Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions, including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management. They perform these vital functions by offering an increasingly wide array of business and accounting services to their clients, in order to provide information to them.
Accounting- the best profession
There is a lot to gain from a career in accounting. The most important is that people can learn how business works from accounting. Accounting jobs offers stimulating and challenging work that is constantly evolving. Because accountants spend a lot of time looking under the hoods of businesses, they really learn the nuts and bolts of business. An accountant is perfectly positioned to become a Chief Financial Officer (CFO) because he has the best understanding of what drives business and profits in a company.
In the year of 2009, the world economy is undergoing recession. The accounting profession has been affected just like the rest of the financial services industry. Accountants are thinking hard about their work lives and are worried about the future. Yet, the fundamentals are strong, demand for new graduates will be back and accounting should remain a promising profession for many years to come.
Accounting in Management
Many firms are focusing on activity-based management, process-view analysis, constraint checking and business process analysis as well. The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends.
Educational Requirements Climbing
Most accountant and auditor positions require at least a 4-year bachelor’s degree with major in accounting or a related field. Some employers prefer applicants with a master’s degree in accounting, or with a master’s degree in business administration with a concentration in accounting.
Skill Requirements becoming broader
There is high demand for individuals who can go beyond technical skills and display good interpersonal abilities, legal knowledge, sales abilities and foreign language skills.
Accounting offers superb career opportunities in many different contexts. The field is normally divided into three broad areas: auditing, financial/tax and management accounting. The skills required in these areas differ as follows: SkillAudit AccountingTax and FinancialManagement Accounting People skillsMediumMediumMedium
Analytical skillsHighVery HighHigh
Computer skillsHighHighVery High
Persons planning a career in accounting should have an aptitude for mathematics and be able to analyze, compare, and interpret facts and figures quickly. They must be able to clearly communicate the results of their work to clients and managers. Accountants and auditors must be good at working with people as well as with business systems and computers. Because millions of financial statement users rely on their services, accountants and auditors should have high standards of integrity.
An accountant will usually start as a junior member of a team responsible for auditing an important account or preparing financial statements. It is important that one enjoys working as part of a team and that he or she learns to do so in his/her education.
The field of accounting has seen constant technological and intellectual innovation in recent decades. Firms are implementing new electronic systems for preparing and...