Accounting is the main way of helping executives of a firm, potential equity investors of an organization, bond holders and creditors of an organization, customers and suppliers of an business and other stake holders to make decisions.
Accountancy plays variety of administrative roles in organization’s operations. In small companies, the accountant is responsible for data-entry and generating of financial reports.As an interpreter and adviser, an accountant presents the organization’s financial report to others. Third-party monetary contact is another responsibility, since financial vendors, customers and institutions are all in contact with the accountant (Peter, 23).
As analysts, they carry out account and ratio analysis on financial figures to aid the company in making decisions. A main beneficial task an accountant plays in the organization’s operations is to act as a supporter for conformity with applicable laws. This takes account of meeting deadlines, interest, paying correct amounts, obtaining good payer discounts and avoiding penalties. The accountant also has the responsibility of acting as a investigator of financial information that help in making financial decisions regarding firm valuation, risks of possible financing measures, ascertaining liquidity levels, viability of investments, asset valuations and stock valuations.
There are many areas of interest that aspirants can choose from in the field of accounting. People ought to make their career choices depending on their aptitude, skills and interests. Aspirants can choose to specialize in the following main areas; budget analysis, auditing, finance, management accounting, Tax, Public Accounting Firms, Corporations, bookkeeping among others.
Encourages businesses to grow in a socially responsible and controlled way hence helping to build a more resilient and suitable society, for instance encouraging organizations to integrate reporting.
Encouraging and living ACCA’s values – accountability, integrity opportunity, innovation and diversity – which provide the framework and background for what we do and how we go about it, as well as the willingness to walk away from business opportunities and situations where ACCA’s values may be cooperated(Goody,87).
Accountancy bodies (CCAB) have a number of important roles. One is training and educating students, admitting new aspirants and controlling their continuing professional education. The bodies also set ethical and professional rules. And, regardless of losing the important responsibilities of auditing standards and setting accounting, the bodies have a number of committees that are active in both debating and generating new ideas and in producing supervision for the profession(McGuire, 34).
It is the task of professional accountants to maintain and develop professional competency necessary to offer high quality services to employer’s clients and other stakeholders.
A CPD documentation stores the certified up to date in terms of learning;
CPD develops ability and knowledge on a regular basis;
CPD facilitates one to keep informed with changes in certified methods or regulations;
As far as the client is concerned, the above mentioned roles are all significant in that they can be guaranteed the expertise is wholly in control.
Peter, Holgate. “Accounting principles for lawyers”. University of Pennsylvania.12 Apr. 2007. Web. 19 Jan. 2009.
Goody, Jack. “roles of ACCA bodies. Cambridge University Press. 2 Sep. 1983. Web. 23 Aug.1990.
McGuire, Danielle. “roles of CCAB bodies”. Knopf. 6 Jun. 2010. Web. 13 Dec. 2010.