybe even fun.

Small business accounting — what you need to know

You made it! 

Accounting work can feel like a hassle, but it doesn’t have to consume you as a business owner.

Automate those boring accounting tasks with a faster, easier way to manage your finances. Quicken is here to help .

Quicken has made the material on this blog available for informational purposes only. Use of this website constitutes agreement to our Terms of Use and Privacy Policy. Quicken does not offer advisory or brokerage services, does not recommend the purchase or sale of any particular securities or other investments, and does not offer tax advice. For any such advice, please consult a professional.

About the Author

Jason Weiland

Writer, founder of  Singularity Management Group, LLC , and advocate for coloring outside the lines,  Jason Weiland  thrives where business meets technicolor living. He loves challenging the idea of ‘normal’ and expanding our ability to express our authentic selves.

Disrupting unforgiving landscapes of tech bros and Ivy League entitlements wherever he finds them, Jason envisions a world in which business is a place for everyone — where different is good, and alternative equals remarkable.

If you’re looking to break free from imbalance, embrace innovation, and explore professional behaviors that promote mental health and wellness, he’d love to chat.

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Accountancy & finance personal statement example.

I have always been an ardent reader. From Great Expectations and To Kill a Mockingbird to Stephen King's entire collection.

I find a great comfort in reading and consuming information but it wasn't until I found the book 'A Brief History of Economic Genius' in my local library that I became completely engaged and absorbed by the progression of mathematics and economic theory.

After this, I read the range of books from the library about Mathematical Methods for Economic Theory.

I was excited and so intrigued that I started to read online articles, listen to online lectures about inflation scenarios and real and nominal return. I read many books with the subjects of math, economics, finance and then finally, accounting.

The first book on accounting I allowed myself to indulge in was 'Capital in The Twenty First Century' by French economist Thomas Piketty. It was on Bill Gates' 'must-read' list and I quickly came to love the book and the topics discussed within.

I love how Piketty shows evolution of inequality since the beginning of the industrial revolution and the disrusptaunce from the Great Depression as well as the first and second world wars; this fascinated me and led me to my interest in broadening my knowledge.

At present I am studying A levels in Media and Drama. Although these subjects are not directly valuable for studying Accounting and Finance I believe that I have gained a lot of knowledge through A Levels that will help on this course.

I recently wrote a project for media on the advantages of social media in accounting, I concentrated on a firm based in the US that built outstanding social media presence through LinkedIn.

Writing this for Media has definitely improved my analytical and writing skills. Studying Media has also led me to develop commercial awareness which I believe is key in Accounting and Finance.

Drama has improved my self-confidence and communication skills massively and it has also led me to appreciate different cultures through studying them.

Alongside my A level studies I have also been tutoring GCSE Mathematics; I have done this for two years and I have helped many of my students with Further Mathematics as well.

I know that I am more than capable of meeting the demands and standards set for the mathematical side of this course. I believe that I have a firm foundation for studying Accountancy and Finance at University.

I have worked part time since October 2017. I worked for a year as a waitress and host at a hotel close to where I currently live.

Working on a Sunday lunch is stressful but, as I have now been through the experience many times, I have learned how to deal with immense pressure and how to enjoy the evening by socialising with customers!

This role has allowed me to develop punctuality and independency skills and also to be able to perform extremely well under pressure. I am confident that these skills will be massively beneficial to me in the financial industry.

I regularly jog and attend a yoga class once a week which helps me to maintain a good level of fitness as well as keep me physically and mentally well.

In the past I have competed in athletics and cross country competitions inside and outside of school, this has definitely given me more compassion and enthusiasm for everything I do and I am always striving to achieve the highest results possible.

I also meditate each morning which helps me to relax and to keep my mind sharp and focused throughout the day.

I am extremely thrilled by the vast amount of career opportunities a degree in accountancy and finance has. I am particularly interested in working for a bank as an auditor.

I am a highly motivated, friendly and confident individual who is committed to reaching my full potential.

With excellent organisation skills and a creative mind I am regularly used to exceeding performance expectations. I desire to become a successful accountancy and finance graduate at your university.

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PERSONAL STATEMENT EXAMPLE Accounting and Finance Personal Statement

Submitted by Goutham

Get ahead at Heriot-Watt University!

Study an Accounting degree accredited by major professional bodies, leading to exemptions from various professional accounting examinations.

Learn to improve corporation value.

Get practical skills that can be applied to all companies, making you a valuable asset to potential employers. Secure a spot to study Accounting at Bradford.

Accounting and Finance Personal Statement

New dynamic markets are offering boundless opportunities with firms gravitating towards these markets, where inflows of foreign direct investments result in large returns on investment. As the world increasingly moves towards a more globalised environment, there is a need to understand the interplay between different economies and markets. Having lived my formative years in an emerging economy, studying in a UK university will open up opportunities for me to interact with students from other backgrounds and learn how other economies affect global markets. Furthermore, it creates a suitable platform for me to gain insights into the recent financial turmoil.

It is fascinating how series of accounting management mistakes and compromises caused the fall of various consultancy firms one of which is Arthur Andersen. The failure of the firm maintaining faithful accounting standards especially in the Enron forgery case where huge debts off the balance sheets led to the downfall of a once “Big Five” accounting firm. Documentation of this incident sparked my interest in finance . This love for understanding how financial market operate was intensified by reading ‘Intelligent Investor’, which emphasized on maximization of probabilities through valuation analysis and margin of safety. It also focused on the importance of asset allocation, diversification and prevention of consequential errors in a portfolio. This urged me to complete an internship in Elixir Investment Bank. During my internship, I gained greater insight into the Nigerian financial markets, particularly the Nigerian Stock Exchange. I assisted in examining trends on the stock market , bond and commodity prices. I found the interrelationship between macro-economic data and investment decisions particularly interesting as how businesses used retrenchment approaches during a recession. Based on my research on dominant Nigerian e-commerce firms, I analysed balance sheet data and assisted in making recommendations to the clients on investment opportunities.

In the modern globalised world, the key in decision making for businesses is having sound geographical and economic background. This encouraged me to study Economics and Geography in A level and have enhanced by ability to critically analyse information as well as develop structured arguments with detail in current affairs. Studying mathematics has improved my numerical skills, especially statistics where I learned the use of regression line to make predictions and estimate error for model reliability.

In school, I led a team of young economic enthusiasts who were keen to study economics and accounting in senior school. Reading ‘the Economist’ provided me with material to organise weekly activities with the team, and helped me explain how key economic concepts apply to real-life scenarios. My experience with this team motivated me to compete in various Finance and Economics competitions hosted by my school.

I believe a key component in excelling at university is being able to contribute to discussions on topical issues. As captain of school debate team, I learnt that the key to being a great orator is learning how to connect to your audience. This experience assisted me in becoming highly competent in clearly expressing complex issues with clear enunciation. Debating on the topic “Is Deflation proving transitory?” permitted me exhibit quantitative analysis gained from studying Economics, on a macro scale.

Being prepared for the world ahead for me transcends having an impact in my community. As a young boys scout, I learnt that giving back to the society and helping others should be a part of life wherever you are. I volunteered at various orphanage homes,, assisting assisting with day-to-day challenges and sharing my personal life challenges.

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