The Impact Of Accounting And Accounting

The advancements technology has made over the past decade has been nothing short of amazing. The world is constantly evolving, making daily personal and business tasks more convenient and effortless. One of the many industries benefiting is accounting and finance. Accounting has come far from the pencil and paper days, transitioning to more modern techniques. Software, such as Xero and Quickbooks, has led to a major shift in the attributes financial managers are looking for in an employee. Above all accountants need to know how to use this technology to benefit both the employer and client, and to keep up with the growing trends. According to H. Bell (2016), some of the most important trends in the year 2017 are rising starting salaries,

For this reason, H. Bell (2016) states “more is expected of graduates looking to work in the industry than ever before.” The most utilized program used in accounting is Excel. Excel not only has the ability to organize data, but can also compute all financial data at the click of a button. Programs and software supply the data however, professionals are needed to input and analyze it. In fact, there is “a shortage of job candidates” (“Continued rise,” 2016) with the skills to complete the tasks of the accounting industry, therefore, employers are compensating more for those that meet the qualifications. The Journal of Accountancy states that the positions with the largest increase for starting salaries in 2017 are controller, financial analyst, business systems analyst, and audit/assurance services positions (“Continued rise,” 2016). Furthermore, Tysiac (2016) projected that salaries would rise three to 4.3 percent in 2017. The growing advancements in accounting with the cloud, social media, and the many other automations companies now use to stay ahead, accountants are needed who can understand these processes. This is especially true with the many do-it-yourself programs the world is beginning to use more

Besides the fact the skills needed to be a successful accountant are challenging to conquer, fewer accountants are needed and businesses are outsourcing less often. A company can hire a controller, an account manager, and one or two accountants to successfully run the accounting portion of a business. This problem alone leaves college graduates and even experienced accountants in the dark. The most successful path with plenty of growth is Certified Public Accountant, which opens the door to endless possibilities. Computers, unfortunately, have led to a declined need in physical workers for any industry. Luckily, accounting will always be a company and worldly