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Analysis & Application Accounting in UK

   

Added on  2021-02-19

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

Analysis & ApplicationAccounting has been regarded as an emerging and evolving sector which consists ofindividuals, businesses and large scale firms engaged in the development of financial statementsand recording of the day to day transactions. It is a field of work whereby due care, diligence andprecision has utmost significance as all of these are together important to ensure success for aperson pursuing career in accounting. In the territory of UK, accounting sector gave acontribution of £59 billion to GDP during 2017 which implies the significance and relevance ofthe professionals working within this flourishing industry (Wells, 2019). The vitality ofaccounting can even be demonstrated by the fact that this is the sector which is responsible forthe collecting, analysis, recording and reporting of financial data which helps in undertakingbusiness decisions across all levels and departments of an entity. There were approx. 613,100persons employed in accounting roles within the confines of United Kingdom in 2017(Vondracek, Lerner and Schulenberg, 2019). The professionals who have command over thisfield of work are regarded to be a significant part of the economic system of country. Becomingan accountant in a reputed and well renowned organisation is regarded to be one of the mostenriching and proficient options for career selection. To become an accountant in a sectorwhereby accuracy and precision has a vital role to play seek to build a significant rush of interestand likelihood within me to be pursued as a career.General trends that may have impact over chosen professionThe accountants functioning within a reputed company possess a large number ofresponsibilities associated with maintenance of honesty and integrity while making financialstatements and other associated data. This job role is largely affected by the trends that take placewithin 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 emergingtechnologies such as usage of robots, mobile computing, Big Data, globalisation, IoT, adversitiesresulting due to BREXIT, marketplace policies, accounting standards etc. (Vondracek, Lernerand Schulenberg, 2019). Almost all of the above mentioned trends have a significant impactupon the nature of services provides by accountancy firms across the globe.

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