Accounting in tarnish will always feel incomplete if its sole recognition is to be found in how it is presented or is perceived by others. Accounting apart from being a profession has an altogether different identity and evolution when compared to other professions. This is since it is considered a blend of various professions making it possible for it to survive as an independent field of study. The concept of Accountancy is simple. A firm builds an organization in order to manage everything that involves the economic aspects. This is achieved by using technical knowledge in accounting.
In simple terms, accounting is a profession that specializes on the account of financial transactions. Most of the companies have their own accounting department to manage their financial transactions and other business elements. It is not possible for the firms to conduct an external accounting function independently since it would then jeopardize the very survival of the company. Hence, an organized response of the top brass of the company is required in order to develop and manage the accounting function efficiently. This is achieved by selecting the right accounting firm that can fulfill this task in an efficient and effective manner.
The same task can be done well by using professional accountants trained to provide effective financial support to a business. A thorough knowledge of accounting is a must since it enables one to align business objectives with company financial performance. In order to perform efficiently and effectively, one must be master of accounts, which in turn enables one to see things from a business perspective.
This field of study also encompasses other generic subjects that include general business law, financial inclusion, taxation of business transactions, accounting standards, supervisory issues, information technology, business strategy, marketing and human resources. One must become a master of all the fields in order to do justice to the accounting profession.
On the other hand, this is a field where the possibilities of growth are endless. There are many opportunities waiting for accounting graduates. The options are as wide as the pages of book. To make the most out of the offerings, one needs to familiarize himself with the principles of accounting and invest his time and money in learning the profession.
As compared to other professions, the duration of accounting education is relatively short. She has a degree of bachelor’s doorman’s degree in accounting or a doctoral degree in accounting. This is another factor that makes her work easier and less stressful. Many accountants have multiple degrees like PhD or MBBS.
On the job training is one of the greatest assets of a professional accountant. The countless hours of practical application, which enable one to get more intimately involved with the products being sold make this field worth the effort to pursue. The growing importance of tax reporting and audit matters are other reasons for this growing profession.
Auditing is a specialized area of accounting, but one that requires skills that every accountant must have in order to grow in this field. Academicians studying this field can expect to acquire the following sets of skills:
- Ability to calculate and analyze financial statements
- Ability to interpret them
- Can solve problems by using various methods
- Can play with numbers in his head
- Excellent judgment ability
- Can solve problems using the intellectual, as well as the manual skills
- Can communicate well with people and fellow associates
- Has good organization skills
- Can accommodate various working styles
- Can produce reports in different formats
- Can demonstrate knowledge of accounting and its application in different ways
However, one thing is clear. Accounting is a profession that keeps on growing year after year. It is more than a profession. It is asides that keeps on giving so many opportunities to those who put in their free time towards learning it. It gives them a chance to make their mark in the world of business. It gives them the platform to fulfill their dream of becoming an independent financial professional.
Auditing and other fields are growing because of the necessity of accounting professionals to identify and minimize lapses in corporate finance. This is the reason why students who choose to pursue an accounting course are highly rewarded later. It is even mandatory for appointed CFOs to be CFA Certified. Now, with the CFA concise course, new graduates can follow the seamlessly integrated financial literacy developed at the CFA institute.