What do Accountants in Washington Do?
Accounting is a systematic measurement, processing, and communication of financial and non-financial transactions that deal with economic entities. Those economic entities are typically comprised of businesses and corporations.
Proper accounting is hugely important for any business to function adequately. It can be done by a bookkeeper or an accountant at a small firm. Sometimes, also by financial institutions at larger companies.
The reports that generate many different rivulets of accounting, such as management accounting and cost accounting, play a crucial role in helping management make informed business decisions.
While basic accounting tasks can be handled by a bookkeeper, advanced accounting is commonly managed by qualified accountants. Qualified accounts are Certified Public Accountants (CPA’s). A career as an accountant scores highly on our occupation desirability index.
Generally Accepted Accounting Principles
In many cases, accountants use Generally Accepted Accounting Principles (GAAP) in preparing financial statements. GAAP is a set of standards that relates to balance sheet identification, outstanding share measurements & other issues that pertain to accounting. Its standards are based on double-entry accounting, a method that enters each expense or incoming revenue in two places on a company’s balance sheet.
Different Types Of Accounting
There are different kinds of accounting to fulfill different needs for economic entities. Among those are the following types of accounting.
Financial accounting refers to the processes accountants use to generate the annual accounting statements of a firm. This usually involves the preparation of financial statements available for public use.
Management accounting or managerial accounting uses almost the same processes but the information is used differently. In management accounting, managers use accounting information in order to better inform themselves before they decide matters within their organizations.
This helps their management & performance of control functions.
Public accounting supports the accounting structures of client companies & investigates financial statements. This is to ensure that the financial statements assembled by clients present their financial position & financial results.
Tax accounting deals with the proper compliance of tax regulations, tax planning, and tax to reduce a company’s future tax burdens.
Government accounting uses a distinctive, accounting framework to generate & manage funds, from which cash is disbursed to pay for a number of outlay that relates to the provision of services by a government establishment.
Forensic accounting is the reorganization of financial information when a complete set of financial records is not available. Skillsets like this can be used to reconstruct the records of a business that has been destroyed, to reconstruct fraudulent records, to transfigure, cash-basis accounting records to the accrual basis.
Internal auditing is associated with the examination of a company’s systems and transactions to detect control fraud, waste, negligence, weak links & reporting these findings to management.
What is an Internship?
An internship is an opportunity offered by an employer to students or undergraduates interested in attaining work experience in specific industries.
How Long Does An Internship in Washington Last?
An internship in Washington usually lasts 3-6 months. Some students will have a part-time internship working in the office for just a few hours or days per week. Other students will have a full-time internship, where they work the same hours as the other full-time employees at the company. An internship can be any time of the year, that includes regular quarter, trimester, semester or over the summer.
Internships Are Beneficial for Those Looking to Advance in Their Career Path as an Accountant
An internship allows students the opportunity to gain first-hand experience of working in the field of their choice. It also allows students to acquire the knowledge, skills & theoretical practice they learned at the University of Washington.
An Internship provides a great learning experience for students with little experience in the professional world.
Can Anyone Be An Intern?
Usually, interns are college or graduate students. While interns are usually older students, like juniors or seniors, freshman & sophomores can also seek out internships. Having several internships while in college can be very impressive to potential employers.
What does an Accounting Intern in Washington Do?
Intern’s tasks can vary widely, even within the same industry. It is largely dependent on the company itself. It is likely that you will do mainly administrative tasks or just run errands In some internships.
But in others, you will play an important role as part of the team making considerable contributions to the company. Roles of Accounting interns often include
- Adding information to files
- Update client files
- Conduct data entry
- Bookkeeping activities such as recording invoices or processing payments.
- Managing outgoing and incoming phone calls including to clients and the tax office.
- Asking for clarification from the tax office about a particular deduction, or the processing of a return.
- Attend meetings as they are a constant part of any business. While you may be attending these meetings mainly as an observer, it is expected that as your confidence & experience grows, so will your contribution as a team member.
Landing a successful career in the accounting field in Washington requires more than just good grades from your university. Mainly due to the fact that there is a large volume of graduates and limited job opportunities available.
To get the first professional opportunity, you will have to get ahead of the competition. From an outsider’s perspective, accounting can be a pretty confusing industry.
Enclosed by a broad range of different types of work that can vary greatly from employer to employer. Accounting internships are ideal for students who are looking to better understand their degree program while also discovering if the career field is right for them.
An internship in the accounting division of a Big Four firm, for instance, will be a notably different experience of spending time with an in-house finance team.
Are Accounting Interns Paid?
Accounting interns usually are not paid, but there are organizations with policies that prevent them from not paying employees. If you are offered a wage, by all means, agree to it.
In some instances, you may be offered an internship where you work full time up to 40 hours and are paid for half. This will benefit you greatly because it allows you to earn while you learn!
You’ll be a part of the team, which makes it easier to transition to being a full time paid employee. Periodically you may be offered a travel allowance instead of an hourly rate.
This is common and covers your out of pocket expenses for getting to & from the job. If you are not certain about the paid nature of the internship, you should inquire further. If done tactfully you won’t run the risk of offending anyone.
Benefits of an Accounting Internship
There are so many benefits to becoming an accounting intern in the state of Washington. And in actuality, it’s really a requirement if your serious about becoming a CPA.
An Internship in accounting grants you the opportunity to experience the volume of work and technical expertise necessary to thrive in that chosen profession.
An internship confirms your goals and helps you determine if its the career path that you want to pursue.
At the end of your internship, you will have ascertained whether or not accounting is the right profession for you.
An Enhanced Resume
An internship grants you the experience and skills to enhance your resume. You will learn about the organization’s politics, culture, teamwork, expectations, demeanor, & mentoring.
