The aim of this report is to provide an understanding of the current and future technologies of the person who pursue in accounting career. The report also discusses the accountant skills, ethics and career opportunities for the people pursue in an accounting career. Along with this, the report discusses the information that was supervised the group in the research study. After this, the report analyses the technology, accountant skills, and ethics and career opportunities according to the Australian viewpoints. It briefly discusses various aspects of technology, accountant skills and career opportunities that will have to consider by the group and also discusses the changes that will need to make by the group. At the end, the report provides useful conclusion and recommendation for the career opportunities in the accounting career.
The opportunity for those people who pursue accounting career is very important. Under the field of accounting, there is no way that replaces the need for the accountants. All technology in current and future provides an opportunity to the accountant and accounting firms to repackage their service in the context of the business advisory. Every accountant of the business will know the language of business (Parks, 2013). The accounting technology always played a part in making the job of those who pursue in the accounting career. Along with this, the technology will increase the ability of accountant to analyze the value in the statistical value perspective. The technology that has been used by firm currently and in future, it will help to enhance the ability of accountant to interpret the data with more efficiently and effectiveness. There is various technology in the accounting i.e. cloud computing, information technology, enterprise resource planning, supply chain management system, IT governance, forensic accounting, and many more. Accounting technology is very important for the future generation accounting professionals.
The role of accountant plays an effective role in the organization because an accountant manages a lot of responsibilities that is generally meant to stay pretty busy. Along with this, an efficient accountant in the organization have a system that will keep tracking their responsibility like- management of portfolio, handling transaction, and also work to meet important dates and deadlines. On the other hand, the accountant managers of the organization have an ability of the good time management that increases the skills with the strong capabilities (MACQUARIE, 2014). In addition to this, the accountant needs to manage the workload of the firm by managing the work as per the deadlines. In addition to this, an accountant of the organization is being responsible for providing better service to their client. In the field of accounting, leadership skills also include for strategic thinking and long-term planning. In the accounting firm, many accountants provides consultant services that will help to provide advice and business solution to help the company growth.
The accounting ethics is primary field for the applied ethics and it is also part of business ethics that will refer to the moral values and judgment as they apply in accountancy. The profession accountants have an effective role in the society. Ethics is an important aspect for people who pursue in the accounting career that will also require for basic needs such as professionalism, credibility, quality of service and confidence (CPA Australia, 2016). Finding a job in the field of accounting is a smart decision because the accounting will always be in the demand. The accounting field is a field that a company can continue to grow and move up inside the organization. In addition to this, there are many career opportunities for the people who pursue in the accounting career. In the accounting field, many people think that accounting degree as highly employable because it provides expertise that is needed to begin an accounting career.
In addition to this, an accounting program provides skills that are necessary for a business to become an entry-level accountant. Under the accounting career, there is a career opportunity such as CPA (Forbes, 2015). There are various career opportunities for a person who pursue in the accounting career i.e. accountant, accounting manager, accounting manager, budget analyst, comptroller, CPA, forensic accounting, payroll clerk, staff accountant, accounting clerk, accounts payable clerk, account receivable clerk and many more. The diversity in the accounting profession makes it easier for an accountant to find the job. In addition to this, the majority in the accounting profession are employed in the private business because the purpose of the private business organization is to earn profit. Career opportunities that are financial accountant are responsible for preparing various financial report and statement that is needed in the organization to run a business organization in an effective way (Taylor, 2016). In addition to this, the managerial accountant is also a career opportunity in the field of accounting profession who is responsible to prepare financial report that will be used on an internal basis only. There is also an opportunity for a person who pursue in the accounting career that is government and non for profit accounting. In this, the accountant may be served for the government entities and agencies or not for profit organization like charitable institutions and cooperative sector.
From the above discussion, my group has been surprised by the information related to the role of ethics in the career opportunity who pursue in accounting career. Along with this, maintaining the ethical standard in the field of accounting is necessary for the every business entity, which is helpful to improve the total efficiencies and competencies. Moreover, ethics is also responsible for morality, integrity, and honesty. It also refers to the concept and principals of human right that will involve difference within good and bad or right and wrong (Pepe, 2011). Hence, the people who pursue in accounting career follow the rules and regulation of ethics. Along with this, my group has been surprised that ethics is one of the most important things that shows the ethical behavior of an accountant in the business. With the help of this, an accountant must need to remain loyal and impartial in the business organization when an accountant performing for the related activities of the accounting profession.
Along with this, since the financial accounts of any business is of a great value and significance that will decide the overall failure and success of the business. In addition to this, my group has been analyzed that accounting ethics should apply in each and every activity of the accounting process to provide accurate, complete and reliable information to the users who desire it for the preparation of financial statement of the business (Rossheim, 2016). My group described that ethics in the accounting career played an important role because of integrity that is a fundamental element of the accounting profession. It is required to an accountant should be honest, and forthright for their users because ethics will restrict the employee for their personal gains and advantage by sharing confidential information to others.
