Whether you’re planning your accounting career or exploring the career pathways open to you as a young professional, accounting is a field you need to take note of.
No matter where you live or how the economy is doing, there is going to be a need for accountants.
That’s because governments, businesses and not-for-profit organizations (and sometimes individuals, too) continually need accountants and bookkeepers to manage their budgets, deal with taxes, do financial reporting, complete audits…and the list goes on.
Through good times and bad, accountants help companies of all sizes create strategic plans to maximize success and limit chances of failure. Without accounting it would be very difficult for businesses to analyze their financial performance, which would make it harder for organizations to make smart decisions for the future.
While no field can guarantee anyone a job, the prospects in accounting are egg-cellent and are likely to stay that way.
Accounting standards act as a dictator in the field of accounting. Like a dictator, in some areas accountants have no choice of their own but to opt for practices other than those stated in the accounting standards. For example, Cash Flow Statement should be prepared in the format prescribed by accounting standard.
Accounting standards comprise the scope of accounting by defining certain terms, presenting the accounting issues, specifying standards, explaining numerous disclosures and implementation date. Thus, accounting standards are descriptive in nature and serve as a service provider.
Accountants work in all kinds of places – you might find them in various departments within local, provincial/territorial and the federal governments; corporate and commercial businesses; charities and not-for-profit organizations; professional associations; or educational institutions.
Accountants may actually work full-time within an institution or they may work for multiple clients at the same time (either on their own or as part of an accounting firm). It depends on where the demand is and what your preference is. What’s nice is that there is often enough flexibility for you to shape your career into what you want it to be.
Accountants have a lot of responsibility.They usually have a say in major decisions, which means that they not only have a lot of control over a company’s day-to-day operations, but also the business industry in general.
Often, their vision for the future is the one that gets implemented.
Accountants are trusted. People look to them for advice and for counsel.
They know what they’re doing. They’re respected because they get to see the big picture, and they have the knowledge and experience needed to make sense of it.
We expect them to make sound decisions in the best interests of those they’re working for. They’re smart and they have integrity – and this is why the accounting industry is regarded so highly.
This one may surprise you, but the idea that accounting has to be monotonous is a myth!
For many accountants, each day is new and exciting – they never have to worry about things getting dull.
Whether it’s because the accounting industry involves a variety of tasks, or because accountants are often involved in several aspects of a company’s operations, chances are that you won’t get bored working in this profession.
Accounting offers what many of us start to crave after a spending years living as a struggling student: a dependable career.
In other words, you’ll enjoy stability.
Those who work in accounting generally enjoy the benefits of regular hours, a salary (which will increase over time), benefits, and the ability to plan for the future with a degree of confidence
Given that young people are expected to change occupations several times over the course of their careers, working in an industry that presents you with new opportunities is a huge plus.