The main branches of accounting

 3. The main branches of accounting and job skills sets and compenencies

Accounting is a broad concept in which many different specialties exist, each requiring a specific competency and set of skills such as

 * Financial accountant

Is a major that focuses on recording and reporting transactions regulated according to general principles (GAAP) or International Financial Reporting Standards (IFRS). With this major, skills are required such as understanding of GAAP or IFRS, the ability to record transactions accurately, analytical, and problem-solving skills or the ability to use accounting software (Tiago, 2023).

 * Management accounting

This major focuses on providing financial information to internal users of businesses to support making decisions and creating new plans. This major requires a deep personal understanding of cost accounting principles, in addition to soft skills such as analytical and problem-solving abilities or communication and presentation skills (Tiago, 2023).

*Tax accounting

Is the job of preparing tax declarations for individuals or businesses under tax regulations. This major requires an understanding of tax laws and regulations as well as analytical and research skills or personal communication abilities (Tiago, 2023).

* Auditing

Auditing is divided into two main types to check and monitor the authenticity of a business's financial statements: Internal Audit deals with assessing, identifying and preventing tax or standard problems. for external audit of the enterprise. In contrast, External Auditing is the evaluation and checking of the accuracy of a business's financial statements. Audit compliance with GAAP and evaluate the adequacy of a business's internal controls as well as test the business's operational breakdown, policies, authorizations, and other management for effectiveness and integrity (Tiago, 2023).

*Cost accounting

Cost accounting does not comply with GAAP and is used internally, a form of management accounting that aims to capture the total cost of production of a business through evaluating the variable costs of each step. production as well as fixed costs, such as tax costs. The skills required for occupations in this branch include an understanding of costing methods, such as activity-based charging and process costing, in addition to analytical and problem-solving skills (Tuovila, 2007).

3.1 Required job skills of accountants.

For an accountant, hard skills requirements will include the ability to do key financial reporting, tax returns, ERP, and use business analytics and accounting software. In addition, there are requirements for soft skills such as communication ability, thinking ability, time management, operational ability and customer service orientation ability. The above essential requirements ensure accurate financial and accounting analysis, meeting the needs of the organization as well as effective tax preparation (Gallagher, 2024).