Start your business
Start your business
Run your business
Run your business
Grow your business
Grow your business
Accountants and Bookkeepers
Accountants and Bookkeepers
- Accountants and Bookkeepers
  Learn how accountants and bookkeepers can be productive in these articles & guides
- Learning and Development
  A range of informative content to enhance your QuickBooks experience.
Updates
Updates
- Product Updates
  Watch this space for monthly product updates.
- Intuit News
  Latest news, articles & guides

Need help choosing a plan?

1800 917 771 Schedule a call

Schedule call

Starting a business

What does an accountant do?

By Jessica Holmes

May 28, 20247 min read

It’s a reasonable question.

Do accountants manage bookkeeping? Help you understand finance ratios? Prepare taxes?

While accountants are most visible around tax season, accountants work year-round and can serve as the financial backbone of your company.

Accountants help people to make goals, plan how to achieve them, then help with the execution in the most profitable way possible.

No matter why you’re here, this article will help you better understand everything you need to know about accountants. We’ll answer questions like, ‘What do accountants do?’ and ‘Are there different types of accountants?’ By the end of this article, you should better understand accountants’ daily tasks and responsibilities.

What does an accountant do?

At their core, accounts are qualified financial experts who help individuals and/or businesses with their accounts. This could include a wide variety of tasks, from analysing and reporting on financial records to preparing tax returns and all associated paperwork.

Not only can accountants help perform regular financial tasks and reporting, but they can also act as a strategic advisor for businesses, helping them to become more profitable.

What do accountants do on a day-to-day basis?

One of the interesting things about accountants is that no two days ever look the same. Accountants tend to perform a wide variety of tasks, as each client and business will be different and may require individual support. Below, you’ll find a brief synopsis of some of the tasks accountants are expected to perform on a daily basis:

Provide financial advice, particularly regarding the financial health of a business
Review profit and loss statements and troubleshoot cash flow problems
Ensure taxes are lodged correctly and on time and all obligations are followed
Deal with unpaid invoices
Conduct business audits
Help with long-term strategy and growth planning

Again, no two days are the same for accountants. However, there is one area in which most accountants tend to specialise and excel.

Accountants and tax

One of the core functions of an accountant is helping clients prepare and lodge their taxes. The Australian Taxation Office (ATO) has several rules and obligations that everyone is required to follow, from freelancers and sole traders to small businesses and profitable companies.

Accountants are required to stay on top of the ever-changing tax landscape so they can offer their expertise to their clients. Accountants seek to help their clients understand their potential tax deductions, calculate their capital gains, and determine any potential write-offs.

The Goods and Service Tax (GST) and Business Activity Statement (BAS), not to mention payroll and super, can be a huge headache for new business owners or expanding businesses. This is one of the areas where accountants can provide real value to their clients.

Even with qualifications, being an accountant requires continual training and upskilling as you stay on top of financial trends and tax obligations. Many accountants will also be trained to use cloud accounting software such as QuickBooks to communicate with their clients, monitor their progress, and complete their reporting. The best accountants ensure that they are up-to-date with the ever-changing technology space surrounding the accounting and financial industries.

Do you need formal training to become an accountant?

If you wish to work as an accountant, you’ll need some formal training. Similarly, if you are a business owner looking for an accountant, you’ll want to make sure that the individual can provide relevant certificates demonstrating his or her standing.

As we’ll touch on at the end of the article, there are different types of accountants. But, generally speaking, the various types are in three different professional bodies:

You’ll need a Bachelor’s degree to become a member of these organisations. The ICAA and CPA Australia require member accountants to have a bachelor’s in accounting or a similar degree. That typically includes a bachelor’s in business.

The IPA is a bit more specific in its memberships. It requires members to have an FNS50215 Diploma of Accounting.

It’s possible that you can still crunch numbers in an accountant job without being a member of one of these groups. Technically, you only need to be a member of one of these groups if you plan to produce financial reports, especially if those reports will be reviewed externally. Balance sheets are just one example of the type of financial statement only certified accountants can prepare.

Training for bookkeeping

However, you don’t need to be a member of one of these groups to perform basic bookkeeping duties. Bookkeepers primarily focus on entering transactions. If you don’t yet have a bachelor’s degree, then working as a bookkeeper could be an excellent way to get your feet wet in the world of accounting.

Similarly, if you’re a small business running a tight budget, you’ll likely find bookkeepers are a bit cheaper than certified accountants. You can enroll in QuickBooks software and hire a bookkeeper to manage it for you. QuickBooks can produce financial documents for you. You could then hire a tax accountant to help file your taxes each year.

Grow Your Business with QuickBooks

30-day free trial

Buy now and save

Key skills of accountants

Apart from being financially savvy and good with numbers, an accountant also needs good emotional intelligence and people skills. Here are a few of the traits every good accountant needs to exhibit:

Foresight and vision
Problem-solving skills
Detail-oriented perspective
Communication skills
Time management skills
Commitment

In an accounting career, your goal is to make life as easy as possible for your clients. Good foresight and vision will allow you to see problems early so you can handle them before they grow into large-scale issues. Similarly, problem-solving skills will allow you to think creatively and find solutions to any issues that may arise.

