Accounting is the recording of economic proceedings together with storing, filtering, recovering, outlining and presenting the outcomes in different surveys and reports. Accounting is also a research and professional field devoted to performing these duties. It works for documenting the financial position and operations of a business firm. This process usually gives an idea about the planning and management of all the monetary resources that are important for the economic growth and welfare of a state. This article will analyze the need to join the accounting industry to get an understanding of its scope in the UK.
This field has two main subfields, including financial accounting and management accounting. Financial accounting tracks the commercial operations of a company which are documented and presented in the form of a report or statement for the external and internal stakeholders like a balance sheet or revenue statement. While on the other hand, management accounting refers to the preparation of management and accounting reports needed by executives to make daily and short-term choices.
While exploring your career pathways, accounting is one of the best options that you should keep in your mind. Most of the successful businessmen around the world are engaging in this field. Therefore, a little hard work can provide plenty of opportunities for advancement.
Even in developing economies, there is a high need of accounting because it is required to control and manage the budget by dealing with the taxation system. It is also an essential part of a business organization for developing and designing their long and short term financial strategies. It will help in achieving future goals and objectives. Similarly, it would be harder for a company to analyze its financial performance and operations without taking help from this process.
Accountants (one who is accounting specialized) get better job opportunities as compared to the one in other fields because of the growing need for economic stability either of an organization or a state. They have scope in various government departments, corporate or commercial sectors and educational institutions. Within a diverse profession like accounting, they enjoy a dependable career with a competitive salary package. The Bureau of Labor Statistics reports that the average starting salary for an accountant is about £31,000 per year. However, experienced professionals can earn up to £100,000 per year.
The constant use of accounting in every field makes the field expert as the best decision-makers. They are responsible for taking major decisions regarding the company finances and day to day operations. Moreover, strategies are also planned and executed by keeping in mind the accountancy practices.
The scope of accounting is not only limited to the offices, jobs and business firms. It also plays a significant role in setting up one's own business where you can apply various financial strategies and tactics. Therefore, this field provides a chance to either become a business leader, a manager or an entrepreneur.
During an accounting career, you can build many professional and public relationships during your interpersonal communications and interactions with other private or public firms. You meet a lot of clients, mentors, experts and organizational leaders who are capable of teaching you a variety of other financial schemes. It will lead to the professional and personal growth of a field expert that positively affects its personality.
This industry is not only a good option for men, but it also contributes to benefit women and minorities. Almost 50 per cent of the women population in the world is now making up their career in accounting. Moreover, a lot of accountancy business firms arrange diverse initiatives for women and minority for their greater involvement in the industry.
The accountancy market size is growing with each passing day, and this has increased the employment rate as well. According to a Bureau of Labor Statistics, the employment rate of accountants and auditors is expected to grow 10 per cent faster from 2016 to 2026 as compared to the employment rates of other professions. It will significantly affect the overall economic conditions of the nations. Similarly, the global accounting market size has been increasing rapidly and is expected to reach $11,771.6 million by 2026.
Accounting is a common denominator in all activities as it is the language and a backbone of a business. You cannot understand and evaluate the financial condition of any company without tracking its accounts and fiscal policies. Therefore, it is said to be a diverse professional with opportunities available in almost all the governmental and private departments.
Accounting deals with a very high efficient method as it allows individuals to access meaningful and professional experiences in reputable organizations. This opportunity provides people with a chance to work overseas and meet people with different cultures, calibres and accounting expertise. With the gaining of knowledge regarding the global financial economy. Furthermore, it also develops the skills of human resources by dealing with people from different backgrounds and professions. Such practical experience approach makes individuals learn professionalism and adopt a problem-solving strategy in return.
The reasons mentioned above have acknowledged and explained the need for accounting in every field. It the most favourable career path to choose for all the genders to advance and enhance our skills. As this profession is extremely diverse, we learn to deal with numeracy or fiscal policies but also develop various other skills and attitude that further adds professionalism among the individuals. Therefore, taking a higher degree in accountancy field will broaden your horizons instead of hindering your future opportunities.