Analysis of Key Skills, Knowledge and Trends in Account Profession

This report provides a comprehensive career viewpoint on the accounting profession, focusing on general trends impacting the industry, essential skills, knowledge, and experience required for success. It highlights the role of artificial intelligence, accounting software, and digital transformation in modern accounting practices. The report emphasizes the importance of numerical skills, time management, computer skills, business awareness, and communication skills for accountants. It also underscores the impact of globalization on the profession, leading to increased opportunities and the need for international accounting standards. The report concludes that a strong foundation in accounting principles, coupled with relevant experience and adaptability to technological advancements, is crucial for a successful career in accounting. Desklib provides students access to similar solved assignments and resources.

Career Viewpoint

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY ..................................................................................................................................4
General trends which will impact on the chosen profession/industry.........................................4
Skills/knowledge and experience required..................................................................................5
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8
Appendixes......................................................................................................................................9

INTRODUCTION
Career refers to that occupation which is undertaken for the significant period of time of a
person's life with opportunities in terms of progress. Career is very important because it aligns
with that parameter which is concerned about the significance of an individual which makes an
individual very strong, positive and energetic as well(Aldrich and Ruef., 2018).In the present
report, I have chosen that profession/industry that is related to Accounts which is taken into
consideration. The report will cover analysis about general trends which will impact the chosen
profession or industry. In addition to this, the present report will cover discussion about the key
skills and knowledge which is expected from an applicant at this stage in their career.
MAIN BODY
General trends which will impact on the chosen profession/industry
There are certain general trends and changes in the Accounts profession which will
impact the way of working at the organisational level. These general trends are defined into the
following manner:
 Role of Artificial Intelligence: Artificial intelligence plays a very significant role in
terms of finance and accounting. Companies has applied artificial intelligence to the
analysis of lease contracts in order to make it easier for capturing the information on the
fast pace manner on amount to be paid, termination and renewal options.
 Accounting Software: There are certain companies who plans to implement cloud-based
accounting solutions in the near future (Brooke and et.al., 2020). There are planning
systems of enterprise resource which integrate the accounting software and financial data
with other important areas of the business such as order and production management.
Accounting software not only makes the working easier but also reduces the complexity
parameter into positive manner.
 Digital transformation: There are organisations who changes their way of working with
the aid of digital technology where accounting and finance plays a major role in it.
Organisations have put the processes in place to account for new revenue from new
channels, subscription models, digital product offerings and many more.

In this digital world, the role of digital transformation is very significant because it makes the
working not only smoother but also makes the way of working more modernised and effective as
well.
There are certain skills and knowledge which are required at the professional level in
order to fulfil tasks into appropriate manner. These skills include financing reporting and
analysis, account reconciliation etc. There are certain other skills as well which is required to
make the role of accountant more effective which includes system analysis, active learning,
critical thinking, time management, proficiency with Microsoft Office Suite(Casey., 2015). In
the accounting profession, there is a great impact of globalisation due to which it changes the
way of working of accountants. It affects the accountants through the rise of multinationals
which has increased the opportunities and job mobility for accountants. With the effect of
globalisation, there is increase in the international trade and investment which has increased the
need of international accounting and reporting standards that will help in terms of harmonizing
the company's financial information.
As a result of interview from different individuals, there are different point of views
regarding the trends and changes into the accounting profession. With the fast changes into the
technologies, it has been observed that companies start using different kinds of software which
make the process more smoother and effective as well. With the any kind of changes, it can be
easily implemented through support system of these new technologies at the organisational
level. In this manner, with the effect of globalisation, new technologies and different way of
working, there are different general trends which has impacted the accounting profession into
positive manner.
Skills/knowledge and experience required
There are certain skills, knowledge and experience which is required at the organisational
level in order to work into effective manner and it is defined into the following manner:
 Numerical Skill: This is a skill which is required for the career in accounting(Dutton and
Ragins., 2017). There are certain mathematical skills which is required in order to
demonstrate the ability to understand and also analyses the numerical information as
well. So numerical is very important at the organisational level in order to make the
working more smoother and effective as well.