Furthermore, accountants need to be able to pay close attention to details. One small detail can make the difference between thousands of dollars for your client, so you’ll want to make sure that you’re always on your game.

You’ll also need to know how to communicate sensitive issues with your clients. You’ll need to understand precisely what they’re looking for and how to help them.

Lastly, if you want to be successful, working as an accountant will take time. There will be some long hours, and you’ll need to know how to balance between multiple clients. But if you can remain committed to the job, you’ll find it’s very rewarding and can offer a lot in terms of career growth.

A career as an accountant is an exciting prospect. Working with clients and helping small and big business owners keep on top of their financials and tax obligations can be life-changing work. Whether you want to work for a small or a large firm or you want to start your own firm, working as an accountant can take on many different forms.

Different types of accountant

‘Accountant’ tends to be a broad term that encompasses a large career field. However, within accounting, there are numerous different fields of study. If you’re looking to work in an accounting career, you may want to start considering what type of work you’d want to do.

And, if you’re a small business owner looking to hire an accountant, you’ll want to make sure that you find the right type of accountant.

Financial accounting

These types of accountants work specifically with financial data. A financial accountant will prepare reports and statements for shareholders.

Cost accounting

Cost accountants look at financial records and depreciation data to help determine the cost of goods and services. A cost accountant helps a business measure operating costs so the business can make more strategic decisions in the future.

Managerial accounting

Managerial accountants are similar to cost accountants, except they focus more on management as opposed to operations.

Tax accounting

These accounts specialise in helping individuals and businesses file taxes under local and national laws and regulations.

Nonprofit accounting

Nonprofits are different from other businesses because they don’t try to maximize profits. Instead, they try to cut costs. A nonprofit accountant can help with this.

Government accounting

Government accountants work closely with the government. Jobs could range from investigating white-collar crime, like bank fraud, or performing audits.

Auditors

Auditors are unique in that they are a bit more reactive rather than proactive. Auditors will review a company’s financial statements and books to look for inconsistencies and errors. Companies can either have an in-house team of internal auditors or elect a third-party auditing service.

How much do accountants earn?

Working as an accountant can be quite lucrative. According to Indeed, the average salary for accountants in Australia is $72,748, although they can easily push into the six-figure range if you have a wealth of experience.

Is working as an accountant right for you?

If you’re a go-getter who loves working with numbers, then you may want to consider a career as an accountant. A career as an accountant can be exciting, as your days will have variety and you’ll work with business people on a daily basis. If you plan to enter an accounting career, make sure you understand the required education and certification involved.

Looking for something else?

Get QuickBooks

Smart features made for your business. We've got you covered.

See how it works

Help Me Choose

Use our product selector to find the best accounting software for you.

Choose your product

QuickBooks Support

Get help with QuickBooks. Find articles, video tutorials, and more.

Start learning

Stay up-to-date with the latest small business insights and trends!

Want more? Visit our tools and templates!

First Name*

Email*

What best describes you?*

By signing up you are agreeing to our terms and privacy policy.

