September 26, 2022
accounting homework help

It’s not all about the crunching stats.

Accounting has considerably more implications in business than you may realize, and its effect extends far beyond ledgers, Excel sheets, and invoices.

Accounting is in high demand like never before, with accountants playing a crucial role in managing COVID-19’s economic impact and assisting customers in adapting business models in uncertain and changing conditions.

With the advancement of various finance/accounting activities and technology, professionals recognize the breadth of opportunities that a foundation in accounting provides, leading to either a classic numbers-focused role or a more dynamic and business-focused career.

So, here are six compelling reasons to major in accounting and pursue a career in this field:

  1. Strive for high-demand professional outcomes.

Accounting is one of 22 jobs included in the newly released 2021 Priority Migration Skilled Occupation List by the National Skills Commission (PMSOL).

The priority designation associated with the skilled occupation list may assist present and prospective accounting students in researching longer-term career possibilities in Australia.

The list recognizes the strong demand for jobs over the next five years and is focused on filling vital skills in Australia. Small, medium & big Australian employers, business executives, and industry experts were consulted to identify them.

The following accounting-related occupations are in short supply across the country and are expected to be in high demand in the future:

  • Accountant
  • Accountant in Management
  • Accountant in charge of taxes
  • Take advantage of the industry’s robust growth and increased potential earnings.

Whether you’re an Australian or an international student studying in Australia, the accounting industry has a lot of long-term job opportunities.

The industry has the following characteristics, according to the Australian Government’s Job Outlook initiative:

  • Strong future growth – The Department of Employment, Skills, Small and Family Business defines “future growth” as the expected change in the number of workers over the next five years in comparison to all other occupations. It has been deemed strong in the accounting sector.
  • Higher-than-average pay – full-time workers on an adult wage earn roughly $1,660 per week (compared to $1,460 on average).
  • Higher full-time employment rates – compared to the national average (66%), most accountants work full-time (80%).
  • Take advantage of career flexibility

‘Accounting is the language of business,’ says Warren Buffett, the famed investor.

A solid foundation in accounting, like mastering a language, allows a professional to access a wide range of responsibilities in numerous firms.

If you study accounting, you don’t have to work as a ‘conventional’ accountant, documenting transactions in ledgers and creating profit and loss statements.

The time spent on calculations and transactional procedures can be considerably reduced because of advances in AI technology. Accountants can specialize in forecasting and analysis on the strategic side of finance. An accounting function at that level can include converting numbers into insights that have a tangible impact on a company’s decision-making.

In reality, studying accounting can lead to a variety of related jobs, including:

  • Finance Management
  • Business Analysis
  • Development & Strategy
  • Management of Business
  • Investment Suggestions
  • Risk Management
  • Entrepreneurship
  • Become a part of a steadfast industry

Despite the turmoil caused by the COVID-19 epidemic, the accounting industry has shown remarkable resiliency.

Revenue grew 5.6 percent to $12.75 billion in the year ending June 30 across the Top 100 accounting firms on The Australian Financial Review’s Top 100 Accounting Firms list for 2020. In addition, more than 80 of the Top 100 companies increased their annual income.

Between JobKeeper and the federal budget’s tax adjustments, there has been a significant increase in compliance-driven accounting activity in 2020, ensuring clients’ business continuity.

According to Bentleys Network CEO Tony Sacre, the accounting industry is rising from a “rear window” to one that “can assist clients with future planning, ensuring all their financial affairs are in order, and illustrating a pathway to success”.

  • Earn a degree that is internationally recognized.

Students from other countries who want to study accounting will find that Australian universities are among the best in the world. However, we recommend that students speak with a migration agent to evaluate their migration possibilities.

International students with an Australian accounting degree can confidently return to their home countries with a competitive advantage over their counterparts and progress in their accounting careers.

The Association of Chartered Certified Accountants (ACCA), CPA Australia, and Chartered Accountants Australia & New Zealand have all granted industry accreditation to KBS’ Master of Accounting and Master of Professional Accounting programs, as well as the Bachelor of Business (Accounting)* (CA ANZ).

If you complete the course successfully, you will be eligible for admission into professional programs offered by CPA Australia, CA ANZ, and ACCA.

You may work in more than 120 countries with certificates like ACCA, allowing you to pursue a global career.

  • Prepare yourself to be an entrepreneur.

Since you have a mix of technical and strategic abilities and knowledge of how various sectors and marketplaces operate, you have a solid basis for becoming an entrepreneur as an accountant.

A basic understanding of how a company’s finances should be formed and managed is essential for keeping a company running smoothly and expanding.

You may read about many amazing examples of accountants-turned-entrepreneurs, including this Forbes piece. It follows the career path of one accountant as he transforms a family firm into one of the top 100 fastest growing businesses in the UK.

You might decide to start your accounting firm one day if you are a highly skilled and professional accountant with the necessary abilities and certifications. Alternatively, you might work as a freelance business consultant or provide bookkeeping services.

Some Interesting accounting facts

Do you find accounting to be tedious? If you answered yes, you are mistaken. You will learn about some of the lesser-known facts about accounting in this article.

  1. Did you know that bubblegum was invented by Walter Diemar, an accountant, in 1928? Bubble gum is dark pink since it was the only dye he possessed at the time.
  2. The Italian mathematician Luca Pacioli is the “Father of Accounting.” In 1494, he published the first book on the double-entry system. The surprising thing is that one of his students was Leonardo da Vinci.
  3. You must be familiar with the Oscars, a well-known prize. Since 1935, a crew of accountants has spent roughly 1700 hours counting the academy awards ballots by hand before Oscar night.      

Conclusion

There are several reasons why accounting is so crucial. However, these are the main reasons why accounting is crucial for students. If students begin using accounting sooner in their academic careers, they will have a better chance of succeeding. Then they saved a significant amount of money on academic fees.

Apart from that, it helps students become self-sufficient as quickly as possible. The majority of students are unfamiliar with the fundamentals of accounting. But don’t worry; we’re here to provide you with the best accounting homework help possible. It makes it simple to understand all of your accounting topics. It should now be evident why accounting is crucial for students.

To find out more about Accountants in Melbourne visit Liston Newton Advisory

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