The accountancy profession is gaining prominence day by day as industries continue to establish, grow and develop. Accountants worldwide are experiencing great demand for their skills and expertise, due to an apparent shortage of such qualified individuals. Though, being one of the most reputable professions of today's age, accountancy is perceived as mere a game of numbers, among the general public. But is it just a game of numbers, as most people think it is? Obviously not!! This profession transcends beyond those number crunching exercises to a much higher level. And this level keeps on increasing as the requirements of different stakeholders continue to grow.
Today, accountancy is not left with just figures and numbers that depict the true picture of an organization, but the analysis of those figures into something meaningful, is also the role of accountants. A layman cannot understand the accounting terminologies and jargons; and hence, cannot attach meaning to the published accounts of different companies. Thus, it is the role of accountants to make the picture more comprehensible for such people. By this, the accountant would not only be able to add value to his/her organization but may also benefit those who make correct economic decisions based on the published accounts.
The accountant's role has become very demanding and at the same time much varied than it used to be. It is not confined to just preparing and maintaining books of accounts but is much more than that. The whole structure of the organization is dependent on the people who work in it and one of the most important of them is the 'accountant'. However, we can associate the word 'accountant' to anyone who has some accounting experience and these people are found in every part of the organization. Therefore, it is clearly notable that the field of accountancy is very vast. A qualified accountant, for instance, ACCA qualified, is a versatile being in him/her and is able to perform duties ranging from the very strategic apex to the operational level. It is up to him/her which function he/she is most comfortable with and also the opportunity which shows up, capable of being seized. That is why in such a qualification, one is taught various subjects which are not only limited to mere accounting and financial issues. These include IT, law, marketing aspects, and most importantly, human resource management (HRM).
Recently, in the new ACCA qualification, a new subject has sprung up, which relates mostly to Corporate Governance, risk management and ethical issues. The paper to which it corresponds is P1 Professional Accountant, which is placed in the Essential module of the Professional Level in the new qualification structure, owing to the relative importance of such issues in today's world. A new concept of Corporate Social Responsibility (CSR) has emerged which has changed and literally, revolutionized the way organizations work and has made the job of an accountant more challenging. This concept takes stakeholder concerns into account, which is now regarded as one of the major factors of an organization's success. Now an accountant, particularly if he/she is part of the board of directors of an organization, has to consider whether the organization is going about its operations in the best interests of not only its shareholders, but all its stakeholders as well, which also includes environmental aspects. Now the organization doesn't only have economic and legal responsibilities but also ethical and philanthropic responsibilities. The accountant's duty, therefore, is to ensure that such responsibilities are fulfilled and that this information is communicated to all stakeholders via a social reporting mechanism. As a result, a number of organizations prepare Corporate Social Responsibility Reports apart from their Annual Reports, to inform their stakeholders, the contribution organizations have made towards this responsibility and their compliance with all ethical issues.
All in all, the role of the accountant has become diversified, rather enriched, making him or her one of the most significant individual for the organization. S/he is not restricted to preparing accounts, as traditionally perceived, but now has been given the task of supporting the whole organization over his/her shoulders. Whether it is the task of preparing bank reconciliations, information systems development or even HRM issues, such as recruiting suitably skilled individuals into the team, the accountant plays a vital role. There is no single area where the accountant is not needed. Possibly due to this varied role and the accountant's time taken, he gets a handsome remuneration.
The tasks I discussed above were just a promo of what the accountant actually does. The real picture is very broad and dynamic, involving many other issues. Thus, the image of the traditional accountant needs to be changed, and this transition from conventional to modern day accountancy requires efforts, both from the individual concerned, the organization in which he/she works and even the regulatory accountancy body of which he/she is a member. Accountancy has not remained just a game of numbers after all. One can't imagine how broad its horizons have become and how further beyond they will spread.
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