When it comes to the world of business, there are many professions out there which have stood the test of time. These key roles have been around for a long time due to the value they provide to employers and their importance in society. While working as a nurse, police officer or teacher are all great examples of this, accountants are also worth mentioning.
If you like working with numbers, have an eye for detail, and enjoy helping companies/clients handle their finances, this is a great role to move into. The added bonus is that accountants are still in great demand, as the business world needs their expertise in dealing with figures. Although this is a sector which has undergone a vast digital transformation lately, the demand for trained accountants is still strong.
What is an accountant and how do you get into this career?
In simple terms, accountants are trained professionals who help businesses and clients keep on top of their finances. While this can include private clients, a lot of the work that accountants source comes from the business world. In addition, many businesses actually employ their own in-house accountants.
Common tasks in this job include completing/submitting tax returns, running payroll, bookkeeping, helping with cashflow advice, preparing financial reports, analyzing financial data, and guidance around strategic planning for business finance.
If you like the sound of this, the first step to becoming an accountant is getting the right academic qualifications. This will not only equip you with the tools to work as an accountant but also arm you with the latest knowledge to succeed. The online MBA Accounting course from Suffolk University is one of the best to consider enrolling on and offers high-class, flexible learning for accountants. With modules on subjects like accounting principles and forensic accounting, it sets you up perfectly for working in this field.
Why study for an accounting qualification online?
Many people are now choosing to study online to gain the qualifications they need – and this is true for people looking to move into accountancy as well. But what is it about online learning that is so appealing?
The major benefit most people value is the flexibility and convenience it brings. Online courses mean you can study from home, at a time that suits you. This can be especially handy for those who work or are stay-at-home parents. Online courses can often be cheaper than traditional modes of study too. This is not only in terms of tuition fees but also all the other costs. Online study, for example, does not include any travel costs to get onto campus or buying lunch.
Many people also just do not fancy attending classes in person on a busy campus and interacting with new people. In addition, many people do not have a college or university close by to make traditional study feasible. In these cases, studying online is a great alternative and makes it easy to get the high-class learning you require.
Why are high-level IT skills key for modern accountants?
Tech is critical for modern accountants. While learning about regulatory compliance, corporate finance and big data analysis is all key, decent IT skills are a must in the modern age. This is something of a change from the past, where accountants might not have needed as much familiarity with IT platforms/software.
The aforementioned digital revolution in accounting we have seen recently, however, has changed all this. Due to this move to a more digital way of working, modern accountants must be proficient in using the latest technologies relevant to the sector. By doing this, you ensure that you are more attractive to employers and can offer a better service to clients.
What qualities do you need as an accountant?
Carving out a career as a successful accountant is not just about getting the right qualifications and brushing up on your IT skills. It is also crucial to have the right characteristics to get on in this very competitive career. But what traits do accountants need in general?
It goes without saying that being comfortable working with numbers is a must, and a love for maths will come in very useful. Accountants must also be patient and methodical people, who enjoy working through complex tasks without rushing. It is also essential to be very organised and have great attention to deal – plus total accuracy in the work you do.
If a tax return you complete, for example, is not correct, it could have serious consequences for your client/the business you work for. Lastly, decent accountants should also have good people skills and be able to interact with clients/colleagues well.
Are accountants still needed in our digital world?
We have already mentioned the move towards a more digital way of working in accountancy and the potential impact this could have on people working in this field. But what do we mean by this specifically?
In short, accountancy has moved towards a more digital, online way of doing things in the last few years. Good examples of this are Cloud-based accountancy packages, conducting meetings over video call tech and using e-mails to communicate with colleagues/clients.
All these examples are commonplace in modern accountancy and represent a real shift from the old way of doing things. Many tasks which accountants did manually in the past have also become digitalized and handled by online platforms or the latest software now.
While you might think this means accountants are facing a bleak future, nothing could be further from the truth. Recent figures from the US Bureau of Labor, for example, show that the demand for qualified accountants should rise by 7% as of 2030.
Why do we need accountants in our digital world still?
The projected increase in demand for trained accountants clearly shows that we do still need them – despite the digital transformation in the sector. But why is this?
The key point is that online technology and the latest software cannot replace all that a human accountant can do. While many tasks can be digitalized, there are lots of others which still need a human accountant to handle manually. For this reason, we will never be able to dispense with their services and let tech handle everything for us. This also means accountancy will remain a very good profession to move into as time marches on.
But what sort of tasks do we still need accountants to handle for us personally? The most common include:
- Professional financial advice and responses to complex/in-depth accounting queries
- Advice on the latest regulations and changes to guidelines for finance/tax
- Help with completing and manually checking tax returns for accuracy
- Assistance with future financial planning/strategic financial planning advice for business
- Meeting clients/colleagues in person when required
While the above is not an exhaustive list, it does give a flavor of why human accountants will always be needed moving forward.
How is improving tech beneficial to accountants moving forward?
Although digitalization within the accountancy world will never mean human accountants are redundant, anyone looking to work in this field must also see how key modern digital tech is now. If you plan to work in this industry, you must not be scared of using things like Cloud-based accounting software in conjunction with handling certain tasks manually.
This will become an even more important point as digital technology within accounting progresses in the future. But how could future developments in technology actually benefit accountants themselves?
- Technology automates certain lower-level tasks so accountants can focus on more complex ones instead
- Using the latest technology as an accountant can save you time and enable you to work more efficiently. This then means you have more time to source new clients or get through more tasks
- Technology such as Cloud-based accounting software gives you access to the latest financial data for your business or your clients (with their permission). This means you always have the latest figures to work from and make decisions on
- Software such as MS Excel can work out calculations for you and help to eliminate mistakes
- Digital tech can help to streamline how accountants work and drive-up revenue/profitability in their business
- Accountants who use the latest digital technology are more appealing to clients and this can help them source more work
- Learning how to use the latest tech in accountancy gives you transferrable skills to put on your résumé. This can be key when looking for moving up in the accounting world or even moving to another sector entirely.
As the above shows, there are some very real benefits which the latest developments in accounting tech could deliver. If you work in this industry currently or are planning to break into it, they are worth bearing in mind.
Why work in accounting?
While we have covered how to get into this career, why accountants are still needed and how progressing tech will benefit accountants, you might still wonder why moving into this sector is a great option.
We have already mentioned the growing demand for qualified accountants and this cannot be ignored. The opportunities and job security this brings are very attractive. Accountants are also pretty well-paid in general too – with the average salary per annum for US accountants being around $59,376. While picking out a career is not all about the money, finding one you like which is well-paid is sensible.
Choosing to work as an accountant also opens up a whole range of exciting roles to you. You could, for example, set up your own accountancy firm and help business/private clients with their finances. On the other hand, you might work in-house at a business in their accountancy division or join an already established accountancy firm. Specific roles which could open up for you in these cases include management accountant, budget accountant and forensic accountant.
Accountants will always be needed
Although the digitalization of accounting is well underway, there is no doubt that human accountants will always be needed. After all, this is a profession which has survived for many years and which has always handled changing times well.
There is also no question that digital transformation is important to keep accountancy relevant in the modern age. This means further progression in technology for accountants will prove beneficial to them and how they work. If this future tech is blended with the skills a human accountant possesses, it provides an awesome service to clients or the businesses they work for.
