Accountant Career Research Report - MG410 Career Viewpoint 2021-2022

This career research report investigates the accounting profession, focusing on the skills, knowledge, and trends impacting accountants. It highlights the influence of data automation, evolving accounting software, and outsourcing on the profession. Essential technical skills, data analysis abilities, time management, and adaptability are discussed as crucial for success. The report also emphasizes the importance of strategic thinking and proficiency in financial statement preparation. The author expresses a personal interest in pursuing accounting, citing growth opportunities and alignment with their skills. The report concludes that aspiring accountants should consider market trends and develop both hard and soft skills for efficient practice, with resources like Desklib offering additional support through past papers and solved assignments.

Career Research Report
Accountant

Contents
INTRODUCTION...........................................................................................................................1
ANAYSIS AND APPLICATION ..................................................................................................1
Trends which impact the selected profession .............................................................................1
Knowledge and skills needed for becoming successful accountant in accountancy field ..........2
EVALUATION............................................................................................................................4
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5
APPENDIX .....................................................................................................................................6

INTRODUCTION
The career research refers to the practices of conducting investigation by an individual to
determine their interest and forthcoming opportunities in a particular subject area or field which
they can pursue as a profession to achieve their personal goal. It helps them to determining and
evaluating their knowledge or skills which are useful for them to perform their professional
practices after completing their graduation(Grossman, 2020). My subject area of career research
is accountancy which helps me to identifying my current skills to perform the job as an
accountant. My career interest is in accountancy filed as well as I want to purse it as my
profession for future growth.
The following report covers and contextualise employability for graduates in relation to
their career. Further, it defines the analyses of relevant career which I can pursue as my
profession and labour market information related to the career.
ANAYSIS AND APPLICATION
Trends which impact the selected profession
In accounting field, there are many trends which impact the performance and practices of
an accountant. In market, there is huge competition in all industry which increase complexity in
the day to day transaction that required huge knowledge of many financial statements and acts
for making financial report. The trends that influences the job of accountant are as follows-
Data and process automation- In recent world, the company want more accurate, clear
and profitable report due to increased competition in market. Competition has generated a
requirement for increased accuracy and speed of accountant in making financial statement like
cash flow statement, fund flow, profit and loss account, balance sheet and so on. The
management of company want to know about the sales, loyal customers and their way of
payment for product and services (Hines and Baker, 2019). The most dominating trend in
accounting is data and automation which affect the performance of accountant. Automated data
entry enhances the integrity and reliability of recorded data. It leads to improved reporting
accuracy, fast processing, short collections time and significant reductions in costs of recording.
The technology of automation provides the ability of accountant to build customer centric
methods for unique payment and billing options without wasting time on huge research. As a
result of this technology it helps the accountant in future to increased customer stratification with
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lesser payment issues. It also allows the accountant to use the automation process to record
business transaction which reduce cost and increase the profitability of company. The accountant
must have proper skills and knowledge to use this technology in their practices while working in
an organisation. By this they provide accurate data which helps the management and company
to know about their financial position and profitability in a particular period.
Evolution of accounting software- It is also very complex trend which an accountant
need to considered while practising their job in accounting. The modifying the future of
accounting has the evolving nature in the software of accounting. Cloud technology is most
popular technique in the accounting field in recent world which makes recording work more
easier. Previously transactions are recorded in books and proper formate but now many software
are available like cloud software, GST software for tax, tally and many more to record business
transaction anytime and any where (Jackson, Michelson and Munir, 2022). By using these
software they can make track inventory, workflows, management project and interact with many
clients remotely. Accountant need to adopt such skills which helps them to work easily on these
software which increase the profitability and accuracy of companies as compare to previous
accounting method.
Outsourcing accounting functions- In recent times there are many changes and
challenges which raised with COVID 19, many companies had to cut of their staffing due to
shortage of finance. They adopt the outsourcing accounting functions in their accounting process
for easy and clear understanding. It allows many accountant and accounting firms to accomplish
better results without paying extra cost on salary, training and taxes. It helps them to utilise and
manage their scare resources and increase their profitability (Kreuter, 2019). Accountancy firms
now using and promoting outsourcing for recording and maintaining companies day to day
transactions. As well as accountancy in companies processing outsourcing firms is quick gaining
success as a respected accountant career.
Knowledge and skills needed for becoming successful accountant in accountancy field
Skills and knowledge refers to the talent or capabilities of an individual to perform their
job role in specific field. These skills is acquired by learning in school, university, attending a
particular course, training sessions and many more. This knowledge and skills development or
improvisation helps an individual to perform their job in a company with more effectively. These
