A career as an Accountant in Trinidad
The role of an accountant is a multi-faceted one but suffice to say, if you enjoy working with numbers and like a challenge, it could be the ideal career path for you to step on. A Career as an Accountant in Trinidad and Tobago will get you involved in working with clients of all sizes including small independent businesses, governmental bodies, and multinational corporations. As you’ll see below, you can help these companies in a variety of ways.
What do Accountants do?
Accounting isn’t just about creating balance sheets and financial statements; it also involves providing clients with advice on taxation, auditing, financial reporting, business recovery, insolvency, forensic accounting and much more.
Types of Accounting jobs
If you want to enter the field of accounting in Trinidad and Tobago , you have a lot of options including:
Bookkeeper
This role involves originating financial transactions and compiling the information into financial statements. You also reconcile general ledger accounts, invoice customers, pay suppliers and track fixed assets.
Chartered Accountant
Once you reach this level, you are deemed to be a highly qualified accountant and organizations will hire you to provide them with financial advice. Your role is to help clients maximize profitability and play a part in corporate acquisitions and mergers. Other typical duties include reviewing a corporation’s systems and analyzing risk, using forensic accounting to detect & prevent fraud and undertaking financial audits.
Payroll
As a payroll clerk, you will play a crucial role in an organization as you ensure staff is paid accurately and on time. The job includes aggregating timekeeping information, calculating gross pay, issuing payments to employees and more.
Tax Accountant
You collect the requisite information to complete tax returns, ensure that reports are filed on time and advise management on how different corporate strategies will play out.
What skills and competencies do i need to have?
Here are some of the skills top companies are looking for in new applicants.
Innovation
Remember, accountants aren’t just number crunchers, they are expected to contribute to a company’s financial strategy. You must demonstrate the ability to create or identify new opportunities to help the corporation.
Commercial Awareness
If you wish to progress in the field of accountancy or financial management, a keen understanding of the business you wish to work in, the sector and the company’s rivals is essential. In an interview, you should be able to showcase this knowledge. For example, if you worked in a bar you can discuss the issues facing the drinks industry.
Communication
As an accountant, there will be lots of occasions when you must communicate complex information in simple terms. You need to learn how to work with colleagues in all departments within the organization. As well as expressing yourself in a clear and concise manner, you must also show the ability to listen.
Understanding
Top accountants have the capacity to understand brand new concepts quickly. This could mean coping with changes to financial legislation, tax law or the demands of a client. The key to grasping new things is to learn how to ask the right questions. In this sense, interviewers are less concerned about your grades and focus more on how you apply your knowledge to practical scenarios.
Integrity
As you’ll regularly handle sensitive data, you must show that you are an honest, open and reliable individual. Accountants and the firms they work for must show pride in their desire to meet ethical standards. Clients want to know that you have their best interests at heart and as a result, you must display transparency in all your financial dealings.
How do I become an accountant?
You can become an accountant even if you don’t have a degree, but you will have to begin well down the career ladder if you go down that route. Otherwise, a Bachelor’s Degree in Accounting, Business Studies or Economics is necessary for faster progress. Once you graduate, you have the option to continue your education and become a chartered accountant.
Reaching the status of chartered accountant is extremely demanding and is likely to take at least three years of further study. You must study for exams alongside your full-time job as an accountant, and you also have to complete three years of relevant work experience. Once you achieve the qualification, you earn the right to join the Institute of Chartered Accountants of Trinidad & Tobago (ICATT).
What are the growth opportunities for an accountant?
In the short term, you have the chance to work in a variety of sectors including the public sector, NPOs, government, industrial organizations and professional services firms. You can choose which discipline to specialize in. Perhaps you want to become a tax accountant or else you would like to work on a company’s payroll accounts for example.
If you want to progress in the medium term, it is advisable to study and become a chartered accountant. As well as allowing you to earn significantly more money, this title opens up a whole new world. It is also a good idea to become part of a professional organization such as the International Federation of Accountants.
In the long term, career progression depends on your individual goals, but you could become a company’s finance director within 10 years of achieving chartered status.
