Given the importance of accounting in trade, commerce and Government, jobs in this field will never lose their significance, says Dr Narendra Shyam Sukha
Accounting helps you keep track of money and who isn’t interested in money? Accounting with daily journals, ledgers, bank reconciliation statements, profit and loss statements and income and balance sheets present an unbiased picture of the financial position of an organisation.
Accountants tell the true position with regard to its liabilities, cash sources, viability of managerial and investor decisions and compliance with taxation and corporate laws.
Further, accounting helps a business, venture or a nation plan, control and execute their budgets and expenditures, forecast revenues or turnovers, purchase new assets or take on new liabilities, monitor financial health, take decisions with regard to personnel hiring or recruitment and regulate growth in the economy. Considering the vital importance of accounting work to trade, commerce and Government, is it any wonder that accounting jobs never lose their significance.
According to payscale.com, the top salary for an accountant, not being a Chartered Accountant, could go up to Rs 487,303 a year. There is steady and assured growth for an accountant over the progression of her career. Experience affects accountant salaries markedly. The highest growth can take place during the middle to late career milestones. In a related survey of those working in accounts on the same platform, it was found that an overwhelming 100 per cent gave their profession five out of five stars. While females made up for only five per cent of those in the profession, males made an abnormally high 80 per cent.
Most accountants become record-keepers, especially at the entry-level. However, they are supposed to check and maintain calculations, create sales and cash flow reports, administer payrolls, prepare balance sheets, carry out billing activity, manage budgets and inventory. At a mid to senior level, the accountant may also be expected to file taxes or go through historical reports to create turnover forecasts. Sometimes, internal audits may be needed to identify trouble areas in performance. An accounting staff must also monitor whether office personnel are adhering to company policies and relevant statutes. It takes skill for the accountant to prepare management reports with the right amount of accuracy, detail and illustration.
Ordinarily, commerce graduates with an additional diploma or certification in specialised accounting practices may start working as an accountant. Internships as an accountant help in cementing working knowledge and adding authority to your resume. Knowledge of application software such as Quickbooks, Tally or Microsoft Excel is indispensable to reconcile newage imperatives with existing competencies. Accounting work is seldom understood by solo entrepreneurs and small businesses and so the accountant must be a self-starter. However, in other organisations, she may be required to work as part of a team and collaboration must also be part of your skill set.
Accountants, today, may require additional competencies because of the expansion of digitisation to every sphere of business. SAP is one of the most widely used enterprise application programmes being used in industry and to obtain veracity and genuineness of training, it is crucial to choose a SAP authorised training delivery partner to complete your certification in this software.
Over time, an accountant may grow into the roles of finance manager, account manager, financial controller, chartered accountant, chief financial officer or a finance director.
Remember that you need not be a number cruncher to be an accountant. Arithmetic skills are honed by constant practice. Initially, you may even find reporting work to be boring and repetitive. But it will pay the bills while you earn and you can always enroll in and complete more advanced courses that lead into a leadership role. Financial roles are little understood and diligence and open-mindedness can get a long way in this enticing profession.
The writer is founder chairman,ICA Edu Skills