 Time management and organisation skills: An accountant has to manage various kinds
of responsibilities which includes portfolio management , transaction handling and also
meeting out the important deadlines. An individual can showcase their competence
through discharging all kinds of duties into appropriate manner and also demonstrate that
how much they are organised in terms of their working. Time management is also very
important in their profession because the workload can be effectively manage through
prioritising the important tasks.
 Computer Skill: For doing the work into effective manner in accounting profession it is
important that to have computer skills. This skill basically include decent working of
knowledge of different types of accounting software besides the basic computing abilities
of excel and word (Ma and et.al., 2020).There are certain in demand accounting tools
which is required at organisational level which includes advanced excel, ERP tools, big
data analytics and Microsoft visual basic.
 Business Awareness: It is important that to have the knowledge pertaining to the profile
of business and also should have knowledge of economic events which has been taken
place in order to impact the business in the direct and indirect form. The knowledge of
economic, social and political movements help in terms of thinking ahead of the time and
also evolve in terms of mastering the craft.
 Communication Skill: It is that skill which is very important while working at the
organisational level. Communication skill act as support system in terms of writing
reports and also presenting them to senior management as well. There are some major
interactions which has occurred with an accountant, financial managers and other
stakeholders of the company as well(Nalis and et.al., 2021). It is important for an
accountant to be a good orator and also have narrator to communicate the ideas into
effective manner. So its important into this profession to have proper communication
skills.
 Have an eye on small details: For becoming a successful accountant it is important that
an individual has to pay attention on the details which act as a very crucial skill. It is
important for an accountant to have a track on the tasks and also needs to ensure its
accomplishments by limiting the possible shortcomings. So its important that to have this
skill for an accountant.

While working at the organisational level, there are specific kind of knowledge which is
required. It basically includes understanding relationship between numbers, calculation skills,
logical thinking and data analysis as well (Venuti., 2017). The management of time is very
essential in order to do this profession into appropriate manner. An individual should also have
deep understanding about the concepts of accounting and their related soft wares so that they can
easily implement at the organisational level. For working into effective manner with result-
oriented work it is important that the individual should have two to three years of experience of
accounting. When there is no experience then through support system of internships and entry
level clerical work an individual can pursue their career into positive manner. These are the
skills, knowledge and experience which is required into the accounting profession at the
organisational level.
CONCLUSION
The above stated report concludes that career plays a very significant role in terms of
personal and professional life. It has been concluded that there are certain general trends which
are in the accounting profession due to which it makes the working more effective and result
oriented as well. It has been determined that these general trends has impacted the working of
accountants into positive manner. The impact of globalisation has also created impact in terms of
working of the accountant. It has been analysed that there are certain skills and knowledge which
is required in terms of doing the work into effective manner. The experience into the profession
of accountant also plays a significant role in terms of enhancing the capability of an accountant.
From the view point of career, it has been observed that an individual can start their career by
having basic knowledge into accounting and their related aspects as well.

REFERENCES
Books and Journals
Aldrich, H. E. and Ruef, M., 2018. Unicorns, gazelles, and other distractions on the way to
understanding real entrepreneurship in the United States. Academy of Management
Perspectives, 32(4), pp.458-472.
Brooke and et.al., 2020. Trekking the Educator Track at a Research-Intensive University: Five
Accounts of Different Career Levels. International Journal for the Scholarship of
Teaching and Learning, 14(2), p.3.
Casey, B. J., 2015. Beyond simple models of self-control to circuit-based accounts of adolescent
behavior. Annual review of psychology, 66, pp.295-319.
Dutton, J. E. and Ragins, B. R., 2017. Moving forward: Positive relationships at work as a
research frontier. In Exploring positive relationships at work (pp. 387-400). Psychology
Press.
Ma and et.al., 2020. Institute–hotel coordinating barriers to early career management—hoteliers’
accounts. Journal of China Tourism Research, 16(2), pp.297-317.
Nalis and et.al., 2021. From Shock to Shift–A Qualitative Analysis of Accounts in Mid-Career
About Changes in the Career Path. Frontiers in psychology, 12, p.507.
Venuti, L., 2017. The translator's invisibility: A history of translation. Routledge.

Appendixes
Question-1) According to you, what are the skills required for becoming professional accountant
 Numerical Skill
 Computer Skill
 Communication Skill
 All of the above
Answer-1) All of the above
Question-2) What are the general trends into the profession of Accountant
 Accounting Software
 Artificial Intelligence
 Digital Technologies
 All of the above
Answer-2) All of the above
Question-3) Whether having experience into accountant profession is beneficial for the
individual or not?
 Yes
 No
Answer-3) Yes

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