Thursday, 17 November 2011

Embrace accounting to ride out the recession!

Due to the global economic turmoil, individuals and businesses need highly reliable information that takes all of the latest data and trends into account. CPAs are increasingly required to assist in meeting the ever evolving global financial challenges. With a fast-changing environment contributing to a complex reporting & record-keeping requirement, capable accountants with up-to-date knowledge of laws & regulations & high technological acumen are in high demand.

The Securities and Exchange Commission (SEC) has charted out a plan to gradually incorporate International Financial Reporting Standards (IFRS). This will allow for preparation of financial statements using IFRS, rather than GAAP (Generally Accepted Accounting Principles). CPA firms with such accountants in their fold continue to thrive amid the growing challenges of the recession. According to a recent survey of the USA’s most profitable industries, the unsurprising runner-up was the Accounting, Tax Preparation and Payroll Services sector.

Managing intricate accounting decisions such as challenges relating to US GAAP, IFRS implementation and others is a must in the competitive professional environment. With up-to-date insights into the accounting & taxation rules and regulations, highly qualified resources are a necessity.

As almost every passing day brings with it a fresh fraud / scandal, it is imperative to have by our sides the critical thinking & able professional accountants to help out from their skills inventory. In the face of crises, accountants have to be equipped in a way that goes beyond a conventional understanding of accounting.

An accountant with the following skills in his inventory will endure and come out successfully as a recession-proof professional:

  • Continued Professional Education to sustain
  • Aptitude to adapt to a global environment
  • Strong basics in accounting packages and real-time delivery of accounting output
  • Internet domain knowledge with added emphasis on Accounting / Management Information Systems
  • A proactive approach with regulatory bodies, shareholders and other stakeholders
  • People oriented with critical thinking capabilities
  • Good networking skills to connect with the latest information
  • A progressive mind open to change while treading the middle ground

The role of the accountant is ever changing, and a knowledgeable insight into the challenging landscapes of accounting will transition your profession. Assistance for a business owner with technical accounting issues he is confronted with will go a long way in improving the business’ productivity.

As a new age accountant, look out for your opportunities in on-demand turfs, meet the market, usher in a new-fangled mindset, and you are all set to grow globally!

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