Accountants maintain detailed financial records and analyze them to help individuals and businesses understand their financial health. They assist businesses in tracking income and expenses and in making informed financial decisions. In a Forbes Advisor article, the author explains, “Accounting is like a powerful machine where you input raw data (figures) and get processed information (financial statements). The whole point is to give you an idea of what’s working and what’s not working so that you can fix it.”
There are several different types of accounting, each with its own focus, including cost accounting, financial accounting, tax accounting, and managerial accounting. Another specialization within the field is becoming a Certified Public Accountant (CPA). In order to become a CPA, you need to meet certain education and experience requirements and pass the CPA exam. The CPA exam consists of four sections, each of which must be completed within four hours.
Are There Prerequisites to Learning Accounting?
While an advanced accounting class may have prerequisites, most beginner classes do not. Instructors typically teach all essential concepts as part of the curriculum. While most beginner classes don’t have formal prerequisites, certain foundational knowledge and skills can ease the learning process. One of the most basic skills needed as an Accountant is proficiency in math. An understanding of business and financial concepts is also helpful, as accounting involves working with financial data. Attention to detail is also a valuable skill in accounting. Finally, strong verbal and written communication skills are beneficial, since Accountants often prepare reports and present financial data to clients or colleagues.
Is It Difficult to Learn Accounting?
Accounting has a reputation as a relatively challenging subject to master. Accountants must learn complex skills and understand a range of financial concepts. When you first begin learning, you may feel overwhelmed by the material, but it becomes more manageable with time and practice. Additionally, accounting is a constantly evolving field due to changes in technology and regulations, which means continued learning is essential. However, while it may be challenging, accounting is a subject that can be mastered by almost anyone. To support your learning, consider enrolling in a paid accounting course where you can benefit from expert instruction and get answers to your questions as they arise.
What Will You Learn in an Accounting Course?
The content of accounting courses varies, but most courses will give you a better understanding of a range of financial principles. You’ll also learn the methods and standards for working with financial data. Some commonly covered topics are depreciation and amortization, preparing financial and tax records, analyzing financial data, and creating income statements, balance sheets, and cash flow statements. In addition, you’re likely to learn how to use computer applications like Microsoft Excel for accounting.
Washington, D.C. Industries That Use Accounting
The Washington, D.C. area offers many opportunities in accounting. This skill is needed in almost every type of business, and Washington, D.C. has one of the largest economies in the United States. The Washington DC Economic Partnership (WDCEP) says, “With billions of dollars invested in economic stability and growth, strategic access to Eastern seaboard markets and the nation’s most educated workforce, Washington, DC is a top global city for doing business.” U.S. News & World Report summarizes some of the main types of companies in Washington, D.C. It states, “[A] large number of D.C.-area residents are employed by the federal and state governments; however, the region also attracts those looking for work in education and health services, with the region's public school districts, universities and hospitals employing a large number of residents.” In addition, it says that there are many jobs in the IT sector, and in business and finance.
Many major financial companies have a presence in Washington, D.C., including Fannie Mae, which is headquartered in the city. According to WDCEP, overall there are almost 15,000 finance and insurance companies in the Washington, D.C. area. The city is also known for its tech scene and frequently ranks among the top tech markets in the country. For instance, the Washington, D.C. Economic Partnership calls it the third-best city in the nation for tech, stating, “Washington, D.C. tech companies are engineering the next digital revolution in one of the hottest East Coast tech hubs.”
Accounting Jobs & Salaries in Washington, D.C.
Skill in accounting can lead to work in several different positions. One that requires the least education and experience is the job of a Bookkeeper, which is someone who keeps financial records. An Accountant also keeps records, but in addition to that, they prepare taxes, analyze financial information, and create forecasts. Accountants can also choose to specialize in a specific type of accounting. One example is the job of a Financial Accountant. In this role, individuals record and report on financial transactions related to business operations. With enough accounting education and experience, you could also choose to become a Certified Public Accountant (CPA). This qualification is earned by meeting strict educational and testing requirements. Salary estimates for all of these jobs are posted on the Glassdoor website. The organization finds that in Washington, D.C., a Bookkeeper earns $44,000 to $63,000, and an Accountant earns $63,000 to $96,000. The average salary for a Financial Accountant is $80,000 to $125,000, according to Glassdoor, and for a CPA it is $96,000 to $167,000.
The U.S. Bureau of Labor Statistics (the BLS) predicts a 4 percent increase in accounting jobs in the United States between 2022 and 2032, which is about average. Overall, the BLS finds that employment in the accounting field is expected to remain stable. It says, “Globalization, a growing economy, and a complex tax and regulatory environment are expected to continue leading the strong demand for accountants and auditors.” In addition, it says, “The continued globalization of business may lead to increased demand for accounting expertise and services related to international trade and international mergers and acquisitions.” The BLS finds that the Washington, D.C. metropolitan area is the third-largest employer of Accountants in the country, employing more than 43,000 people in this profession. It is also one of the top-paying areas, with an annual mean wage of more than $100,000.
