Analysis & Application Accounting in UK

Project

Table of Contents
Analysis & Application....................................................................................................................1
General trends that may have impact over chosen profession.........................................................1
Skills / knowledge and experience required....................................................................................2
Skills............................................................................................................................................2
Knowledge area and experience..................................................................................................2
Evaluation........................................................................................................................................2
REFERENCES................................................................................................................................4

Analysis & Application
Accounting has been regarded as an emerging and evolving sector which consists of
individuals, businesses and large scale firms engaged in the development of financial statements
and recording of the day to day transactions. It is a field of work whereby due care, diligence and
precision has utmost significance as all of these are together important to ensure success for a
person pursuing career in accounting. In the territory of UK, accounting sector gave a
contribution of £59 billion to GDP during 2017 which implies the significance and relevance of
the professionals working within this flourishing industry (Wells, 2019). The vitality of
accounting can even be demonstrated by the fact that this is the sector which is responsible for
the collecting, analysis, recording and reporting of financial data which helps in undertaking
business decisions across all levels and departments of an entity. There were approx. 613,100
persons employed in accounting roles within the confines of United Kingdom in 2017
(Vondracek, Lerner and Schulenberg, 2019). The professionals who have command over this
field of work are regarded to be a significant part of the economic system of country. Becoming
an accountant in a reputed and well renowned organisation is regarded to be one of the most
enriching and proficient options for career selection. To become an accountant in a sector
whereby accuracy and precision has a vital role to play seek to build a significant rush of interest
and likelihood within me to be pursued as a career.
General trends that may have impact over chosen profession
The accountants functioning within a reputed company possess a large number of
responsibilities associated with maintenance of honesty and integrity while making financial
statements and other associated data. This job role is largely affected by the trends that take place
within the market place at regular intervals. With internet and broadband taking up the markets,
the work of humans has significantly reduced.
The emerging trends within this field of work have been ascertained to be emerging
technologies such as usage of robots, mobile computing, Big Data, globalisation, IoT, adversities
resulting due to BREXIT, marketplace policies, accounting standards etc. (Vondracek, Lerner
and Schulenberg, 2019). Almost all of the above mentioned trends have a significant impact
upon the nature of services provides by accountancy firms across the globe.

First, accountants will use progressively sophisticated as well as smart technologies to
raise their traditional style of working, and these type of technologies might even regenerate the
traditional approach (Apostolou and et. al., 2019). Along with this, smart software systems i.e.
cloud computing will assist the trend toward beginning services such as more overseas
outsourcing. There is high use of social media through smart technology will enhance disclosure,
collaboration with stakeholders as well as broader communities also.
Second, continued globalization will develop more possibilities and issues for members
of the accounting profession (Hobfoll and Freedy, 2017). Along with this, globalization boost the
free flow of capital from one primary market to another, increased overseas outsourcing tasks
and the movement of technical as well as professional qualities will simultaneously on continue
bases to pose danger to resolving local issues with various financial, cultural and tax systems.
Skills / knowledge and experience required
An accountant is required to possess certain essential skills and knowledge to
successfully carry out its roles and responsibilities. These are briefly explained below:-
Skills
Team working: It is essential for an accountant to possess effective team working
abilities in order to carry out the activities with other by making use of coordination and
cooperation, in a collaborative manner (Westermann, Cohen and Trompeter, 2019). It is a most
important skills which will be essential for the a graduate accountant job. With the help of team
working skills an accountant can easily complete business tasks in effective manner. As this skill
will also support in development of its success at global level with the use of different techniques
(Vondracek, Lerner and Schulenberg, 2019).
Communication: This is yet another relevant and significant skill that needs to be present
within accountants so as to develop healthy relations with business associates and feasibly
develop financial statements for them. Communication skill is important for a graduate
accountant job to communicate accurate information about the financial statement of an
organisation in national as well as international level also.

Conflict management: At times, the treatment of a particular financial transaction may
cause conflicts within individual professionals and thus this skill gains importance for
accountants.
Technical skills: Owing to the rapid advancements in accountancy sector, it is essential
for accountants to possess sound technical skills in order to significantly execute the tasks in
desired manner. This skills is essential for dealing with trends about the globalisation and
technology (Westermann, Cohen and Trompeter, 2019). For a graduate accountant job, technical
skills helps them in preparation of income statement, cash flow, balance sheet etc.
Multi tasking: As an accountant holds several responsibilities such as record keeping,
development of financial statements, auditing, multi tasking holds importance for such
professionals (Apostolou and et. al., 2019).
Knowledge area and experience
Accountancy: It is essential for accountants to have knowledge about the legal and
ethical accounting standards pertaining to this sector so as to work in a manner acceptable by
law. It is a necesseary knolwedge for a graduate accountant job, beacuse without this, they can
not complete each tasks and activities related with financial statement.
Finance: The accountant is also required to possess knowledge pertaining to finance so
as to develop budgetary data and statistics related to the entity. Accurate knowledge about the
finance help graduate accountant to complete each activities or tasks of an organisation within
given time duration (Wells, 2019).
Evaluation
Post the completion of graduate degree, it has become relevant and significant for me to
opt for a career path which can provide assistance to me in getting elevated in the desired field of
work. I now intend to pursue job in a field of my interest as well as likelihood. I possess
specialisation in ABST and thus I consider it appropriate for me to take up the position of
accountant in a well renowned and reputed business entity. Within this area of profession, I can
apply my analytical skills, communication, technical skills, knowledge and competency to
achieve great heights in the company whereby I seek to take job. Accounting is a sector that is
largely associated with a number of different industries entertaining to economy as the

professionals working within accountancy field collect data and develop financial records for a
large number of companies. With this, I can effectively build networking with various
professionals, thereby inflating my social contacts and apply my knowledge base to execute the
tasks. Thus, a career in accounting will render me aid to get excellence and undergo personal and
professional development for career enrichment.

REFERENCES
Books & Journals
Apostolou, B. and et. al., 2019. Accounting education literature review (2018). Journal of
Accounting Education.
Hobfoll, S.E. and Freedy, J., 2017. Conservation of resources: A general stress theory applied to
burnout. In Professional burnout (pp. 115-129). Routledge.
Vondracek, F. W., Lerner, R. M. and Schulenberg, J. E., 2019. Career development: A life-span
developmental approach. Routledge.
Wells, P. K., 2019. How does contact with accountants influence perceptions of
accounting?. Accounting Education. 28(2). pp.127-148.
Westermann, K. D., Cohen, J. and Trompeter, G., 2019. PCAOB inspections: Public accounting
firms on “trial”. Contemporary Accounting Research. 36(2). pp.694-731.