Discipline Investigation: The Field of Accounting - Assignment Example

Discipline Investigation Discipline Investigation Introduction The field of accounting is very broad and the demand for professionals in this field in never ending. This is because there remain continuous needs for professional who are capable of measuring, communicating or translating financial information. It is no wonder that many refer accounting as the language of business. Businesses continue to mushroom while the professionals reduce by natural attrition or retire. There are high chances of a person in the field of accounting getting absorbed in the job market due to the increase in the need for their services. The only down thing is that the pay for some may not be as expected especially in areas where there are many people practicing accounting. It is notable that many people who major in accounting possess love for the profession therefore; it is passion rather than pay that is their main driver. I have selected the option of accounting because I bear the love of calculations especially with relation to business since my tender age. My family has business and I found interest in how their finances were and I was fascinated by how I could use the financial data to forecast the future of the business in terms of financial returns, growth or overall success. Additionally, I find interest the dynamics in the economy and businesses with a larger perspective. Thirdly, the remuneration offered on securing a good job with an accounting firm can allow me to live as I prefer while also enhancing my expertise and doing what I find interesting. I am hopeful that I can develop the necessary expertise in several areas of accounting such as financial accounting, management accounting, tax accounting or auditing. I acknowledge that I require the input of a professional in the accounting field to offer me some orientation. I resolved to set up an interview with a recognized accountant working for Deloitte whose name is John Thorn. The interviews aims at providing me with the relevant information about the qualifications, the job requirements and the expectations placed on an individual in the accounting field. Background and Career path Mr. John comes from a long line of accountants in his family. It was not because there were other accountants that he decided to be an accountant. He loved the idea of doing accounting regardless if it was related to taxes, auditing, and finances or for management decision making. He first did his bachelor of science in accounting at the University of Boston where he qualifies well. He was able to get a job at the Lancer Industries in his native Boston where he did minor accounting jobs such as preparing weekly reports on sales. He did not stay long but opted for a role as an accounting assistant in Stonepark Web Design. He worked there for three years although his accounting responsibilities were limited to doing the recording of sales only. He felt that his potential was more and decided to seek employment where he would have more accounting responsibilities. This provided him with experience for the fields he concentrated on but also wanted to exploit the other sections of accounting he had not practiced. He currently works for Glen Dara Construction Company where he has been since 2001. He works there as an accounting assistant. He has more responsibilities in diverse fields of accounting. He demonstrates high level of contentment with the accounting responsibilities and work bestowed upon him. Some of the jobs as in the accounting could involve advising, reporting or handling transactions. My interviewee suggests that it is very helpful to cover all the fields of accounting so as to shake of the growing competition among accountants in the job market. One is better placed having studied about management accounting, tax counting, financial accounting and auditing. This is a factor that enabled him to acquire employment easily. He asserted that there is a great deal of examination to deal with throughout the course thus one has to be well prepared for written tests and presentations. In this modern era, there is high necessity for a person to have computer skills and analytical skills. He also put emphasized on having good communication skills as it sometimes requires an accountant to present information to the management in meetings. As an accountant, one is expected to demonstrate high levels of accountability especially in financial accounting. There is no room for errors as it would translate to business calamity. It requires one to be alert. Mr. John said that he has leant to be alert throughout the course of his career as the magnitude of errors can be great and one is professionally responsible for safeguarding the economic welfare of the company he works for. That is listed in the code of ethics and conduct for accountants. He did not expect that the work would be so tiring and demanding especially as a top accountant in a large firm but he has leant to cope with it. It shows that the accounting field demands a strong sense of responsibility. Roles and Responsibilities Mr. John position at his current work place has various sensitive and important responsibilities. His position requires him to perform the accounts receivable and payable. This is to enable the firm to know who it owns money and how much as well as the debtors of the company and how much they owe it. This is practically a common role of any accountant. He also coordinates the payroll for the more than 200 employees in the firm. Therefore, he is tasked with knowing the working hours of each employee and the benefits due to them. He also develops budgets and forecasts. He works with a team with management teams who help him allocate monetary resources after assessing the financial needs of departments. It is also his responsibility to liaise with banks, solicitors and insurers with regard to financial transactions of the firm. With a degree in accounting, one may work for both the public and private sector. One may decide the accounting type to explore and become a financial manager, fraud examiner, and auditor or engage in advisory services. One increases his chance of getting a job and that with higher salaries if he or she broadens her study into more than one field. The skills required for a career in accounting are numerous. Initially, one has to be very attentive to details, possess analytical skills. It is also necessary for one to have data entry skills. Mr. John highlighted the need for one to have excellent written and verbal communication skills. Dealing with math remains an integral part of accounting. There are other personal attributes that come in handy in the accounting field. Mr. John confirms that honesty, flexibility, reliability and the will to learn are essential in any person who wishes to practice accounting. He has had to avail himself to do various tasks that demand diversified accounting knowledge and within in the expected time. Challenges of an accountant are inevitable. First, it becomes necessary to acquire relevant data so as to make accurate and purposive conclusions. Accounting professionals struggle with accuracy issue but at the same time acknowledge that they must achieve it. Sometimes, there is a lot to do and this may cause demotivation and also impact accuracy of information. Time is of essence in this field and they mostly have to deal with limited time. Mr. John is required to provide timely information and present financial data monthly or any time he is called upon regardless of the situation with accessing credit or debit information. It requires him to work for extra hours to accomplish his goals and satisfy his superiors. Communication Skills Accounting information needs to be passed to the appropriate departments to inform decision making. That said, it has to be communicated in the right way and in a manner easily comprehensible by the recipients. Accountants are required to prepare financial reports and present them to the management explaining every detail and possibly suggest mitigation measures. This means they have to write in the appropriate books such as ledgers, cash books or balance sheets. Written communication requires a depiction of a systematic flow that is easy to follow and relate. The audience for accountants is mostly the management and other minor accounting staff. They must speak clearly, audibly and simply terms which the management may not be familiar with. In most cases, presentations run between 5-1 hours depending on the length of the report or the complexity. Mr. John notes that communication is aided by proper mastery of the subject. The account will not struggle with explanations. Trouble with the subject leads to panic that may affect the fluency or audibility of the reports. He also notes that one gets used to presenting well with practice. I have been practicing in giving speeches so as to raise my confidence. I am certain that when called upon to present reports orally, I will not have any trouble. Conclusion I am surprised that there are many avenues in the field of accounting. Prior to the interview, I thought accounting entails only sitting behind a desk and dealing with figures. Through Mr. John, I know that verbal and written presentations are part of an accountant especially a highly placed one. My expectations in the accounting field are still intact. Furthermore, I have developed keen interest in knowing what the other accounting fields entail. I expect to be a leader and a proficient accountant at both the subject matter and presenting. To be better placed, I still need to increase my confidence and subject mastery. I currently have other projects that require presentation and I hope to build my verbal presentation skills from there. References http://www.careerpath360.com/index.php/skills-required-for-most-entry-level-accounting-jobs-19419/ http://www.careerfocuscafe.com/the-different-types-of-accounting-jobs/ http://www.careers-in-accounting.com/index.htm Appendix Interview Questions How did you choice to study accounting come about? What was your motivation? What specifically did you like in accounting? Which companies have you worked for since acquiring your accounting degree? What influenced your choice to leave the previous companies? What are your responsibilities in your current workplace? What is expected of you? What are the challenges you face in your current job. What skills are most important in the field of accounting? Which avenues can one explore with a degree in accounting? What are the qualifications needed for entry? What would you recommend to those willing to enter in the accounting field? Read More