skills is different on the basis of soft and hard skills which is useful for any company to take fast
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decisions as well as record day to day transaction with more accuracy. These knowledge and
skills are important for an accountant to work in a company which helps them to increase in their
profitability and productivity level to achieve future growth (Ong, 2022) . The various skills that
are necessary for a person in reference to accounting field are as follows-
Technical skills- It is most important skills that every accountant have to develop to
conduct their practices efficiently. Technicals skills related with practical knowledge to conduct
information technology, mechanical, scientific and mathematical task. To record transaction on
various software they need to develop skills to work on computers as well as solve various
problems related to their functioning for seem less and productive working. They also learn
various accounting skills to pursue profession in future as accountant like tally, GST, book
keeping and so on.
Data analytical skills- It refers to the skills which helps an accountant to analysis many
data and make proper report which are profitable for company. By using technical skills they can
analyse report and data insights. They may use SQL skills to collect data from company past
database, use IT programming skills to evaluate that data, as well as further they can use
communication skills to convey the results on report to the director and management of a
company (Sumartono, Urumsah and Hamdani, 2020). By using good analytical skills an
accountant can create accurate and profitable report for company to make various business plan
for future growth.
Time management skills- It refers to the skills which helps an individual to manage their
time to complete the given task before deadline. It is most important for an accountant to record
and maintain a company data on time for easy understanding. At the time of peak it allows them
manage their work load according to the time of task. Such as at March ending they have huge
workload and they need complete all the task and report before time for proof reading. With time
management skills they can manage their work load as well as give more time to complex task so
they complete their task on time with more accuracy without any error.
Active learning and adaptability skills- Various software and techniques are developed
in recent times as well as many modification has occurred in accounting process which an
accountant need to learn for smooth accounting. They need to take proper training time to time
to adapt these modification in their accounting function. By active learning to can learn the
functioning of various software which helps them to record transaction at any time and any
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where. To adopt the changes in accounting process they helps the company to reduce their cost
and increase in their profitability.
With all these skills, expertise techniques are also needed by accountants in order to become
successful in accounting field. The expertise techniques in context to accounting profession are
mentioned below-
Strategic thinking and presentation- To make proper report and analysis various data
of the company, accountant must need to think innovative to solve various problems as well as
maintain proper record of transactions with accuracy and clear formate so the management of
company clearly understand the financial position at a particular period of time.
Proficiency in preparing financial statement- It basic knowledge required for an
accountant to know about the functioning of mx excel and spread sheet to record and find the
data quickly. It helps them to boost efficiency and productivity of their practices (Tupmongkol,
2018). Analysis companies previous financial statement to make accurate balance sheet and
other financial statement in a particular year which define the clear position of company.
EVALUATION
Pursuing the accounting career as a profession is my key interest. As it include many
practical knowledge of software, accounting principles and so on as well as interaction with
many big companies or people. Accounting is considered as a large developing profession that
provides future growth opportunities in various sector. It will also allows me to develop my
current skills such as technical and time management skills. I have select accounting for my
career as it provides me various growth opportunities for future development. It is also matched
with my skills, interest and expertise which helps me to gain technical skills while functioning
software.
CONCLUSION
As per above presented information, it is concluded that to pursuing accounting as a
profession the person need to considered market trends related to this field for smooth
functioning such as Data and process automation and Outsourcing accounting functions. Also,
accountant need to develop various hard and soft skills for conduct their practices with more
efficiency such as time management, analytical, technical skills and so on.
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REFERENCES
Books and journals
Grossman, A.M., 2020. TOWARDS A PUBLIC ACCOUNTING CAREER DECISION AID
FOR COLLEGE STUDENTS. Journal of Theoretical Accounting Research, 15(2).
Hines, T.M. and Baker, A.L., 2019. The Career Choices of Business Librarians: A and
Discussion. Career Paths and Career Development of Business Librarians, p.7.
Jackson, D., Michelson, G. and Munir, R., 2022. New technology and desired skills of early
career accountants. Pacific Accounting Review.
Kreuter, E., 2019. A Successful Career Transition to Forensic Accounting. The CPA
Journal. 89(10). pp.6-8.
Ong, L.T., 2022. Surviving a re-entry: second-career academics in business schools in
Malaysia. Educational Research for Policy and Practice. 21(1). pp.109-124.
Sumartono, S., Urumsah, D. and Hamdani, R., 2020. Skills of the Forensic Accountants in
Revealing Fraud in Public Sector: The Case of Indonesia. Journal of Accounting and
Investment. 1(1). pp.180-194.
Tupmongkol, T., 2018. Quality of life of accountants in Bangkok and metropolitans.
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APPENDIX
Job advertisement for accountant job role
Sports Direct are UK based company which deals in sport products like textile, equipment,
footwear and so on as well as have a job vacancy for accountant.
Vacant job opening
Accountant
Qualification
Certified form institute of accountancy
Graduation and post graduation in accounting field
Job description
Preparing tax return and accounts
Monitoring spending and budgets
Keeping account system and books up to date
Analysing and Auditing financial performance
Salary -
5 LPA to 7 LPA
Interested candidates may send their CV on www.SportsDirect.gmail.com
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