Accounting Profession

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Table of Contents

Question 1. 3

Question 2. 3

Question 3. 4

Question 4. 5

Question 5. 5

Question 6. 5

References. 8

Answer 1: Thinking about Accounting profession

According to me, accounting is an important part of a business structure. The term accounting refers to a professional performance that indicates some functions such as accounting analysis, auditing, financial analysis, and many more. Every company has an individual accounting department and accountants set up their own or individual practices through this. This profession is much different from other professions. The accountant is well educated and has a huge amount of information and thoughts about their finance, rules, government tax facilities, and many more (Qasim & Kharbat, 2020).

Through the help of accountants and their working process, a company becomes more developed and increases its growth, and rapidly achieves success. The accountant performs multiple accounting duties such as financial statement, accounting analysis, conducting routine, and annual auditing, reviewing financial operations, preparing tax returns, and also playing a unique adviser role that requires more effectiveness, cost-saving, and risk analysis too.

Answer 2: Contextual factors influencing the accounting profession

According to my thoughts and knowledge, the most contextual factor that could influence the accounting profession is accounting regulation. The accountants and their companies always follow those guidelines and rules and regulations which create a different approach to introduce their dignity and performance (Zhang et al., 2020). Those rules and regulations maintenance create a difference in distributed work performance and through accountant management and performance, the firm becomes stronger and more valuable.

Figure 1: Graph regarding the factors of accounting profession

Source: (Zhang et al., 2020)

The other contextual factors are technological development, economical development, globalization, ethic and regulation development, and many more. The accountant always focuses on developing their technology and through this; it indicates the economic growth of an organisation. The accounting profession also influences labour market demand which creates a prominent effect on the company growth structure and this also helps to achieve success in the future. Through their profession, their ethic, regulation maintenance creates a significant step to contribute their position in the business structure.

Answer: 3 Interacting with as an Accountant

In my opinion, being an accountant means you have to first interact with the managers and fellow workers to process information properly. Their interaction should help these company workers and also suggest better ideas to develop their position. Through their proper information and guidance, a company develops its management and is also able to increase its financial position (Went al., 2018). An accountant has to interact with other people and stakeholders such as suppliers, creditors, investors, clients, and many more. Through their interaction, they provide them processed information which is very effective for the company or individual growth. Sometimes, they also interact with debt collectors and legal sectors when they realize there occurred some potential misleading or frauds.

Question 4: Role in contributing to community as an accountant

I think as an accountant, it is my duty and responsibility to provide significant and faithful information to the users. Through this relevant information and accurate presentations, the users are able to develop their knowledge and also able to make appropriate decisions that help them for their future growth and position development. An accountant provides significant information which is better for the company’s current situation and also provides them effective suggestions for overcoming their economic problems and developing their growth structure.

Question 5: Expectations of clients and fellow

According to my knowledge, clients and fellow employers might expect an ethical working attitude from me. Being an accountant, those ethical attitudes help this company to build a respective position and also help to build a dignified identity in the market. An unethical working attitude creates a bad impression for the company and also chances to do unethical actions which are not good for the company’s improvement. The accountant is the bone of a company’s development and their proper ethical work presentation helps this company to develop its success structure. Every accountant is expected to do their work ethically which means to provide relevant and faithful information of the user or company and their effective suggestion and advice help the user to better respond for their future growth.

Answer 6: Skills to be a successful accountant

Every successful accountant has good technical skills which provide them a better experience. In order to be a successful accountant, they always have some good skills which help to develop better and help the users too (Stancheva-Todorova, 2018). Those skills are such as-

1. Analysis skills: Accountants are needed to be able to evaluate accurate and effective organisation information. That information helps them to proper management and help them to make the best decision for the business process. That current information also helps accountants to better understand the company’s current situation and also suggests the user better options to develop.
2. Communication and presentation skills: An accountant always needs to be a good communicator and presenter. A successful accountant definitely requires a good communicator and presenter. This is a very important part of their work time where they might attend some meetings, meet with clients and demonstrate financial issues, and many more. Through the help of this skill, an accountant is able to express their opinion smoothly and explain the matter in a very easy-to-understand way.
3. Knowledge of relevant laws and regulations: A good accountant always needs to gather more knowledge and information about relevant laws and regulations. That knowledge helps accountants to understand the current position of the user and also help them to provide accurate advice for the client. Through this information, an accountant is more able to do their task legally and is able to create a dignified reputation for the client or firm.
4. Organisation skill: An accountant has a lot of work and tasks such as financial analysis, tax checking, accounting analysis, auditing, and many more. Those all responsibilities are possible when the accountant has good knowledge of the organisation (Tsiligiris& Bowyer, 2021). They always need good organisational skills to track all responsibilities properly and manage those tasks accurately on time. These skills help the accountant to present their task properly and suggest a better way to manage and complete all tasks on time.
5. Computer skill: Computer skill is one of the most important parts which is necessary for an accountant grooming. Through these skills, an accountant becomes more presentable in the profession, and through these skills, they are able to use software, internet parts, and many more options which are very relevant in the current situation.

References

Qasim, A., &Kharbat, F. F. (2020). Blockchain technology, business data analytics, and artificial intelligence: Use in the accounting profession and ideas for inclusion into the accounting curriculum. Journal of emerging technologies in accounting, 17(1), 107-117.DOI: 10.2308/jeta-52649

Stancheva-Todorova, E. P. (2018). How artificial intelligence is challenging accounting profession. Journal of International Scientific Publications Economy & Business, 12, 126-141. Retrieved from: https://www.researchgate.net/profile/Eleonora-Stancheva/publication/333728223_HOW_ARTIFICIAL_INTELLIGENCE_IS_CHALLENGING_ACCOUNTING_PROFESSION/links/5d014801a6fdccd130968c75/HOW-ARTIFICIAL-INTELLIGENCE-IS-CHALLENGING-ACCOUNTING-PROFESSION.pdf

Tsiligiris, V., & Bowyer, D. (2021). Exploring the impact of 4IR on skills and personal qualities for future accountants: a proposed conceptual framework for university accounting education.Accounting Education, 30(6), 621-649.DOI: https://doi.org/10.1080/09639284.2021.1938616

Wen, L., Yang, H. C., Bu, D., Diers, L., & Wang, H. (2018). Public accounting vs private accounting, career choice of accounting students in China.Journal of Accounting in Emerging Economies. DOI: https://doi.org/10.1108/JAEE-09-2016-0080

Zhang, Y., Xiong, F., Xie, Y., Fan, X., &Gu, H. (2020). The impact of artificial intelligence and blockchain on the accounting profession.Ieee Access, 8, 110461-110477. Retrieved from: https://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=9110603