Accounting as a Career and the Financial Coverage Process - Essay Example

The Future of Accounting Profession Accounting supports are vital to the financial coverage process hence this makes it one of the best careers among others Accounting personnel are entry-level rank that needs a two-year degree program especially in finance, business or accounting (Daniel, 400). They perform many jobs under the close check by their professionals. These jobs could include periodical entries, ledger verifications, and bank settlements. They also help and auditors in evaluating a business inner dealings. Juniors move up to roles that are more senior if they obtain a four-year college degree and get a Certified Public Accountant (CPA) permit. Making Journal Entries 1. Accounting assistants record a firm’s business actions by creating academic journal access in sub- or common ledgers. Recording things in periodicals means depositing or deducting money from account. Accounts are categorized into five forms: asset, expense, , revenue shareholders equity and liability. Operating expense are costs incurred. Returns reflect transactions and payment. Assets specify what a business unit owns, and charges, what it is obliged. Shareholders equity stand for amounts endowed by business owners. Verify Journal and Ledger Balances 2. Periodicals and ledgers are accounting statistics. Bookkeepers record monetary statistics into periodicals by creating journal entries. Such data is then reviewed in sub- and common ledgers. A sub-ledger is a part of a common ledger. For instance, Client XYZs sub-ledger is fraction of a business customers common or general ledger. Accounting personnel confirm that balances are correct by checking periodical entries, dealer bills, and customer proof of purchase. Settling Bank Statements 3. Accounting personnel also execute bank settlement tasks. A business body may have a number of accounts with a range of organizations. Settling bank statements guarantee that clerks can confirm an institution’s cash balance, and that such balance concurs with inner cash ledgers. There are very many institutions offering accounting as a course and career subject. These institutions also have their own intake procedure as far as academic performance is concerned. An accountant student according to most of the institutions offering this career must have attain a pass in general grading and some of the disciplines that are relevant to this career. It also involves some kind of mathematical calculations hence a student of accounts must also be very proficient in mathematics as a discipline (Daniel, 55). This course has a very broad connection to other business careers such as human resource management business administration and e-commerce. This therefore makes it very essential for one to be well conversant with some of the basic principles of business as a general discipline. The best way to enter the accountancy career field is by attaining grade “A” or a pass in almost all the disciplines that are related to it. There are cases where one attains a pass in almost all the disciplines but because he or she failed in one of the disciplines that happen to be a basic requirement, then he /she is not allowed to get into this particular course or career. It is assumed that those who do not qualify, cannot be able to handle business figure as a single mistake done can interfere with a big chain of financial program. According to the survey carried out, from various organizations, accountant as a career will need more qualifications due to the changing times of technology (George, 410). The experts that can help in reducing the heavy workload of accountants are working on more machines. Some of these machines are to ensure accuracy. Though many machines have introduced, there still happen to be some little errors in relation to finance. This therefore calls for accuracy of the accountants when they are dealing with financial figures to evade any sort of error that might occur or arise. For this to happen, an accountant has to be very keen and have some moral values pertaining to his or her job performance (James, 420). This career is also associated with some of the advantages and disadvantages that are pegged to one’s job performance. An accountant is to be held responsible for any error that might have happened in the financial sector. This makes it a very difficult career. This error in relation to finance may make one to be sued to the court of law. On the other hand, the advantage part of accounting is that they are well paid. Me being one of the accountants, I have always been paid well in most of the merchant companies that I have worked for. There are many advantages associated to this kind of career and it is the advantage part of it that has made people to go in for it in big numbers. According to the experience I have as an accountant, A study was lately carried out on 1,400 managers from different organizations in various industries. They were interviewed on whether a senior accountant used up most of their time on functions that were not traditional. Their answer ranged to around 36 to 41% of their time was used up on these actions.   The standardl is estimated to increase in the next coming years with the boost in technology and the developing business location. The reviews confirm that senior accountants are attending to more tasks than just counting statistics and generating a range of reports, rather their errands are growing.   Technology has brought some improvements on how business is managed these days and in ways advanced accounting. Currently book keepers don’t just record numbers in huge general ledgers, but through the computing devices such as laptops that provide proficient work through the help of Online accounting (Marly, 84) . The way community has come presently, attainment of wealth is a huge factor of accomplishment for a number of business (Mckenna, 515). Outsourcing is also universal with labor-rigorous number munching feature of accounting, however the requirement for information entry in with time will vanish. Communication will soon be computerized to a more advanced level than we presently are at. In matters of accounting policies being lay down and their modification, as for 2011, IFRS will be put into practice, and these values now present test to a range of large cooperation’s to fine-tune to the accomplishment based on their intricacy. IFRS need a lot more revelation than Canadian GAAP. Actually based on my understanding on accounts, it is a demanding job though nowadays most of the staff members do lose their positions due to the introduction of new machineries. This has made job opportunity to fade hence making some of the learned individuals to wonder around with their education qualifications. Due to this lack of employment, I decided to interview one of my friends who is a chief accountant one of the stable organizations and below are some of the questions I asked and how he responded. a) Why did you decide to choose on Accounting as your career? Some years back accounting was marketable and with no stiff competition as experienced nowadays b) If you were given the opportunity to make changes and to set policies that govern accounting as a career what changes and policies can you introduce? Actually, there are no more changes I would have or can make if I were given the opportunity to do so. c) Why would you not make changes? This is because there are more qualified personnel that tend to surpass the total number of stable companies in the present world. d) What about if you did not have employment and was in the same situation as others, what action would you take? I would jump-start into another career if possible. e) What career can this be? Some other business related career that is close to my present career or profession. f) Thanks for your time. You are welcomed. Following this interview with a friend, it is evident that accounting is in close relation with other business careers hence one can jump-start another career such as auditing and many others. I have also worked for many companies regardless of my career subject. This makes it possible for anybody who has an academic qualification to try his or her lack anywhere. Accounting as a career can now be viewed as a very competitive career with good payment incase of any opportunity. Work cited James, Harsanyi. Cardinal Welfare, individualistic ethics, and interpersonal comparisons of utility. The Journal of Political Economy (August), 2001: 309-321. Marly, Goldman: Intergroup and intragroup competition and cooperation. Journal of Experimental Social Psychology, 200, 81-88. Daniel, Johnson: Effects of cooperative, competitive, and individualistic goal structures on achievement: A meta-analysis. Psychological Bulletin 2003: 47-62 Gorge, Lodge: Perestroika for America: Restructuring U.S. Business-Government Relations for Competitiveness in the World Economy. Boston: Harvard Business School Press2002, 405-502 McKenna, Rabnon: Total Access: Giving Customers What They Want in an Anytime Anywhere World. Harvard Business School Press 512-621 Daniel, Mueller: Public choice: A survey. Journal of Economic Literature. 395-433. Read More