Future Employment As a CPA
An accounting Internships can often lead to full-time employment after you have acquired your degree.
Internships can lead to academic credit. If you are applying to graduate school it can also add to your qualification, where experience & enthusiasm are of great value to professors on selection committees.
As an intern, you will be able to interact with clients and customers. This gives you a better understanding of their needs from an accounting firm.
Here Are Some Accounting Internships In Washington State
Better Business Tax & Accounting
Better Business Tax & Accounting Corp is an accounting & consulting firm in Renton, WA.
This corporation provides students the opportunity to work with clients in industries such as manufacturing, law, healthcare, real estate, law, healthcare, financial services, & non-profit organizations.
They also offer a great opportunity for growth in other areas of the company. Additionally, Part-time Tax & Audit internships are available during tax season and throughout the whole year after tax season.
- GPA min 3.00
- Proficient in MS Excel & Word
- Must prioritize and multitask
Great oral & written communication
- Knowledge of standard accounting procedures
Internship – Part-Time
Address: 241 S 4th Pl b, Renton, WA 98057, USA
Leading Retirement Solutions
Leading Retirement Solutions (LRS) provides retirement plans solution for businesses. Their mission is to proactively support organizations & lead them to a future that’s well secured.
The LRS provides a variety of business support and company retirement plan services to investors, companies, owners, and employees. They offer open architecture recordkeeping services, providing investment advisors, managers, plan sponsors and participants with access to both traditional and non-traditional investments.
They are seeking hard-working, highly motivated individuals to be a part of their exciting, emerging, and successful business.
- Great knowledge of GAAP Accounting Principles
- Ability to work with others as well as independently
- Ability to support multiple projects efficiently & effectively concomitantly
- Strong knowledge of technology & the ability to learn new software solutions
- Proven record of accomplishment in a fast-paced and rapid-changing environment
- Experience with company-sponsored retirement plans and/or experience in the financial services or investment industry is preferred, but not required.
- Minimum of 1-year financial college courses and verification of current course enrollment
Internship – Part-Time
Phone: +1 800-974-2814
Web address: https://www.leadingretirement.com/
Sirius XM Radio
SiriusXM is looking for an intern who will provide accounting support for Data Services, Automotive Partner Relationships, & Retail Services areas within the accounting organization. The intern will learn to perform the month-end close to include journal entries, account reconciliation, and analytics within the established deadlines.
- Strong analytical skills
- Understanding of GAAP
- Must be at least 18 years of age.
- Great management skills
- Excellent written & verbal communication skills
- Highly detailed oriented and organized in work
- Currently pursuing a Bachelor’s degree in accounting or related field.
- Students who have completed at least 2 years of college are preferred.
- Must be enrolled as a student in a U.S. based college, university or trade school at the time of applying and interning.
- Ability to interact and work cooperatively and collaboratively with staff at all levels
Internship – Part-Time
Address: 1500 Eckington Pl NE N, Washington, DC 20002, USA
Phone: +1 202-529-1215
World Resources Institute
As the accounting intern at the World Resources Institute, your duties will be to support the Accounting Department with daily accounting operations that include data entry,
accounts payable, timesheets, reconciliations, and other administrative and communication activities.
You will be given the opportunity to learn Costpoint accounting, reporting, concur expenses, payment processing & timesheet systems.
- Accuracy & strong attention to detail
- Demonstrated problem solver & troubleshooter
- Interpersonal skills: customer service orientation
- Strong quantitative communication (written and verbal) skills
- Computer skills: advanced proficiency in spreadsheets, Excel and other MS Office applications
- US work authorization is required for this opportunity. WRI does not sponsor interns for visas
Internship – Full Time
Address: 10 G Street, NE Suite 800 Washington, DC 20002 United States
Phone: 1 (202) 729 7600
Fax: 1 (202) 729 7610
CWP Consulting is a full-service boutique accounting firm that caters to the needs of small businesses & their owners. Their services include business creation and consulting services; IRS and State, Local tax authority negotiations and accounting and tax services.
- Compile monthly financial reports and prepare invoices for clients.
- Demonstrate working knowledge of computer software packages, MS Excel, MS PowerPoint, and MS Word.
- Able to understand finance and accounting principles and practices, financial markets, and banking
- Analyze and compare facts and figures, using logic to identify the strengths and weaknesses of alternative solutions.
- Ability to coordinate organizational and administrative tasks and support payables and receivables
Internship – Full Time
Address: 1426 21st St NW, Washington, DC 20036, USA
Phone: +1 202-525-2466
Public Company Accounting Oversight Board
The PCAOB oversees the audits of public companies, SEC-registered brokers and dealers to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
As an intern, you will provide support to the Division by assisting the Divisions attorneys and accountants with analyzing and reviewing investigative materials. You will prepare reports, research, and analyze financial information related to investigations and assist the attorneys and accountants in analyzing investigative materials.
- Students must be able to organize and meet deadlines
- A student at an accredited university or college majoring in Accounting
- Completed at least one semester of intermediate accounting
- Proficient with Microsoft software applications & use of the Internet
- A willingness to work as both as a team member and independently
- Proficiency in another language is a plus.
Internship – Part-Time
Address: 1666 K St NW #800, Washington, DC 20006, USA
Phone: +1 202-207-9100
OJT Supports Accounting Internships in the State of Washington
Internships are great ways to build experience as a student or recent graduate. It is more likely for employers to hire someone with internships and work experience. Someone with a generic resume with a lack of experience of on-the-job experience is less likely to land a job as an accountant in Washington. Always put your best foot forward, and be great! Plus, search for apprenticeship opportunities in Washington.