2. Upon graduating university I aspire to work within the Accounting industry. The accounting
industry according to IBISworld (2016) currently has 114, 644 employees and is continually
growing and broadening its range of services. The industry’s revenue and demand for
accountants is increasing as a growing number of businesses are turning to accountants for
advice when considering capital expenditure, cutting costs and keeping up with the competitive
market (IBISWorld , 2016). Accounting can be defined as “The process of identifying, measuring
and communicating information to permit informed judgements and decisions by users of the
information.” (Antrill, et al., 2015). Accounting information produced for both internal and
external users. Financial accounting concentrates on external users, assisting investors and
stakeholders to make decisions by providing general financial information about an entity.
Management accounting is specific to internal users and helps management make decisions to
improve business efficiency (Antrill, et al., 2015).
Accountants can specialise in various fields within the industry. Auditors analyse records and
reports to ensure tax payments are up to date and communicate financial information to
clients. Forensic accountants specialise in using their investigative skills to assist with legal
matters and white collar crimes. Public accountants work for themselves or in a firm and take
part in general accounting tasks. Tax professionals specialise in taxation matters. Financial
advisors consult their clients and provide financial advice. Accounting consultants specialise in
producing reports and statements for various authorities and internal management (USLegal,
n.d.).
Accounting displays little variances across different regions of the world. The International
Accounting Standards Committee (IASC) who are based in London, create rules and standards
regarding accounting practices. By choice, most countries implement these standards into their
individual set of accounting standards (Renaud, n.d.). Standards of accounting have not always
been so universal. Modern accounting originated in Scotland in the 1800’s and it wasn’t until
the 1960s that there were any efforts to develop international standards (Wiley, 2013). The
2000s was finally when the European Union along with 100 other countries worldwide began to
adopt international standards (FASB, n.d.).
3. The accounting industry has also been influenced by the advancing of technology. As
technology has advanced over the years, the proficiency of accounting follows. Technology has
provided accountants with enhanced resources such as calculators, computers and software.
This has enabled accountants to be accurate and efficient when analysing and interoperating
data. This simultaneously creates accountants to be a very valuable asset to a business (Pepe,
2011).
Accounting impacts society since the information they produce significantly influences the
decisions made by businesses. Business decisions impact society in many ways, especially when
considering their environmental footprint, the working conditions provided to employees, job
creation or destruction and also with the product or service they provide (Antrill, et al., 2015).
Businesses rely on accounting procedures to recognise, consider and set strategies to meet the
increasing expectations of social responsibility (IFAC.com). Accounting also assists in indigenous
communities by encouraging and providing opportunities for careers within accounting and
business. Indigenous Accountants Australia is an organisation whose aim is to increase the
number of indigenous Australians in the accounting industry and believe it will be very
beneficial to both individuals and value to the industry (Indigenous Accountants Australia,
2016).
Accounting is a professional service where professional qualifications, qualities and skills are
required. Most positions in accounting will require a Bachelor degree and many additionally
require certification from a professional body within the industry (Schmidt, 2016). Professional
bodies that represent accounting in Australia are The Institute of Chartered Accountants (CA),
Certified Practicing Accountants (CPA) and The Institute of Public Accountants (IPA) (Australian
Accountants Directory , 2016).
According to job advertisements on seek.com (2016) employers across all fields of accounting
look for strong verbal and written communication skills, experience within the field, ability to
work in a team and have existing knowledge of particular computer systems and software.
Applicants who demonstrate excellent time management and organisational skills, attention to
detail and problem solving abilities will also stand out among other candidates (Seek.com,
4. 2016). A successful accountant will additionally be good with people, honest and truthful and
be continually developing their skills (Sanders, 2014). These skills and qualities are important
for success as accounting roles are very client focused and many positions require a great deal
of teamwork. Clients must also be able to trust their accountants as they hold a large
responsibility to the finances of a business. Finally accountants must keep up to date with new
policies, technology and trends in order to be efficient (Sanders, 2014).
Catrin Dunn (2014) who is professional in the industry states that when working in the
professional services it is expected that employees “deliver high quality services” and “behave
with the reputation of their organisation”. She explains how it is important to have the ability to
adapt to different environments and the key to punctual, quality work is to articulate
expectations upfront and follow through with an effective step-by-step plan.
The skills and qualities required for accountants reflect some of my personal strengths and
weaknesses. Time management, organisational, teamwork and communication skills are some
that I consider to be my strengths, which I have shown while working in retail and traveling.
Communication and teamwork were essential in my travels as I traveled with friends. Together
we planned, managed our time and resources thoroughly throughout the duration of the trip.
Whilst working in retail I learnt to communicate with customers, managers and other
employees, organise and manage my time to ensure all tasks were completed efficiently. I do
need to improve my computer skills and continue to develop all my professional skills. I plan to
do this through focusing on my studies and attaining experience through a work environment.
5. References
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223,.
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Boundless,2015. The Role of Accounting in thebusiness. [Online]
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accountants-need
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USLegal,n.d. DifferentTypes of Accountants. [Online]
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[Accessed1march 2016].
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