My group can be identified that public accounting firms and private organization both have been developed the code for accountants and ethics. In addition to this, my group said that ethics and code for an accountant were ensured all accountancy act in a consistent manner. Moreover, my group has been identified that objectivity and independence are effective in the accounting career. It is analyzed that accountants must free from the conflict of interest. In addition to this, failure to remain the independent and objective can hamper the ability of accountant and increase the ability to provide an honest opinion to the company as well as clients and shareholders. In addition to this, it has been analyzed that an accountancy that performs the work of general accounting, auditing, tax and management advisory service, client may compromise with their independence and objectivity (APESB, 2010). In the accounting career, due care is an ethical value that is required by the accountants to observe all ethical and technical accounting standard. In addition to this, it is analyzed by my group that due care require by the accountants to exercise competence, diligence and proper understanding of financial information that is required by the business.
In the Australia, the accountants always exploited the emerging technology that will help the person to complete their task with more efficiently, simply and quick way that pursues in accounting career. The emerging accounting techniques in Australia will rapidly reshape the accountancy. In the present context, technology trend in cloud, big data, and social collaboration, mobile will help to change the way in which the technology access the product and service. In contrast to this, due to the increased accountancy technology in Australia can influence the development in cyber security, robotics, and artificial intelligence (Accountancy Futures Academy, 2013). In addition to this, there are various trends in the accountancy technology in Australia like- mobility, cloud, social collaboration, big data, digital service delivery, cybersecurity, artificial intelligence. In the Australia, financial professionals need to consider all challenges and opportunity that has been created by the new and emerging technology and they also use problem-solving skills and analytical that will help to access the potential influence.
There are different types of accounting skills that have been looking for the Australian firms for their accountants. At the time of hiring an accountant, Australian organization is looking for the ability to get done the work and ability to interact with others, behavior, and management of the work. With the help of a business council of Australia and Australian Chamber of commerce identified some skills of the accountant i.e. teamwork, problem-solving, planning and organizing, learning, technology, initiative and enterprise and many more (The institute of chartered accountants in Australia, 2016). There are some another skills that is technological accounting skills and job-specific skills have been added to the list of accountant skills by the Australian firms.
Artificial intelligence and accounting software automation will impact for those who pursue in accounting career. In addition to this, ethics of the business is a high profile issue in the present context in Australia as well as other countries. Along with this, corporate scandals will ask a question on the level of morality of the business men as well as the accountant. Ethics in the accounting career is shaped by personal, professional value and societal that is difficult to specify. Along with this, there was a short supply of accountant in the Australian labor market. In the present context, the accountant is one of the fast growing occupations, who provide accounting services to individual as well as the organization. Moreover, The Institute of Charter Accountants in Australia is a professional body that represents the chartered accountants in the Australia.
My group member may have interested in and try to take knowledge about the UK. In this, my group member has been taken knowledge related to the current and future technology, accountant skills, and the ethics and career opportunities in the accountant careers.
There are various changes and adaptations that have been considered by my group in their research. It has been analyzed by my group that there were some trends and features in the accounting technology for the small business client as well as tax agent of the business. Along with this, in the accounting career, my group will adopt the technology of cloud computing that is running an application online rather than on the premises of customer own. Cloud computing is one of an important development in the accounting information from the last 10 years. For my group, this technology will become ubiquitous that will increase the relationship between customers and management and planning for the enterprises.
My group will consider various kinds of accountant skills within the accountants of the UK. My group analyzed that the account will have to specialize in some particular areas of practices i.e. management consultancy, taxation, assurance, audit, corporate finance and many. An accountant will have to fulfill their duties regarding prepare accounts and tax return, auditing the financial statement, presenting and compiling the budget, financial report, business plans, financial statements (IFAC, 2013). The accountants will have to analysis the financial forecasting and risk analysis that will helpful for the planning to taxation. My group member analyzed that there will a need for some qualification as well as training that has been required by the UK accountants.
My group analyzed that there will be a various code of ethics that will be required by the accountants in the accounting career that is integrity, objectivity, confidentiality, professional behavior and professional competence and due care. In the context of UK, accountants are responsible to access all threats that will have to compile with the principals and another safeguard that will help to reduce the threats (Accountancy Futures Academy, 2013). Along with this, my group analyzed that an accountant will be straightforward and honest in case of all professional and the relationship with the business. In the other case, an accountant should not have any kind of bias, conflict and undue influence to the other people and in the context of business judgment.
In addition to this, my group has been analyzed that there will be some financial qualification that will need by the financial organization, who pursue in the accounting career. My group analyzed that it is not essential to have an accounting degree to begin an accounting career. There is variety of qualification that will be required by an accountant such as- AAT accounting courses, ACCA qualification, and ICAWE charter accountant status and many more (ICAEW, 2016). There is various kind of responsibilities that will have to be fulfilled by an accountant like- financial system and budget management on continuous basis, undertake the financial audit and provide some financial advice to business.
