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Accounting is certainly one of the most important parts of the business world. It’s something that’s an obligation to have for a business running to its best potential. Accounting has history traces since ancient civilizations. Mesopotamia is actually where one of the earliest traces of accounting was founded. The early Egyptians and Babylonians created auditing systems, while the Romans collected detailed financial information. Some of the first accountants were employed around 300 BC in Iran, where tokens and book-keeping to help were discovered. Around the first millennium the Phoenicians invented an alphabetic system for book-keeping while the Egyptians still had some control over it. With industrialism, came a need for more advanced accounting ways. The large corporations of the industrial revolution required cost accounting systems that addressed external sources of finance like shareowners, and the need to be able to calculate and prejudice profits based on real financial data. Accounting has played a very important role in the way the world works now; the world has so many finance options and so many more things to help with accounting. The development of accounting can or may be related to taxation and trading activities of temples.
Accounting is a demand in the world today due to the fact that everyone thinks that accounting is boring and they don’t make that much money, this makes for a high demand in accounting. Due to the fact that the demand is so high for accountants, the pay rate for them is at a very high number. Accounting is useful and could actually use a lot more people that want to do it. According to the 2019 finance salary guide with one to three years of experience in the accounting business they can earn anywhere between $51,000 to $96,000 annually and those with five or more experiences in the accounting business $129,000. Accounting is an excellent career if you’re really one of those people that absolutely love dealing with money and finance situations. Accounting can be a very challenging major and takes four years of serious commitment to complete. Location also plays an important role in trying to decide whether or not you really want to be an account. Factors such as cost of living for scarcity of talent for your area that you live in depends on salary in your community. An accountant is responsible for the preparation and analysis of a company’s financial records, including data management, analysis and consultation, creation of financial statements and ensuring regulatory compliance in the company’s accounting practices.
On a typical day accountants spend the majority of the work day analyzing, collecting, compiling, and evaluating financial data. Accountants also prepare a variety of reports and financial statements, from daily cash flow statements for small companies to annual financial reports for large organizations. The job description may include: preparing accounts and tax returns, administering payrolls and controlling income and expenditure auditing financial information compiling and presenting reports, budgets, business plans, commentaries and financial statements, analyzing accounts and business plans. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for larger businesses and organizations employing them.
- Ensuring the accuracy of financial documents, as well as their compliance with relevant laws and regulations;
- Preparing and maintaining important financial reports;
- Preparing tax returns and ensuring that taxes are paid properly and on time;
- Evaluating financial operations to recommend best-practices, identify issues and strategize solutions, and help organizations run efficiently;
- Offering guidance on cost reduction, revenue enhancement, and profit maximization;
- Conducting forecasting and risk analysis assessments.
An accountant is responsible for the preparation and analysis of a company’s financial records, including data management, analysis and consultation, creation of financial statements and ensuring regulatory compliance in the company’s accounting practices. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. Accountants are known for being organized. We expect them to make sound decisions in the best interests of those they’re working for. They’re smart and they have integrity. Accountants are highly needed in the world today because they kind of compare to doctors and nurses. There will never be enough and so they are in such high demand, especially in the world today.
Being an account also means you have to make sure that you get into the right college because many colleges are different so you would want a college that teaches you everything you need to know about accounting. This will ensure that you become a top account because your customers will truly care about you and tell their friends about you. When it comes to college options about being an account make sure you choose one that fits you. An accountant should know how to prepare financial statements and reports for planning, controlling, budgeting and decision- making. Three key financial statements are balance sheets, profit and loss and cash flow accounts. Accounting is daily correspondence around computations, data mining, and developing and interpreting complex models, etc. A software-based application enables more accurate and efficient financial record keeping so there is an increase in the world for accounting software sets.
When you go into accounting, you have a better chance of starting your own business or you have a really good shot at working for a company. People want accounts and they are going to look for a good one, one that they can trust and one that they can depend on to get the job done like it should be. With an accounting degree you’ll be able to compete in a growing market place and enjoy the rewards of a booming career field. A great reason to get an accounting degree is that it’s a fantastic way to prepare your work in a variety of different businesses and you get to see how everything works. The account is very important because it acts as a financial advisor and they help you with budgeting and monitoring cash flow on a steady basis. This allows you to go through any obstacles that may come your way in real time and it helps you during tax season because accountants identify potential deductions and help avoid audits.
Planning ahead for your future financially is a goal that someone would want to set if they want an account, and your job as an accountant is to be consistent in making the business bigger and getting a financially stable future, to have saving goals and analyze debt control data, and those are just a few concepts of being an account and reasons why someone would want an account in their life to help them with their money and helping them have a better future. Accountants must be able to convey complex information into terms that everyone must be able to understand. Doing so requires not only good communication skills but also a knowledge of the audience and why they need it. With a little preparation, a good communicator can deliver his or her message with confidence and impact. If an account can’t have good communication, then they are not a good account because you have to be able to be there and make sure that your client understands what you are saying and they understand what they are getting into. In a practical sense, the main objective of financial accounting is to accurately prepare and organize financial accountants for a specific period otherwise known as financial statements. Accountants require these traits: integrity, self-motivation, ability to reflect on one’s own work as well as the wider consequences of financial decisions, organization skills and the ability to have a deadline and to manage it and they have to have the ability of team work. Accounting would definitely have to be one of the most important jobs in America right now. People don’t realize how important that people who do accounting actually do a lot of work and they have a lot of people depending on them so they have a lot on their shoulders but they make sure that their clients feel like they got what they needed to be done. Accounting has been around for a little over 7,000 years and in the world today we need accounts more than ever because the world depends on finance and money for everything. The technology that the people have for accounting today is a lot better than it was back then because we now can do a lot more things and we now have the essentials to make the financial and accountant world better. Debits and credits are simply accounting jargons dates back hundreds of years and are still used in today’s double entry accounting system which means that every transaction that a company makes is recorded in at least two accounts where one will get charged as a ‘debit’ and one as a ‘credit” an accountant can help you make sure you stay financially stable and not go into any debt that comes with spending too much money.
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance and provide investors, management, and government and government with quantitative financial information which can be used in making business decisions. It is crucial to keep your financial record clean and to make sure that you do everything right in the world of accounting. The world has changed so many things about accounting but for the better. Technology has only bettered accounting and it will only continue to get better and improve in the world. Take this information, go out there and do something important. Accounting and many other jobs can make a difference in the world, be that difference, push harder to do better. Be an accountant.
Works Cited
- Keeley, P. (2020, September 18). How Accounting Has Changed Over the Years. Retrieved December 18, 2020, from https://alexander.co.uk/news/how-accounting-has-changed-over-the-years/
- Writers, S. (2020, June 01). 5 Reasons to Get Your Accounting Degree. Retrieved December 18, 2020, from https://www.accounting-degree.org/resources/5-reasons-to-get-your-accounting-degree/
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