The accounting sector is the most transformative industry of all time. The world around aspiring accountants is always evolving. As their field is impacted by various factors in the external environment, they should be prone to continually changing trends of the business world. Thus, proving that all accounting students need to stay updated with the changes around them. This doesn’t just include things related to their academic courses. Rather, other things like changing market trends and the importance of having exceptional soft skills as well. Contrary to popular belief, accounting is not just about crunching numbers or compiling tables on an Excel spreadsheet. This stereotypical perception of the subject adds to the many misconceptions surrounding it. Just as any other domain, accounting, too, isn’t just about what you find in textbooks. Statistics suggest that the field is expected to grow over the following decades. This means that more accounting students will flock to the financial world in the future. So, whether you’re a student or someone already immersed in the accounting realm, you need to know these 5 important things you should know:
1. Technology’s transformative power and its effect on accounting Disruptive technology has changed the way people live their lives, so it is only natural that the accounting field is no stranger to its power. Decades ago, accounting was characterized by manual bookkeeping and hand-written calculations. Once computers became popular, the burden on accountants was largely reduced. People and organizations shifted to Microsoft Excel and spreadsheets, among various other software. Even today, this saves a lot of time and minimizes human error as well as redundancies. However, Microsoft Excel and companion software are only the tips of the iceberg. Companies are now using integrative CRM and ERP technologies that connect everyone within the organization. Moreover, machine learning and artificial intelligence are making waves in the industry. This means that more changes are due, and the tasks previously assigned to humans may very well be taken over by AI. Naturally, this will transform the way everything works – new job positions will need to be created, and old ones may become redundant. Verily, as an accountant applying for new jobs, you should have ample understanding of the technical systems used today. All in all, your technical skills should be top-notch. 2. Special certifications will boost your resume You have the option to study accounting courses at your college or university. This translates into a Bachelor’s and possibly a Master’s degree. While these are great on their own, you need to remember that millions of other accounting students hold the same qualifications. Competition is cut-throat, and if you wish to be noticed among the lot, you need to go the extra mile. Professional certifications like ACCA, CMA US, CFA and CA are an incredibly rewarding option for all aspiring accounting students. These can seem challenging at first, but don’t let that discourage you. With determination and hard work, nothing is impossible. Therefore, you should seriously consider signing up for something extra to boost your employability and career advancement chances. 3. There’s no better time to be an accountant than now It is no secret that the accounting domain will expand exponentially in the years to come. At the moment, however, statistics suggest that there aren’t as many accountants in the industry as companies would like. At least, not the kind organizations deem ‘highly sought after.’ This is primarily because the finance departments of most major companies are expanding. As globalization continues to increase and organizations establish themselves beyond borders, new accounting positions are emerging. Keep in mind that multinationals are always on the hunt for capable individuals who can increase their profit margins and deflate their cost structure. Verily, if you ever feel that there aren’t enough opportunities for you to pursue, rest assured, that isn’t true. 4. Accountants with software skills will be recruited Gone are the days when mere accountancy fundamentals earned students high paying jobs. Since we have already established the need for technical knowledge, it’s time to take it a little further. As an aspiring accounting student, your goal shouldn’t just be to hone your basic knowledge of numbers. In fact, you should opt for courses that teach you how to use specialist software. That way, you will be able to assimilate into the technology-driven culture of different companies much faster. 5. You need to have extensive taxation knowledge The tax system of the world is constantly changing, and accountants need to be in the loop. From tax rate to tax limits, taxation includes various aspects that require exploration from accounting students. So, as an accounting student, you should ensure that your tax knowledge is up to date. The Result In retrospect, accountancy is the kind of field where the learning never ends. Every student has to keep up with changing concepts. This entails that there is much more to accounting than what meets the eye. Verily, all accounting students must know these 5 important things to increase their chances of success in the industry.