Financial Managers and Budget Analysts also use accounting. According to the BLS, between 2022 and 2032, Budget Analysts will see job growth of about 3 percent, and growth for Financial Managers will be approximately 16 percent. The BLS reports that approximately 22,000 Financial Managers are employed in Washington, D.C., with an annual mean wage of $182,000. The BLS also reports that more than 4,000 Budget Analysts work in the region, earning an annual mean wage of $111,000.
Best Accounting Classes & Schools in Washington, D.C.
If you’re based in the Washington, D.C. area, you’ll find several different places to learn accounting. The University of the District of Columbia offers a course called Certified Bookkeeper, where students can earn a Bookkeeper certification. It is designed for students who already have bookkeeping experience. Students learn about the correction of accounting errors and bank reconciliation, payroll, depreciation, inventory, international controls and fraud detection, and accruals, deferrals, and the adjusted trade balance. Tuition is $2,195, and the course takes six months to complete.
ONLC Training Centers also offers instructor-led classes in Washington, D.C. QuickBooks Desktop Introduction Course meets twice and costs $695. Students learn to work with a company file, work with lists, set up inventory, sell a product, invoice for services, process payments, work with bank accounts, and enter and pay bills. Classes have an average of twelve students. Students receive a certificate of completion after finishing the class.
Certstaffix Training also offers QuickBooks classes in Washington, D.C. QuickBooks Online Edition: Basic Course is a one-day class that costs $435. It is intended for beginners and covers QuickBooks fundamentals such as setting up a company, tracking income and expenses, creating sales receipts and invoices, and managing customers and vendors. Students also learn how to avoid common accounting mistakes. In addition, they get hands-on experiences through practical exercises. Instructors also cover tips and tricks to streamline the accounting process.
Best Live Online Accounting Classes & Schools
The Digital Workshop Center is a tech school that offers many different live online courses, including accounting classes. Bookkeeping Fundamentals covers bookkeeping fundamentals and best practices. Students learn the bookkeeping workflow, including how to create accounts, enter debits and credits, and prepare statements. This class leaves students with the ability to classify accounts, analyze common business transactions, record transactions in the journal and post to the ledger, enter debits and credits, and prepare financial statements. It costs $1,406, and has three sessions. Students need to have basic digital literacy. Access to QuickBooks and some experience with accounting vocabulary are also helpful.
For students who want to focus on payroll, the Digital Workshop Center offers Payroll Fundamentals, a three-session class that costs $1,406. Students work with QuickBooks and receive instruction in an accelerated, bootcamp-style format. The class also includes mentoring and support. Students learn a wide variety of payroll skills such as calculating employee and state taxes, differentiating between pre-tax and post-tax deductions, tax filings and penalties, and recording and remitting voluntary withholdings. It is recommended that students have access to QuickBooks. Some knowledge of basic accounting terminology is also helpful.
Noble Desktop also offers accounting classes in a live online format. Intro to Financial Accounting is intended to help students get a better understanding of accounting by looking at the financial statements of large companies like Apple and Amazon. Students learn about financial accounting fundamentals, income statements, balance sheets, and cash flow statements. Founded in 1990 and based in New York City, Noble Desktop delivers its training both in-person and live online. This class takes place in one day and costs $325.
You can also take Intermediate Financial Accounting through Noble Desktop. This class meets once and costs $325. It covers more complex accounting skills. For instance, students look at the intricacies of income statements, like footnotes and management’s discussion. They also learn about revenue recognition, interest expense, capitalized interest, and stock-based compensation. Other covered topics include handling unusual items, earnings per share, discontinued operations, and deferred taxes.
If you want to specialize in cost accounting, you’ll find a course offered through the American Management Association. Fundamentals of Cost Accounting is a three-session course that costs $2,595, and is focused on teaching students to identify and classify costs in inventory and cost of goods. Covered topics include absorption costing techniques, process costing, job costing procedures, direct costing techniques, cost-volume-profit analysis, and costing techniques for future production decisions. The American Management Association is a nonprofit educational organization that promotes management.
If you’re interested in learning to use QuickBooks, Computer Training Source, Inc.—which is based in Chicago and offers live online classes—offers several different short QuickBooks classes for both online and desktop versions of this program. In QuickBooks Desktop Part I, students learn how to receive payments and make deposits, invoice, enter bills, print checks, do journal entries, and enter credit card charges. They also learn to work with bank accounts and to customize and filter reports.
Corporate and On-site Accounting Training
For companies that want to train their employees in accounting, Noble Desktop offers a variety of corporate and on-site accounting training programs. These programs can be customized according to your needs, and scheduling is flexible. Virtual programs run via a teleconferencing platform. Some companies opt to purchase vouchers for Noble’s regular group classes instead, letting employees enroll individually. There is a discount available with the purchase of multiple vouchers. To receive more information about corporate training programs, or to sign up for a complimentary consultation, email Noble Desktop.