How much does an accountant make in 2014? See some accounting & finance predictions from this help video below:
Accountants have been in high demand since the economic downturn of 2008. Larger companies are more “cost-conscious” to ensure that current shareholders and investors are given the most accurate financial data that is held at the standard of Generally Accepted Accounting Principles (GAAP). From the downfall of Enron, acts such as these place heavy regulation on the accuracy and integrity of financial reports. Therefore, the is a constant demand for accountants from all areas of specialization. The BLS reported that the average accountant is making around $64,000 dollars per year. For more information on an accountant salary, check outaccountant salary guideto get a more detailed breakdown of the statistics for accounting salaries.
What Does an Accountant Do Daily?
What an accountant does greatly depends on years of experience, level of education, size of company, and specialization of accounting. However, most accountants still prepare financial reports, work with the general ledger, accounts payable, accounts receivable, auditing, and common journal entries. To take a look at accountant roles and duties, there is an article on info on what an accountant does that is very useful to get a better understanding of what an accountant actually does on a month-to-month and year-end basis. In addition, even beyond roles and responsibilities, reviewing an job description for accountant will also give more depth to question such as “what is required to become an accountant?” or “what type of education is required for becoming an accountant?”
What is Required to Become an Accountant Today?
Some of the characteristics that are needed to become an accountant are:
- Good with numbers
- Detail Oriented
- Experience & Education
- Willingness to work well with others
- Ability to learn and work with financial software
The examples above are just a few key points to become an accountant and it also important to look at the different types of accountants across the United States with guides likesome of the types of accountants. “For more information about accounting & finance careers read here. In addition, job-seekers that are looking for accountant or finance job try accounting/finance jobs.”
Small Business Finances:
A great place for local CPA’s is the salons industry. Every state and city has hundreds to thousands of nail, hair, and tanning salons near you that need financial reporting. The local service-based industry still has inventory that is just scaled to a smaller size opposed to large companies. For example, the closest hair salons will need compensation packages for hair stylists, hair shampoos, products, scissors, and hair salon renting space will also need to be tracked. These items can quickly add up and serve as a great platform to practice journal entries. In addition, local nail salons are very similar to hair salons but nails salons have more inventory to report due to the numerous nail polish colors and high-tech nail tools that are needed to give proper manicures and pedicures. Also with nail salons, there are higher volumes of customers that would equate to daily budgeting and sales recording. Lastly, the nearest tanning salons are also filled with bookkeeping responsibilities because of the membership based strategy that tanning salon owners implement to generate revenue. All there salon categories also have advertising budgets that are needed to attract local customers: more info
Market Adjustments in Healthcare Industries
One of the biggest payrolls in any type of workforce industry in the United States is healthcare. In most hospitals, it is not uncommon for hospitals to have consultants come into the organization to conduct a full compensation and salary adjustment assessment to keep the healthcare organization up to market in order to attract and maintain the best healthcare professionals. One of the most important areas that a hospital may focus on is at the mid-level range for healthcare salaries. Physicians themselves are usually hired with a compensation package based on a mutual contract but the clinical professionals right under physicians such as a nurse practitioner and a physician assistant can be the “right hand man” in a specialty practice. Therefore, the salaries of this mid-level caliber must be up to market. Around how much does a nurse practitioner make? A nurse practitioner can make anywhere from $85,000 – $100,000 on average in hospitals in the medium size range according to the bureau of labor statistics. A nurse practitioner is considered an “advanced registered nurse professional” or an ARNP for short. The next mid-level that is important to have a competitive salary package is a physician assistant. A physician assistant works right under the main physician and has to complete a masters of science from an accredited physician assistant school. So the next question on the mid-level range is about how much does a physician assistant make? The average physician assistant working in a medium sized hospital or similar healthcare facility can expect to earn between $90,000 to $120,000 on average per year. Moving from the mid-levels to another special area of medicine is the traditional pharmacist. Today, with more and more medications being prescribed and regulated, a hospital must also provide competitive wages for a pharmacist. How much does a pharmacist make? Well a typical pharmacist can expect start out at least in the six figures range in most hospitals. The only exception may be smaller drug stores such as CVS and Walgreens the operate in a smaller level with drugs that are prescribed. One of the biggest and most popular healthcare career fields is nursing. Each year, hundreds of people enter nursing school in hopes to become a registered nurse. Therefore, hospitals must also remain up to market to provide these nurses with competitive compensation. The question, how much does a registered nurse make? will be based on the location where the nurse is working and the experience. According to the bls.gov, the average salary for a nurse is between $50,000 to $60,000 per year. The last position that the accounting and finance team of a healthcare facility should focus on are medical assistants. A medical assistant is a special position because the person in this role will be both a patient support person and a clerical person. How much does a medical assistant make? The average medical assistant in the U.S. can expect to earn around $15 per hour.
A Billion Dollar Industry: Male Pattern Baldness
One of the biggest health related niches for men that has financial reports to prove it is the hair loss industry. With popular receding hairline treatments such as Finasteride, Propecia, Rogaine, the Lasercomb, and other shampoos and vitamins open up this industry in multiple profit flows. First, the biggest industry falls in the receding hairline treatment category. This category is made up of 3 major FDA approved treatments: Finasteride, Minoxidil, and the Lasercomb by HairMax. All of these treatment can be used for a male wanting to treat a receding hairline. Next, there are also several vitamin companies financially growing through the sales of hair growth vitamins. Saw Palmetto for hair loss is the most popular supplement for naturally treating male pattern baldness in men. Saw Palmetto acts as a DHT inhibitor which is the main cause for men who lose their hair. Finasteride is the actual drug that lowers DHT but some mind would rather use Saw Palmetto for hair growth because of the decreased chance of sexual side effects. Biotin, MSM, Omega-3, and Zinc are also popular vitamins for hair growth. Another hair loss industry that benefits from the mult-billion dollar industry is shampoo. There is shampoo for hair loss that actually help with prevention and treatment for hair loss. The top hair loss shampoo contains an ingredient called Ketoconazole which is found in the popular hair loss shampoo Nizoral. It is believed that the ant-fungal properties of Ketoconazole acts as a mild ant-androgen that reduces DHT buildup on the scalp. Nizoral also helps with itching which can be a side effect of Minoxidil. There are a few other shampoos for hair loss such as Phytoworx, Pure Abundance, and Tea Tree oil which can stimulate the scalp for hair growth.