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Private Practice Accountant

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Private Practice Accountant

Private Practice Accountant Career Details

Private practice accountants inspect, assess and advise on the financial state of affairs of companies, partnerships and individuals. They may work for large or small accountancy/accounting practices, or freelance.

In general, accountants manage and monitor financial systems and budgets, and provide business financial advice to clients. Day-to-day accountancy/accounting activities vary according to the size and type of company, but will normally include:

  • preparing financial statements, business plans and budget reports
  • producing annual and monthly accounts
  • auditing financial systems regularly and investigating irregularities
  • managing expenditure, credit, payroll and investments
  • tax planning and compliance
  • advising on financial and business issues to non- financial members of staff or to clients
  • financial planning and forecasting.
    • A key role for private practice accountants is carrying out audits, which are independent assessments of a company’s financial systems and budgets. Accountants examine the company accounts and collect evidence to prepare and then present their recommendations for improvement, outlining the risks and consequences of current financial practices.

    Private practice accountants are usually associated with dealing with audits, tax and accounts on behalf of fee-paying clients, whereas management accountants are associated with strategic management and financial decision-making within a company (see Accountant: Industry and Commerce), although there can be some overlap.

    Working Environment

    Accountants normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times. Flexible working is common. Part-time work and job sharing may also be available.

    The work is office based, often at clients’ premises when conducting audits. In some instances, travel and time away from home may be required. Dress code is usually formal.

    Private Practice Accountant Related Skills

    To be an accountant you should:
    • have good mathematical skills
    • be able to plan and present information
    • have an understanding of business, economics and finance
    • enjoy analysing data and solving problems
    • be able to create a good rapport with clients
    • have good negotiating skills and be able to act on your own judgement
    • have an interest in legal matters
    • have an understanding of information technology
    • be discreet, tactful and assertive.

    Private Practice Accountant Career Opportunities

    Job opportunities are good, and there is scope to move into industry and commerce or the public sector. See Accountant: Public Sector or Accountant: Industry and Commerce profiles for further details. It is usual to move between firms of different sizes to gain promotion and experience.

    Accountants working for private firms may become partners of the firm and so increase their income and reputation.

    UK accountancy qualifications are recognised across the world and there are opportunities to work abroad.

    Further Career Information

    If you would like to know more about a career as an Private Practice Accountant related facts, statistics, articles and websites.

    Career Steps

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    Career Courses

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