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Differences between working in public accounting versus private/corporate accounting
Finance & Accounting
Pages 4 (1004 words)
Name Institution Course Tutor Date Public accounting versus private accounting Accounting is the art of bookkeeping that involves recording and analyzing financial statements, auditing and presentation of financial information for management. Therefore, public accounting refers to the practice of public accountants to provide financial audits, financial advisory services, designing financial systems, and tax preparation to individuals, partnerships, or even corporations.
Every organization has its functions that enhance its operations and some of the major functions are; sales and marketing which is responsible for creation of customers and presentation of products to them for purchase. Production provides inputs and processes output as goods or services. Administration is responsible for human resource management and overseeing that every resource is utilized well and other operations are run smoothly. Finance and accounting usually tackles the financial transactions within an organization. As a result, a firm can choose to either employ its permanent salaried accountant, in this case private accountant, or outsource its accounting function from registered accounting firm hence public accountant. Since public accountant is an external service provider while a private accountant is an internal service provider, they both face different working environment, challenges, and opportunities. From my understanding, a public accountant needs good people skills since such individuals deal with different clients. In their activities, they need to communicate with the clients efficiently and effectively to get to know their needs and satisfy them. ...
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