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The roles and services offered by accountants have changed overtime. In the 15th century, accounting involved bookkeeping only. With emergence of industrial revolution in the 19th century, accountants’ financial responsibilities have increased with time. To date, roles of an accountant require vital skills and experience to establish and maintain accurate business records.
In the 21st century, accountants and financial managers will have a role in designing and controlling financial systems. They will need to come up with restricted internal financial control systems. This is because the accounting records of organisations are expected to increase the level of secrecy required. This is as a result of introducing new unique products in the world market. With introduction of these new products, the role of accountants will be to identify areas to be strengthened to make the systems more effective (ACCA, 2009).
With the rapid increase in international businesses, countries and organisations need to develop customized tax systems to suit their business. It is the role of accountants and financial managers to ensure that their organisations are tax compliant.
Expansion of business from national to global level may create loopholes for fraud stars to engage in corrupt activities. Accountants will have a role in ensuring that corporate governance system is working. This will minimize professional fraud in the organisations.
The increase in technology in global business will increase accountants’ responsibilities and duties in the new business environment. Accountants need to be conversant of various e-Business opportunities. Accountants have a responsibility in developing new strategies which will ensure that e-Business is carried out in the most profitable way possible (Hicks, 2004).
Future accounting will require financial managers to offer varying and unique services based on the nature of business. They will offer financial consultation on matters affecting the business. They will give solutions and technical advice to the organizations’ management. Future global business will involve multiple and varying transactions, hence, the need for the consultation services.
Bookkeeping and other services related to the accounting records will be offered by accountants and other financial managers. New financial systems must be implemented diligently to ensure optimum workability. Accountants will offer implementation services of the designed financial systems. Emerging business opportunities result in a competition among companies and employees. To ensure business flourish, employees should be motivated. Appraisal services will be offered by financial managers and accounting firms to ensure that deserving companies or individuals are rewarded.
Current and new businesses face varying risks. These risks may be caused by natural disasters or human error. Actuarial services to ascertain the level and possible cost of the risks will be offered by accountants and financial managers. To ensure that funds in business organisations are used as planned, internal audit will be an important service from accountants (ACCA, 2009).
Accounting financial systems will change with time. This is because of advancement in technology and emergence of new business dimensions. With various business organizations expanding to international levels, changes to disclosures will be witnessed. This will be reflected in financial statements and financial plan characteristics like minimum funding requirements. Management of e-Business income will change as per the level of technology and customer base.
Some aspects of accounting including bookkeeping and appraisal will not change. This is because the concepts are the same. Mode of presentation may change but the aim and the procedure will remain the same.
Financial statements will not change. Auditing will remain the same even when there is a change in business.
References
ACCA, (2009). Accountancy: The future outlook of Accounting. Web.
Hicks, J. (2004). E-commerce and Its Impact on the Accounting Profession. UNC Greensboro Journal of Student Research in Accounting, 1, 1-16.
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