5 Things to Know About Accounting
As one begins their journey in the field of accounting, or is considering a career in accounting, there are certain essentials about the field which you ought to know. Here are 5 things to know about accounting!
It’s ancient
Like any other field or discipline, accounting has a rich history that began centuries ago. The origins of the field can be traced back to ancient Mesopotamia, and is closely associated with the development of writing, money, and auditing. The Jewish community of early/medieval Middle East is said to have launched the double entry bookkeeping system. Luca Pacioli, who is considered to be the father of accounting, published the first work on a double-entry bookkeeping system in Italy. It was around in the 19th century that accounting began to emerge as an organized profession.
Accountants prosper in emerging cities
Economies in countries are constantly changing with each day. Several cities face the challenge of declining populations, while new cities emerge in other areas. As a city grows, its business also expand, leading to an increasing demand for accountants. Accountants are extremely important to business for them to flourish and expand their businesses rapidly.
Doing your masters is crucial
Though the demand for accountants will never cease, having a master’s degree before you start practising professionally can be very useful. Master’s degrees are essential to work in several fields, but with accounting, it helps prospective accountants in their pursuit of a higher salary. You can even opt to complete your master’s while working, as there is no dearth of online courses offering advanced accounting courses. Certain firms are also willing to assist their employees for their education, provided they’re convinced that it will benefit the company in the long run. Check out here to know more about accountants - https://www.dpsaccounting.com.au/
Specializations are helpful
In order to have a more successful career, it is recommended that you take time out and pursue a specialization within the larger field of accounting. Being more knowledgeable in one stream can improve your job opportunities and increase your salary packages. Moreover, a specialization holds a lot of worth as employers are aware of the fact that you have spent time honing your skills in one particular stream and are well-versed in it. Try to engage with other prominent people within the specialization of your choice, and learn from them the tricks of the trade. This will also help you increase your contacts and connections which you can carry over to the firms you join, increasing your worth. Make it a point to attend seminars and workshops in different fields to decide upon the stream of your choice and pursue it.
Get software savvy
In this digital age, accounting relies heavily on software tools available in the market to carry out several operations. Hence, it is important for you to keep yourself updated with all the recent software to improve your chances of getting hired since employees have been found to be particular about their employees possessing IT skills. Apart from there being software available for basic accounting practices like ledgers and accounts payable, there is software available for needs such as financial statement compilation, budgeting, and tax preparation as well.
