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Working in the department of taxation and finance requires high-quality expertise, as even a small mistake can result in significant financial loss.
If you’re interested in pursuing a career in taxes, it is essential to understand the roles and responsibilities of each field.
The following points will help you in choosing the right career path for you.
Tax preparer
A tax preparer is responsible for submitting tax forms on behalf of the client. He handles client consultations, analyzes financial documents, and prepares tax returns for clients. He also acts as a liaison between the client and the IRS.
Duties and Responsibilities:
- Informing clients on the tax preparation process.
- Collect the financial records that include pay stubs and income statements.
- Ensure compliance with local and international tax laws and regulations.
- Complete the tax filing documents with the appropriate agencies.
- Working with various software, including QuickBooks and TaxCycle.
Education:
A high school diploma is required. Most individuals pursuing a career in tax preparation are required to complete tax preparer training courses.
Payroll specialist
A payroll specialist manages all the necessary steps to ensure that employees are paid correctly and on time. They calculate the benefits and deductions. They ensure that the payroll-related activities comply with relevant laws and regulations.
Duties and responsibilities
- Precisely calculate and process the payroll.
- Consult with HR to maintain accurate payroll records.
- Conduct the semi-annual audits of payroll records and maintain the documents.
- Address and resolve any payroll-related issues, including discrepancies and tax-related concerns.
- Maintain and update payroll.
Education:
Payroll specialists typically require a high school diploma and a bachelor’s degree in accounting or a related field.
Auditor
The auditors examine, analyze, and interpret the accounting records to prepare financial statements and analyze reporting risks. They also determine how an organization has complied with laws and regulations. Additionally, they verify whether transactions are accurately recorded or not.
Duties and responsibilities:
- Review and test the financial statements.
- Utilize auditing platforms to analyze claims and ensure the proper allocation of funds.
- Perform an internal control evaluation.
- Identify persistent claims error trends.
- Identify financial and operational risks.
Education:
The auditor positions require a minimum of a bachelor’s degree in accounting and finance. A master’s degree in business administration adds value.
Tax analyst
A tax analyst is responsible for reviewing a company’s tax liability and tax practices. They analyze tax forms to ensure compliance with tax laws. He also identifies tax-saving opportunities.
Duties and responsibilities:
- A tax analyst prepares both financial and state tax returns.
- Collect necessary data from clients.
- Develop financial reports.
- They support tax audits and maintain tax reports.
- They also focus on keeping a positive attitude and finding effective ways to mitigate problems.
Education:
He should have a bachelor’s degree in accounting and finance. This field requires a strong skill set in problem-solving and analytical thinking.
Financial planner
The financial planner offers personalized money management services and expert financial guidance to clients. They provide information about investing, asset allocation, and retirement planning.
Duties and responsibilities:
- They meet with the clients to discuss their financial situations and assess potential risks.
- Help the clients achieve their savings goals.
- They assist with estate management.
- They research developments related to financial products.
Education:
They should have a bachelor’s degree in finance, business, or economics. Some states also require a license to sell financial products.
The above-mentioned career paths will help you proceed in the future, as they provide a thorough understanding of each field. Every career path requires skills and the ability to handle responsibilities.
vaibhavi
