The benefits of being an accountant are discussed here in this article below. An Accountant is simply a person who is a practitioner of accounting or accountancy. Accountancy is a commercial subject, taught since high school in commerce classes. It involves recording, classifying and analyzing business transactions, investments, profits, and taxation as well as providing verdicts regarding financial results of an organization to make the process of managing and allocating resources for a business organization easier, and ensuring its smooth progress.
Top 10 Benefits of being an Accountant
Being an Accountant is undoubtedly one of the hottest professions in today’s world. The following article helps us to explore the top 10 benefits which an accountant can enjoy –
1. The Growing Demand For Accountants
The benefit or opportunity in any profession depends upon its demand in the market. With the current age of digital revolution spreading rapidly throughout the World, it has lead to a decrease in the scope and demand of many services. Such services whose demands are rapidly decreasing and are on the verge of extinction in the next decade include most clerical and blue-collar jobs in almost every service. However in the field of accountancy, that is not the case. The field of accountancy has been ever-growing and recently with several new start-ups and innovative industries rising and emerging into the market, the demand for accountants is steadily rising.
Also since every accountant is well-equipped with the skills of money handling particularly for industries, which in turn form the backbone of any nation’s economy, therefore even they are considered a driving force behind the smooth
Running of a nation’s economy. Hence every business organization consisting of large factories to even small scale industries and start-ups need an accountant to analyze and keep track of their financial data like turnovers, costings and tax payable, knowledge of which is essential for the progress and establishment of a company. Moreover, large-scale companies and organizations often require several professional accountants to handle their enormous financial data, and thus with the growth of both several small and large scale business firms, the demand for good quality accountants is steadily rising with passing days.
2. Having A Great Understanding Of Finances
Accountants possess a better understanding of finances that most people not possessing accounting knowledge, and this better financial knowledge helps them immensely in planning out their own lives. During pursuing an accountancy course students gain knowledge in a wide variety of commercial topics like business and tax laws, corporate finance, spreadsheet analysis, banking and finance management and supervisory skills. Knowledge in such financial topics along with the skill of obtaining answers to complicated financial decisions helps accountants immensely even in their personal lives, and also paves the path for them to enter in other professions in the market, having an acute knowledge of investments, turnovers, and profits. Also, the above set of skills allow an accountant to perform finance analysis in either of corporate finances, banking, taxation, and many others as well as make him eligible to work in any other job as employers of almost all sorts of jobs would greatly benefit from candidates possessing these st of skills. Such skills can also pave a way for an accountant for contributions in the field of financial planners, fund managers, banking specialists and others.
3. Being Able To Work Where One Wants To
In this present age of high competition and competitiveness, it is very challenging to secure a good job. As a result, every year we find so many people leaving their home, family, friends, hometown that is uprooting their existing lives from their familiar places and rushing to Industrial Hubs and Technologically advanced places to find a job for themselves. Such situations are most commonly witnessed for engineers and technicians, who have no other alternative than rushing to distant cities or sometimes even other nations for being to able to find employment in places consisting of big industries or places which are software hubs and provide opportunity for technicians to work. However this working scenario is much different for a person who is an accountant by profession. This is because accountants tend to be needed everywhere.
From farmers to software giant companies, from government organizations, media, entertainment industry to factories, small business firms and start-ups, everyone seems to be requiring the services on an accountant and their need and requirement for accountants for these as well as many other services and areas are only likely to multiply with the passing times. Hence an accountant can find a job at most places in a country and can work from his preferable location.
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4. Having Potential For Professional Growth
An Accountant has a greater potential for greater professional growth as compared to other many other professions where it is not that simple and many people fail to achieve any notable growth during their professional lives. After graduation, an accountant can enter the working arena as an entry-level associate. Many junior accountants start as staff accountants, who are often by qualified accountants or may work independently without statutory privileges and obligations. Many new graduates can also start their careers as junior auditors in the controller’s office. However, after getting the initial job-experience and establishment, there is always an opportunity for accountants to progress in their careers through professional experience or further education and certificates. The scopes of further education for accountants is also great as being able to achieve prestigious degrees like – Chartered Accountant(CA) and Certified Professional Accountant(CPA) add a lot of value to your career and open up several more accounting opportunities. Also, the experience of dealing with finances and handling situations smoothly helps oneself to increase his market value and demand and thus pave the path for progress in his career.
5. Favorable Earning Potential
The career of accounting has a very good earning potential. Initial graduates might not get healthy payments but the income of accountants keeps on increasing with an increase in their experience and their demands in the market. Moreover if one can achieve specialized accountant degrees like Chartered Accountant(CA) or Certified Professional Accountant(CPA) or other such degrees in their respective countries then their earnings are multiplied drastically and renowned CA’s and CPA’s have the potential to become some of the top earners of the world. The current monthly salary of some of the top-earning accountants of the world extends till $90-95 k and therefore accounting is surely one of the most favorable earning potential jobs in the world.
6. A Great Network
Being a professional accountant, one gets the opportunity to work in some of the top firms of the world as well as he gets to witness various business ideas, personalities and live work in the corporate sector. As a result of one’s tenure as an accountant, one gets to interact with several business tycoons and other business-related people from whom one can gather knowledge about their diverse business ideas as well as general ideas in life. Knowing so many individuals in different sectors and different fields of life, throughout the tenure on an accountant also enables him to create a powerful network consisting of influential and powerful people who may prove to be of extreme help in different situations in his life.
Therefore whatever be the personal goals of an accountant, working in industries and corporate sectors will help him/her to develop a network of valuable business contacts right from their moment of starting their accounting degree to reaching the peak of their careers, some of whom can prove to be extremely helpful for the accountant in certain situations of their personal life.
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7. The Ability To Start Your One’s Business
Recently we witness several employees leaving their jobs after gaining their initial corporate life working experience and dedicating their time towards their desired start-up. However, this process of starting one’s business set-up is far easier for an accountant as his entrepreneurship skills and business contacts are all well enhanced during his working tenure as an accountant. Moreover, one’s job as an accountant allows them to create a great network of influential business tycoons, whose ideas can be used by an accountant to improve upon his desires to create his company. Also the experience of working with finances, and understanding the dynamics of business and having concrete knowledge about business turn-overs, investments, profits, losses, and taxation further enhance their ability to start their own business and be successful in their entrepreneurship plans.
8. Getting A Better Understanding Of Taxation And Business Law
An accounting curriculum includes courses on Business Law and Taxation and hence enables accountants to have profound knowledge on these topics. Knowing such topics helps one to better understand the working of the government, and further is of extreme benefit to an accountant who aspires to become a successful entrepreneur in the future. It is so as before setting up his business, he will have a solid idea of his business requirements and liable taxes on turnovers and it will also enable him to directly manage the finances of his start-up.
9. Modern Day Work And Rewarding Role
Today with the advancement of technology and the digital revolution having a great impact on the entire world, is the most suitable time to become an accountant. Technology and modern software will make the job of an accountant much simpler allowing him to concentrate on the finer aspects of a business. Also with tedious work cut out, accountants can truly understand the dynamics of a business, advise clients, impact the company’s progress and thus can make an impact on people and the global economy.
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10. Social Prestige
Lastly, the most underrated but still significant advantage of being an accountant is possessing social prestige. It is because accountancy provides one with useful skills along with responsibilities of handling the finance of a business, and therefore a good accountant will earn huge respect, trust and prestige from his business clients. Moreover possessing a CPA degree will further enhance one’s social prestige and reputation along with providing him great money as well as responsibility.
These according to me, are the top 10 benefits of becoming an accountant in the modern world. Thank You.