Important Facts About the Accounting Profession


Accounting is a great profession. It is responsible for auditing, budgeting, analyzing costs, producing financial reports. Accountants submit their outputs to top management for deliberation, or concerned government agencies for compliance to regulations.

The glamour of working in the corporate or business world has attracted lots of young people to the corporate finance profession. The job of working closely with managers and being responsible for preparing financial reports that top management needs to make sound decisions are just too irresistible. The vocation may be trying in many ways, yet it is a very rewarding one.

Skills Needed in the Accounting Profession

1. Mathematics

Accountants work with large volume of numbers day in and day out. They support their reports and forecasts with numbers that represent the company’s business and financial performance. They calculate and record costs, interests, depreciation rates and other factors to determine budget, profit (or loss), and forecasts. The figures accountants come up with help them to make a sound analysis of an entity’s financial condition and potentials.

2. Accuracy

People dealing with live business data should be as accurate as possible. Accounting has no room for errors. A misplaced or missed zero or decimal point can tell another story to them.

3. Computer Literacy

Accounting is one of the many vocations that benefit from the advent of information technology. The days of manual posting of entries into hard ledgers have passed. If you aspire to become an accountant, you must be equipped with computer software skills such as word processing, spreadsheet, and accounting programs.

4. Communication Skills

Accountants work closely with people on all levels of the organization. Their job requires them to explain, discuss, and ask and answer questions related to corporate transactions, taxation, payroll, and other matters.

5. Time Management

Time management is vital in this profession because all reports are set with deadlines that should be strictly followed.

Special Qualities

1. Patience

This is a virtue that accountants should possess. It is a measure of their overall temperament. Without patience, you will hardly discover errors and withstand the pressures of your work.

2. Diligence

Diligence is a quality that people in the corporate finance have in common. Reports have to be made and deadlines for each of them are set. You should input each daily transaction to reflect them in the system. These data are needed for the production of periodic reports. Most people in the   finance   department  work overtime each day to finish their tasks.

Accountants are made, not born. Being in the accounting profession is not just a privilege. It is a great responsibility. If you are one of them, you should be proud of yourself. You are one of the people who keep the wheels of sound business and economy turning.

Source by Marion S Wendell

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