- - QuickBooks reserves the right to change pricing, features, support and service at any time. Prices are in AUD and include GST. See our Terms of Service for further information.
  - Pricing: All prices are in AUD and include GST.
  - ProAdvisor Program: Please find the terms of our ProAdvisor program here.
  - $2/3/5 per month for 3 months: For new subscribers, enjoy a $2/3/5 subscription on QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 3 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 50% off for 12 months: For new subscribers, enjoy a 50% discount off the current monthly retail price for QuickBooks Self-Employed, QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 12 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 12 months. From month 13, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 3 months (Advanced): For new subscribers to QuickBooks Online Advanced, enjoy a 30% discount off the current monthly retail price for the first 3 months of your subscription (Offer). The discount will apply from the date of your enrolment and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 12 months (Advanced): For new subscribers to QuickBooks Online Advanced, enjoy a 30% discount off the current monthly retail price for the first 12 months of your subscription (Offer). The discount will apply from the date of your enrolment and will continue for 12 months. From month 13, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 3 months (existing subscribers): For existing QuickBooks subscribers who upgrade to QuickBooks Online Essentials, Plus or Advanced, enjoy a 30% discount off the current monthly retail price for 3 months of your subscription (Offer). The discount will be applied from the date you upgrade in-product and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time services and prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - Free Trial: First thirty (30) days of subscription to QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll (including QuickBooks Advanced Payroll), starting from the date of enrolment, is free. During the free trial, you may pay any number of employees using QuickBooks Payroll free of charge. To continue using QuickBooks after your 30-day trial, you'll be asked to present a valid credit card for authorisation and you'll be charged monthly at the then-current fee for the service(s) you've selected.
  - QuickBooks Payroll powered by Employment Hero: Payroll services are offered by a third party, Employment Hero. QuickBooks Payroll is only accessible via QuickBooks Online subscriptions. You will be charged $5.00 (incl. GST) per month for each ‘active employee’ paid using QuickBooks Payroll. An ‘active employee’ is one who has been paid at least once in the billing month. For Advanced Payroll, there is an additional monthly subscription fee of $10 (incl GST). Pricing, terms and conditions, including service options, are subject to change.
  * Employment Hero was voted the leading payroll solution for SMBs <50 employees (Australian Payroll Association 2021 Payroll Benchmarking Study)
  - Customer support: Call or chat to an expert for QuickBooks Online Accountant, QuickBooks Simple Start, Essential, Plus, and Advanced or use in-product QB Assistant and chat for QuickBooks Self-Employed. You'll also find useful resources in the QuickBooks Community.
  - Compatible Devices: QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll require a computer with Internet Explorer 10, Firefox, Chrome, or Safari 6 and an Internet connection (a high-speed connection is recommended). The QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. QuickBooks Online and QuickBooks Payroll are accessible on mobile browsers on iOS, Android, and Blackberry mobile devices. Devices sold separately; data plan required. QuickBooks Payroll cannot be used on the mobile apps. Not all features are available on the mobile apps and mobile browser. QuickBooks Online mobile access is included with your QuickBooks Online subscription at no additional cost. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. Product registration required.
  - Get paid faster: Get paid 2.5x faster invoicing with PayPal
  * PayPal and QuickBooks customers get paid on average in less than 5 days, which is over 7 days faster than the average for invoices that get paid with other payment methods. Data is for paid invoices that were created in QuickBooks in Australia between 23.05.22 and 23.11.22
  - Tax deductions: Tax deductions not guaranteed due to being subject to user data entry errors. Mileage calculation provided by the Australia Taxation Office - 85 cents per kilometre for the 2023-2024 income year. To a maximum of 5,000 business kilometres per car (Deductions are only applicable to cars)
  - Customer Service Awards: Excellence in Customer Service Award at the CX Australia Awards 2022
  - Multiple file discount: Multiple file discount applies to QuickBooks Australia customers only and valid when signing up for more than one QuickBooks Online subscription in one order. Further terms and conditions available here. Not applicable to QuickBooks Self Employed.
  - Reviews: GetApp, Capterra, Google Play Store, Apple App Store reviews as at date 08/01/24.
  - Cost per day claim: Based on a QuickBooks Simple Start Plan at its regular retail price of $25 per month and a 31 day month.
  - Cost per day claim (annual): Based on a QuickBooks Simple Start Plan at its regular retail price of $270 per year and a 365 day year.
  - Annual Billing: You may pay for your QuickBooks Online subscription on an annual, upfront basis to enjoy a discount on the current fees. If you use QuickBooks Payroll powered by Employment Hero, your payroll costs will still be charged monthly to your nominated payment method in accordance with your usage as set out here. If you cancel your QuickBooks Online subscription within the pre-paid 12 month period, you will not be eligible for a refund, but will retain full access to your QuickBooks Online subscription for the remainder of the 12-month period. Unless cancelled by you prior, your annual subscription will auto-renew on the 12 month anniversary of your sign-up date using the billing details you have given us. Discounts, prices, terms and conditions are subject to change.
  - Over 7 million customers: Based on number of global QB customers (ecosystem) (7.1m) worldwide as of October 2022.
  - Free Onboarding: Applicable to Buy Now subscriptions on QuickBooks Simple Start, Essentials and Plus plans. Not available for QuickBooks Self-Employed.
  - Save Hours: Save up to an average of 29 hours per month with QuickBooks.
  - * Based on a survey conducted by Intuit Australia Pty Ltd in September 2022. Time saving is in comparison to previous accounting method, based on 184 responses from customers that saw time savings.
  - Get access to QuickBooks Tax: ***Access QuickBooks Tax, powered by LodgeiT, by becoming a member of the QuickBooks ProAdvisor Program (it’s free to join). Find out more about the ProAdvisor Program here, including the terms of the QuickBooks Tax offer in the Program here.
  - QuickBooks Time Disclaimers & Offers for Australia: For Important pricing offers and disclaimers with further information, please see here.
  - *Full terms and conditions for access to QuickBooks Tax, powered by LodgeiT as part of the the Proadvisor Program can be found here. QuickBooks reserves the right to change pricing, features, support and service at any time.
  - **Intuit conducted a study involving 56 interviews with accountants and bookkeepers who used Books Review for BAS preparation between March to December 2021 and found that when using Books Review, participants reduced the time spent preparing their clients BAS Reports by around 40%.
  - Our Terms of Service apply to all QuickBooks Online subscriptions. Please review them carefully.

What does an accountant do?

What does an accountant do?

What do accountants do on a day-to-day basis?

Accountants and tax

Do you need formal training to become an accountant?

Training for bookkeeping

Grow Your Business with QuickBooks

Key skills of accountants

Different types of accountant

Financial accounting

Cost accounting

Managerial accounting

Tax accounting

Nonprofit accounting

Government accounting

Auditors

How much do accountants earn?

Is working as an accountant right for you?

Related Articles

Looking for something else?

Get QuickBooks

Help Me Choose

QuickBooks Support

Stay up-to-date with the latest small business insights and trends!