Accounting is an thrilling profession. in step with the country wide labor data, the call for for accounting offerings will increase within the close to destiny. this is due to the fact commercial enterprise proprietors want the auditor to provide their opinion on whether or not monetary statements show a real and truthful view. The auditor’s opinion is useful in obtaining economic assistance from investors. because the employer grows bigger, the accounting system will become extra complicated ensuing in high call for for accountants. regardless of the current growth in accounting software program that can compute sale, income, and tax, demand for accountants is still growing. The emergence of cloud computing increases accessibility to accounting work and has resulted inside the emergence of freelance accountants. It has similarly reduced the need to go to the office to work. However, the use of cloud computing poses a new challenge of selecting the most trusted cloud service providers. Failure in the selection process can result in leakage of confidential financial data or information. This report shows how to gain knowledge, develop accounting skills and creative problem solving as an assistant accountant in a consultancy firm.
Discussion (methods and results)
Accounting firms and industry faces stiff completion. First, there is intense competition for clients. This is because accounting is highly globalized hence the multi-national firms compete fiercely with local firms. Secondly, there is a potential shortage of leadership in the industry. Most managers and leaders are from the generation of baby boomers who are currently retiring. The traditional accounting job is highly hierarchical whereby; most new professionals start as assistant accountant or finance officers. It takes a long time to train a management accountant or financial manager. Incorporation of technology in the industry is disruptive. This has changed the traditional mode of operation creating product differentiation. The adaptive firms to the disruption have a higher chance of increasing their market share. There are high pressure and short deadlines at year end resulting in long working hours.
According to Olaulu (2014), the challenges that face accounting industry comes with numerous advantages. For instance, the use of accounting software increases the efficiency and the amount of work done at a constant size of labor. This has led to increasing clients and profitability of some firms. Continuous training of accountants ensures that there is an adequate supply of skilled labor throughout the year. The growth in accounting industry provides employment opportunities for the growing labor supply. It eliminates challenges that emerge from structural unemployment.
Accountant’s median pay in the USA (2016)
Employment per thousand jobs
Location quotient (9)
Hourly mean wage
Annual mean wage (2)
District of Columbia
Source: United States Department of Labor
Conclusion and recommendations
Accountants primarily gain their skills through tertiary education. Training through seminar improves the skills of accountants. Client confidence and the ability of a firm to hand a particular client boost marketing in accounting firms. The accounting profession dictates duties of accountants and jobs taken by accounting firms. It is through innovation that the accounting industry and accountants can retain their relevance in current disruptive terms. There is growing population of accountants as well as accountancy jobs. Opportunities such as high employability, good payment, and availability of ready market guarantee the future of financial services. Emerging technology should be viewed as an opportunity than a threat. There is an emerging opportunity for accountants to facilitate the development of financial systems and software. Moreover, accountants should help in general business management, provide a risk assessment of business and provide continuous assurance to investors.
Frederickson, L. (2017) Top five Business Challenges for Accounting and Business firms. Professional services Marketing Today. Hinge University
Olaulu, O. (2014). Opportunities and Challenges for New Chartered Accountant. Retrieved on September, 2, 2017 from http://icanig.org/ican/documents/ Opportuities_and_Challenges_for_New_Chartered_Accountants.pdf
United State Department of labor. Rerieved on September, 2, 2017 from https://www.bls.gov/oes/ current/oes132011.htm#st