Accounting skills are in demand in 2019. When you become an accountant, you become an important asset to the future of a business — someone who will advise business leaders and help them decide the best way to meet financial goals.
If you have an interest in accounting, there’s no better time to capitalize. Having a knack for numbers is a great place to start. From there, you’ll need to learn the nuances of the profession.
This means understanding revenues and expenses, income statements and balance sheets, assets and liabilities, and knowing how these account for the financial health of your business.
What exactly is accounting?
Many people use the terms accountant and bookkeeper interchangeably. While accountants and bookkeepers do take on some overlapping responsibilities, their overall roles are quite different.
Bookkeepers are primarily responsible for recording financial transactions. On the other hand, accountants analyze past financial data to make predictions on future business performance. An accountant also provides tax advice and helps with compliance regulations to ensure that businesses keep as much of their profit as possible.
The accounting profession has been around as long as people have been trading (or buying).
In fact, there’s evidence of accounting practices on clay tablets dating back 3,300 B.C. As civilizations grew and formed more complex forms of business, the accounting profession also grew and became more standardized. And, the profession is only growing in importance with no signs of slowing down.
Why are accounting skills important in 2019?
Demand for accountants is growing.
Every sector needs accountants.
A growing economy, global distribution of goods and services, and a complex tax system keep accountants in high demand. In fact, the Bureau of Labor Statistics estimates that jobs for accountants will increase by 10 percent through 2026. This equates to nearly an additional 140,000 jobs over the next several years.
Here’s another way to look at it: if there is any kind of financial transaction being done at an organization, there’s a need for an accountant. Accountants help business owners, executives, and other organizational leaders make financial decisions based on their financial standing.
Technology will make jobs for accountants easier, but not irrelevant.
Some people fear that technology will put them out of a job, but this is not the case in accounting. Advances in accounting technology including new software and cloud computing are expected to automate many of the routine daily tasks.
This automation will make accountants more efficient by allowing them to focus on analyzing financial data and advising business leaders rather than on simple tasks like data entry.
Accountants are needed by businesses that want to grow.
Most business owners have a desire to grow their company and perform better in the future than they did in previous years.
Accountants are perfectly positioned to help them achieve these goals of growth. Through analysis of past financial data, they can help business owners decide on the most risk-averse ways to growth.
Accountants provide tax advice and planning, guidance on business structure, and direction regarding compliance and corporate reporting. These services set a business up for success in the future.
What can you do with accounting skills?
Accounting skills are a pathway to different job opportunities.
You’re in a strong position for other jobs including auditor, tax examiner, bookkeeper, financial analyst, personal financial advisor, budget analyst, and more. In addition, you’ll have a great understanding of tax laws that could help you with your personal taxes.
When you gain the knowledge you need to become an accountant, you can choose to work as an accountant in the public or private sector as well as the type of work in which you will specialize.
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