The Role Of Accounting And Possible Future Of Accountancy Profession

The purpose of accounting is to record the financial information, such as transactions and performance, related to a business. The accounting profession has been in existence for as long as business transactions have occurred. It wasn’t until 1494, however, when Luca Pacioli, a Venetian merchant, wrote Summa de Arithmetica, Geometrio, Proportioni et Proportionalita. His writings described a two-entry system of debits and credits, which became the basis for modern accounting systems. Three centuries later, with the emergence of the Industrial Revolution and the development of corporations, the profession of being an accountant became a necessity to keep track of the rising costs and cash flows. As a result, the American Association of Public

II. Main Point #2. Contrary to popular belief, Accountants, and the tasks that they perform, are an important part of most people’s everyday life.

Accounting has become a more interesting and attractive position among the millennials due to the high demand in the industry after the Enron fraud scheme in the early 2000’s. It has also become a more interesting field due to the how the profession’s involvement and characteristics have changed since the incident as well. Accountants used to be known to be bean counters, characterised to be introverts, simply keeping track of companies’ financials. In recent years, there has been a shift from profession in which accountants

Studying accounting for me, bridges the gap between learning a subject for achievement and enjoying the subject. The attention to detail along with the vital level of accuracy in accounting really stimulates the mind. Along with the element of problem solving which I find highly satisfying, from making numerical calculations on a calculator to correcting an error. Ever since taking the AAT course, It has become clear to me that I want my career to be in the financial sector dealing with money. My interest in the subject ranges from the laws and regulations accountants must adhere to, right across to using spreadsheets to analyse and present figures.

Ruth Hines’ paper discussing how we construct reality is very interesting and leads one to wonder whether accountants have too much power. Accounting classes teach concepts of realization and organizations as if it has always been that way. It is hard to think of why accountants do things the way they do, because it is just the way it is supposed to be done. Accountants are considered to be the professionals that everyday stakeholders trust to provide reliable information. As Hines said, “Everything would be a mess without us.” Naturally, everyone assumes accountants always know how to handle an issue; it is safe to say most people assume they do not have issues in the first place. But, of course, there are always issues that need to be handled.

Have you ever wanted to work with a lot of money or even work in the front offices of sports team? Well, then accounting could be a great career choice for you. Accounting is defined as the action of keeping financial accounts. Accounting is a very misconceptive career path as many believe it to be people siting in a cubicle crunching numbers. As there are some people who do partake in this side of accounting, accounting is not merely this concept, however, it is for people who work well in a group together and work to solve peoples problems that have to do with money. Accounting is the career I chose because it involves sociable, detailed-oriented people, who work with numbers, coming together to solve problems money related. In this paper, I will cover the history of my field, some educational requirements, what actually is accounting, some common misconceptions about accounting, some famous accountants, and other careers one can achieve with an accounting degree.

The accounting profession has implemented technology in countless ways. The IRS has encouraged electric filing (e-filing) for submitting tax returns (Whittenburg & Gill, 2017). Updated information for tax rates, amounts for personal and dependency exemptions, Generally Accepted Accounting Principles (GAAP) rules, are currently available via the World Wide Web. Many programs, such as Excel, act as financial calculators and perform financial formulas fast and error free. Accounting software programs are coded to use algorithms in synthesizing information, organizing information, and displaying information for users. As technology advances, increasingly sophisticated algorithms and functions become available. In my company, information from every department’s programs is imported into the software program that the finance department uses. This automated feature enables each department to employ the technology that achieves its efficacy. Additionally, computer technology maximizes available resources. Real-time data and financials are now obtainable (accountex). With automated functions, a series of buttons can spit out the desired information in the desired format.

In addition to the accounting fraud that had happened, technological innovation has decreased the face-to-face communication between accountants and their client. Thereby, creating a disadvantage for the company to build a strong trust relationship with their client. Nowadays, technology is an essential part of business operation. Many accounting firms utilize technology devices such as emails and phones to communicate with their clients. However, one of the most effective communication is face to face communication

As information technology continues to advance, businesses and organizations grow more dependent on information systems that hastens the procedures for accessing, processing and storing data. The advancements of information technology (IT) raises a question as to whether auditing standards have kept up with the increase use of technology. No, auditing standards have not kept up with the use of information technology. The article, How Big Data Will Change Accounting, (as cited by Cukier and Mayer-Schonberger, 2013) shows growth in the use of digitized records from 25% in 2000, to more than 98% (Warren, Moffitt, & Brynes, 2015). The influx of IT management is changing at such a rapid pace that it makes it difficult to develop standards that

The accountant is responsible for the machines and technology that is available to him/her in dispensing his/her duties. Therefore an accounting issue that arises in business due to technological issues can be traced back to the individual machine and technology where the holder of such technology is held responsible. Such a violation will be treated as a fracture in the accounting code of ethics associated with the use of the machines, software, or other technology’ used. The individual accountant will then be held liable. More often, accountants find themselves in tight positions while preparing financial reports. Therefore an individual’s integrity, objectivity, and professional competence are key components for an accountant, especially when they use technology (Hall, 2008).

Accounting, it’s boring right? Well, in the 21st century, accounting is so much more than inputting data in order to prepare financial statements. Accountants are now able to prepare detailed analysis and interpret the data to help the person or business grow financially. In today’s market, accountants are in high demand and it is a very stable career that could lead to a secure future. An example of this are all the big companies such as Google and Facebook that constantly need accounting help in order to keep the money flowing in the right direction. Furthermore, accounting is not just one big generalized area; it has many areas in which accountants can specialize in. However, the most important trait of an accountant is their mission, to serve the public with their knowledge in finance. As a future accountant I have the personal traits that are necessary for this field, the knowledge, and the desire to succeed.

The most interesting area of business that I would want to pursue as a career is accounting. In high school, I had the opportunity to take several business classes through our career technical education program, but the accounting courses especially sparked my interest as I began to understand the content and excel in it. I enjoyed using my math skills and seeing the transfer of money in different situations. With excellent instructors that gave me a passion for the subject, I knew that accounting was right for me. Even though there were many career options in the world of accounting and auditing for me to choose from, such as public accounting, managerial accounting, and internal/external auditing, forensic accounting seemed like a perfect fit. During my junior and senior year, I took a forensics course and became a teacher’s assistant for the class the year afterwards. I found the topic intriguing and wondered if I could possibly incorporate those skills into my business career. When I was searching for a college that I wanted to go to, I eventually found Waynesburg University and saw that they offered forensic accounting as a major. After doing some research on forensic accounting, determining that it involved accounting skills, analysis, and investigation, I chose Waynesburg University as my school and forensic accounting as the major and career that I wanted to pursue. In addition, I was happy to know that I would follow in my family’s footsteps of working for the

Another of Accounting’s main feature is summarizing. Summarizing is the art of showing business results in a summarized form. Thereafter it can be used for all the interested parties. This feature gives insight into the financial statement of business. One of the summarized accounts is a Trading and profit and loss account while the other is a Balance Sheet.

The purpose of this report is to analyses the viability on investing in cloud accounting technology with MYOB emphasizing in the working relationship between Xer Accounting and clients. . the method used includes a definition of cloud accounting, deepening on the services that providers offer and differentiating deployment models they use. Benefits are

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.