Private practice accountants provide accountancy services for businesses or individual clients. They may work for large or small accountancy practices, or freelance.

In general, accountants manage and monitor financial systems and budgets, and offer business financial advice to clients. Day-to-day activities vary according to the size and type of practice they work for, but may include: preparing financial statements, business plans and budget reports producing annual and monthly accounts auditing financial systems and investigating any irregularities managing spending, costs, credit, payroll and investments advising on and dealing with tax advising on financial and business issues to non-financial members of staff or to clients financial planning and forecasting helping businesses to improve their finances, or dealing with insolvencies finding and preventing fraud (known as forensic accountancy)

A key role for private practice accountants is carrying out audits, which are independent assessments of a company’s financial position. During an audit, accountants examine the company accounts, look at the company's current practices and recommend improvements.

Private practice accountants deal mainly with audits, tax and accounts for fee-paying clients, whilst management accountants deal more with strategic financial management within companies.

Hours and Environment

Accountants normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times. Flexible working is common. Part-time work and job sharing may also be available.

Accountants are office-based. They may carry out audits at clients' premises, so they may need to travel and spend time away from home. Dress code is usually formal.

Skills and Interests to be an accountant you should:  have good mathematical skills be able to plan and present information understand business and economics enjoy analysing data and solving problems be able to create a good rapport with clients have good negotiating skills and be able to act on your own judgement have information technology skills be discreet, tactful and assertive

Opportunities

Job prospects are good, and there is scope to move into industry and commerce or the public sector. See Accountant: Public Sector or Accountant: Industry and Commerce profiles for more information about working in other sectors. Accountants often move between firms of different sizes to gain promotion and experience.

Accountants working for private firms may become partners of the firm and so increase their income and reputation.

UK accountancy qualifications are recognised across the world and there are opportunities to work abroad.

Annual Income
Figures are intended as a guideline only.  A graduate starting training would usually earn between £16,000 and £23,000 a year. A recently qualified accountant could earn between £28,000 and £40,000. A private practice accountant with ten years' experience could earn up to £100,000.

Starting salaries for trainees working in private practices vary depending on the size of the firm and the qualifications of the trainee. Salaries are likely to be higher in London than in the rest of the country.

IAB Level 2 Certificate in Book-keeping

The IAB is the leading professional body in the UK devoted solely to the interests of book-keepers – and the IAB Level 2 Certificate course is an excellent introduction to the skills you’ll need in your career.

IAB Level 3 Diploma in Accounting and Advanced Book-keeping
The IAB Level 3 Diploma in Accounting and Advanced Book-keeping course leads to their top qualification. After you have successfully completed this course, you can apply to the Association to become a member. This will allow you to use the letters MIAB after your name, which will open up a much wider choice of career opportunities for you.

CIMA Paper C2 Financial Accounting Fundamentals
This paper in Financial Accounting Fundamentals looks at a wide range of subjects, from the framework of financial accounts to their interpretation. It's a part of the qualification to become a member of the Chartered Institute of Management Accountants (CIMA). This internationally recognised and respected body offers one of the most highly-regarded qualifications available in the field of accountancy.