According to the opinion of my group, there is the value of the studying in the accountancy and taking the accounting course. In addition to this, my group analyzed that an accountant is a valuable asset in the business. In addition to this, the individual who had taken the accounting courses have an inquiring mind for their work on the basis of their knowledge of the company financials (Rossheim, 2016). Moreover, a person who pursues in the accounting course is a valuable asset towards the management and it is also known as a business assistant with the corporate strategy. The accounting course is important in the business world and it is also beneficial for business as well as an individual person.
According to my group, a person who is taking accounting courses has been able to take the decision in the context of making the financial investment decision, access the interest rates for mortgage and many more. Along with this, my group analyzed that accounting played a vital role for the business purpose as well as at personal level. A person who was taking accounting course provided advice and helps in business by reducing course and mitigates the risk of the business. As per the research of my group that various training in the accounting professional was a helpful business to adopt a pragmatic and objective approach that was responsible for solving the issues (Accountancy Futures Academy, 2016). My group has been identified that there are various roles of the person who taking accounting course like approval of the annual budget and accounting for the stakeholders for the performance of the business. Along with this, as the decision-making system of the organization was internally and externally based on the sound analysis of the financial system that has been produced with the help of accounting information system.
As per the opinion of my group, studying in the field of accounting is very necessary because they are able to work across the world where an organization needs accountants. Along with this, management accounting and financial accounting helps the managers to carry out their responsibilities in their business. In addition to this, a person who pursues in accounting career and taken the accounting courses has been helpful to protect the interest of the public.
Conclusion and Recommendation
From the above discussion, the report can be concluded that there are various opportunities for the person who pursue in the accounting career. In addition to this, the report identified that accounting service was repackaged their service and played a role as a business advisor. Moreover, the accounting technology was enhanced the ability of accountant to interpreted the data and also increased the value in the context of statistical perspective. Along with this, the report concluded that accountancy ethics was played an important role in the accounting career because it fulfilled the basic needs of the organization such as quality of service, professionalism, and confidence.
From the above discussion, it can be recommended that as the accountants is a valuable asset for the organization so the organization should have to check the knowledge of the accountant related to financial of the company. It can be recommended that business should assist with the corporate strategy so it will be beneficial to the business as well as an individual person. In the accounting field, the organization should adopt the latest technology for the purpose of accounting such as- cloud computing. According to the opinion of the group, it can be recommended that organization should found various kinds of accountant skills for the preparation of financial accounts in an effective way.
Reference
Accountancy Futures Academy (2013) Technology trends: their impact on the global accountancy profession. [Online]. Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/futures/pol-af-ttti.pdf (Accessed: 3 May 2017).
APESB (2010) APES 110 Code of Ethics for Professional Accountants. [Online]. Available at: https://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf (Accessed: 3 May 2017).
CPA Australia (2016) Employability skills for accountants. [Online]. Available at: https://www.cpaaustralia.com.au/training-and-events/career-guidance/employability-skills-for-accountants (Accessed: 3 May 2017).
Forbes (2015) The Future Of The Accounting Industry In 2015. [Online]. Available at: https://www.forbes.com/sites/russalanprince/2015/01/21/the-future-of-the-accounting-industry-in-2015/#2b6716b61f10 (Accessed: 3 May 2017).
ICAEW (2016) Code of ethics – the five fundamental principles. [Online]. Available at: https://www.icaew.com/en/for-current-aca-students/applying-for-membership/code-of-ethics (Accessed: 4 May 2017).
IFAC (2013) Roles and Importance of Professional Accountants in Business. [Online]. Available at: https://www.ifac.org/news-events/2013-10/roles-and-importance-professional-accountants-business (Accessed: 4 May 2017).
MACQUARIE (2014) How technology can change the way accountants work. [Online]. Available at: https://www.macquarie.com/au/advisers/expertise/smart-practice/accounting-and-technology (Accessed: 3 May 2017).
Parks, S.B. (2013) Embracing The Future: What Can Accounting Graduates Expect?, American Journal Of Business Education ,[Online]. Available at: https://files.eric.ed.gov/fulltext/EJ1055009.pdf (Accessed: 3 May 2017).
Pepe, A. (2011) The Evolution of Technology for the Accounting Profession, CPA Practice Advisor, [Online]. Available at: https://www.cpapracticeadvisor.com/article/10263076/the-evolution-of-technology-for-the-accounting-profession (Accessed: 3 May 2017).
Rossheim, J. (2016) Accounting Careers Go Global, Monster.com, [Online]. Available at: https://www.monster.com/career-advice/article/global-accounting-careers (Accessed: 3 May 2017).
Taylor, L. (2016) Technology and the future of accounting, accountants daily, [Online]. Available at: https://www.accountantsdaily.com.au/columns/8977-technology-and-the-future-of-accounting (Accessed: 3 May 2017).
The institute of chartered accountants in Australia (2016) emerging pathway for the next generation of accountants. [Online]. Available at: https://www.unisa.edu.au/Global/business/centres/cags/docs/Emerging%20pathways%20for%20the%20next%20generation%20of%20accountants.pdf (Accessed: 3 May 2017).
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