Introduction 

Whether you are beginning your career in accounting or you are shifting fields, the knowledge of corporate accounting is important and you must also know how it is different from building a career in public accounting. So, with us in this blog explore the aspects of accounting in the corporate world and collect as much information as you can about the same. 

Meaning of Corporate accounting in simple terms – 

We will begin with corporate accounting meaning so that you have a clear understanding of all aspects. It refers to accountants who work in a corporate sphere or in a private form and are employed by non-accounting companies instead of accounting firms. They can work in national corporations, in local offices or in international companies. 

Usually, corporate accountants work in a team of a department which comes under the CFO or Chief Financial Officer and instead of helping and assisting many clients, they work with a single company to develop an impressive depth of knowledge in their industry. These employees usually choose to stay in the specific industry to gain specialized knowledge and some of them also make their way to the post of CFO. 

Work managed by a corporate accountant – 

Now you know what is corporate accounting you must also know the duties a corporate accountant handles. Even though these duties vary based on the size of the firm or the department the accountant is working for, still there are some common responsibilities they have such as: 

• Basic bookkeeping is the first task a corporate accountant takes over and like any accounting job, there is some categorization and reconciliation. 

• Creation of reports is also the task of accountants of the corporate sector that executives further use to make strategies for business and decisions related to it.

• Planning of budget also comes under the work as the private accountants are expected to prepare a budget for the year and run regular audits as well to ensure that the department sticks to their budget. 

• Next comes financial analysis, to make sure that the capital is utilized effectively and invested properly on projects. 

• Other tasks of a corporate accountant include business forecasting, payroll processing, receivable tracking, expense management, etc. 

Difference between a public accountant and a corporate accountant – 

There are some major differences between both such as public accountants work for an accounting firm whereas corporate accountant works for a non-accounting firm. 

Public accounting has a fluctuating client base whereas the other works for a single company. 

In public accounting, there is more travel and potential to become a partner, whereas a corporate accountant is expected to work on a daily basis and the progression is comparatively slower. 

Conclusion 

We hope this blog has made the concept of corporate accounting clear to you and you also learned how it is different from public accounting. If you seek more details and information about accounting public accounting or other fields, you can have a look at the website Accounting Byte. Similar to its name, the site covers all details related to the accounting world for its users.