Introduction: In the UK today, only 15% of the labour force are in manufacturing; this will go down to about 10% by the year 2010. In Pakistan, approximately 15% to 25% accounting students are increasing every year. The number of professional commerce institutions has increased from 36 to 100 since 1992. (Source: Central bureau of education, Pakistan) What does this means? More and more people are directing towards non-manufacturing environments which makes them more conscious about social and environmental factors than those technical. The decline of manufacturing has been changing the skills and competencies that accountants need in the 21st century to satisfy the needs and requirements of stakeholders. Result is the division …show more content…
Think for a moment about what is thought to be involved in an accountant's workday. Most people would think about numbers, debits, and credits. Now that the idea of the stereotype has been introduced, it is time to know what accountants really have to tackle. Accounting is more closely related to other fields than a person might think. Communication in the work place makes writing skills imperative. When it comes to ethics, it seems as if accountant is the hub that connects the business world together. Stress is laid on the skills that may help business owners and stakeholders by the way of business sustainability, entrepreneurship and strategic thinking. Despite of critics; accounting professionals have proved incredible in past years to put the superlative strategic answers to the questions …show more content…
Consequently, more effort and time is elapsed. The reason behind this seems to be quite out of sight, which is obviously lack of computer knowledge. A key solution to this problem is the introduction of the related & useful I.T. section in every paper attempted and most data appearing in the questions should be computer generated reports. This may enhance & test a student's knowledge of Electronic Data Processing in tax, audit assurance, costing techniques as well as routine book keeping & final accounts. Where services provided by technology had mobilised the functioning of legal govt. authorities, tax authorities, national identification authorities and many more, accountants should if possible also have power over developing desired accounting software rather than using off-the shelf packages. "Remember, true security is found by committing yourself to improving one aspect of your life each and every day." Consolidating Your Future with Thirty Golden Rules -
Over one million people are employed as accountants, and most can be found in private business and industry. “Nearly 40 percent of all accountants are certified, and about 10 percent are self-employed’(Caruna, 1). In addition to openings resulting from growth, the need to replace accountants who retire or transfer to other occupations will produce thousands of job opening annually in this large occupation. The Occupational Outlook Handbook states that the expansion of accountants is related to: “increasingly complex taxation, growth in both the size and the number of business corporations required to release financial reports to stockholders, a more general use of accounting in the management of business, and outsourcing of a...
...r accounting. There is also a need for good accountants or accountants that do thing on the good of society or a person, instead of the good of their wallet. If Americas’ advisers were working as hard as some of Americas’ money greed some peoples, they would have found an effective way to build up the U.S economy.
Accounting is considered to be a Social and institutional practice, one which is constitutive and intrinsic to social relations (Hopwood, 1994, pg1). In case of (MA), internal users like managers are provided with (MA) information (Seal, 2009, pg4). This information focuses on both human performance and product services costs. It also gives the responsibility to managers to take measures according to the planning, directing and motivating and controlling of the business (Young, 2003, chapter5). Modern managerially-run enterprises was first established by Chandler in the United States between ‘1830 to 1860’(Chandler, 1977, pg3).It makes possible the world of oligopolies, which brings imperfect competition and misallocation of resources. It is...
An important ability of any great leader is expertise in his or her area of practice. This can be achieved through, “studying new technological research, analyzing competitors’ products and conferring with customer and engineers.” (Dubrin, 2007) The author feels very strongly that this area is one in which she is very proficient. She prides herself on not only constantly refining her skills in accounting through continuing education and professional training, but by researching industry specific information on the company that she works for.
Before I started this research, I thought of an accountant as someone who punched numbers every day and had great book-keeping skills but I have now learned that the accountant has to possess certain other skills often referred to as “soft skills” in order to be competitive and successful in this ever-changing business economy. Some of these “soft skills” are, but not limited to, excellent written and oral communication skills, the ability to work well with other people, work ethic, honesty, empathy, and problem-solving. Superior technical skills, though very important for an accountant, are no longer sufficient as employers are demanding that graduates have both technical and soft skills. If this is the case, are accounting majors adequately prepared and equipped with the requisite skills necessary to succeed in the accounting field? Researchers agree that there is a gap between the skill set of graduates and the expectation of the employer and that the accounting curriculum should be restructured in order to provide the accounting field with well-prepared, well-rounded, and suitably skilled graduates.
...so there is currently a very high demand for accountants. The accounting field has a high growth when compared with other careers. The job outlook for accountants mimics the health of the economy, which means that if the economy is good, there are more job opportunities and need for workers. There is a 13% expected growth in the accounting field from 2012-2022. Talented accountants advance fast and accountants who are not very good at the job do not get promotions. There is always new information to learn, and an accountant’s job is secure once they have the job.
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
Since technology is getting more developed time after time, many of life aspects has been influenced by the presence of computer as a remarkable innovation in human history. The emerging of a new concept called Computerized Accounting Information System (CAIS) particularly, is one example of this “cutting-edge calculator’s” intervention on bookkeeping activities. As many companies tend to apply this new frame to treat their transaction recordings, many accounting software developers try to provide an advanced computer program as the main engine of the companies’ CAIS. Some of the softwares are declared that it does not need anymore accountant assistances in dealing with financial matters. This claim has sparked a heated debate about whether or not companies could use software as a substitusion to accountant in the future. This essay will discuss arguments from both sides and describe the reasons why accountants still play an important role in making an economical decission.
In particular the adoption of the International Accounting Standard has made the profession more challenging. Accounting is an extremely complex activity with substantial ethical implications which have changed over the last century. Accountants are increasingly becoming an important part of successful business teams. This is because they understand the language of money and a company's complex financial situation better than any other employees. The job outlook for Accountants and auditors seems promising for those still in college with a major in Finance or Accounting. According to the Bureau of Labor Statistics (2014), there is a projection of 13 percent growth for 2012 to 2022 for the employment of accountants and auditors. There are few issues that will hinder prospective acc...
The accounting profession industry is changing rapidly, to maintain or develop the accounting profession, Malaysia may need to provide higher education and training for professional. In the future, there is a different of need requirements between the generations, for example, the generation “X”, which their age currently are between 30-45, they are building assets for their future and are keen to adopt new ideas. Besides, generation “Y” which their age are currently around 20-30, are a different breed (Nixon, n.d.). It is a faster moving generation compare to the previous generation. The younger professionals jump into larger roles so quickly, they must ensure that they are constantly learning on the job. Other than that, critical thinking and relationship-building as well as verbal and written communications skills are crucial to being a successful certified public accountant (CPA). Technical knowledge is a minimum requirement, the more diverse a candidate’s knowledge and expertise, the more valuable they become to an
Accounting is the pillar of every company to measure its growth, loss, revenue , capital, its really specify the real terms in foam of figures and sometimes in tables, in accounting there are certain rules are obtained to make more accuracy while playing with figures.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
As mentioned before knowledge is especially important in the construction of realities. This is because accountants in general created these economic realities, this leads to an expectations gap between the accountants and the users, hence accountants are also seen as communicators for these realities. However because accountant construct these realities it can become biased and objective (Morgan 1988). Accountants also persuade users to accept the realities that they have created.
Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of
Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today's society, the demand for good accountants for exceeds the supply. As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and collecting sales taxes. Moreover, department stores and other companies now have plants and offices widely scattered throughout the country. A new set of bookkeepers and accountants, is needed at each branch. I know there are many managements supervisory, and junior or senior executive positions are bing filled by people who started as accountants because accountants have the knowledge of methods and finance and comprehension of the fundamentals of business, and acc...