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Importance of Accounting in Business

25 July 2017 No Comment

Accountancy is often described as a combination of science and art. It is a science because it is based on uniform rules that lead to precise and predictable results. Just as principles of physics don’t change irrespective of location or other factors, a valid accounting entry for the purchase of a business asset recognizing outflow of cash and ownership of the asset will be the same everywhere in the world.

Yet accountancy is not just about juggling numbers. It is the language that helps investors, shareholders, the government, and other stakeholders to understand the impact and implications of various decisions taken by the business. Interpreting this and ensuring that only accurate information is recorded and presented is what makes accountancy an art. This is why the world will always need human accountants with the necessary skills and qualifications in the field of accountancy.

Getting an accounting degree

Getting an accounting degree can be a great way to boost your future career prospects. A formal and professional qualification will add value to your real-world experience in this field. If you are a student contemplating your future options, then deciding to earn an accounting degree can be a great way to kick-start your professional career.

Before you decide to enroll for an accounting degree, you need to understand why it is so important for businesses, small and big. The basic purpose of a business is to earn profits. Numbers help us to measure profits, and accounting is the process of crunching the numbers and generating the necessary data.

Accounting has always been of the utmost importance for commercial enterprises. However, recent developments have increased its significance. The 2010 global economic crisis had its roots in questionable accounting practices by big banks and other firms. This has led impetus to the prevalent view that businesses must not be allowed to misuse accounting practices to present a false or inaccurate picture to stakeholders.

Recording data and presenting information accurately and complying with existing rules and regulations such as Accounting Standards is a task that can only be performed by professional accountants. If you complete an accounting degree, you will automatically become part of an elite community that is always in demand among firms and enterprises.

One option to become an accounting professional is to quit your job or take a break so that you can attend college to pursue the degree. Obviously, this option involves many practical difficulties. Your finances should permit you to take a break from work. Further, you will have to consider the additional cost of the degree when planning your finances for the next one to two years. An accounting professional who cannot even plan his or her personal finances properly is unlikely to inspire confidence in potential employers.

Another disadvantage involved in choosing the conventional setup is that you would be restricting yourself to colleges or institutions located in your city or region. Shifting to a new city just to get an accounting degree may not be viable.

Or, you can consider the alternative and sign up for an online accounting degree from an institution such as Maryville University. Studying for your degree online means that you need not quit your job or take a break. If you are a student, you can actually consider joining a firm as an intern or part-time employee to enjoy exposure to real-world accounting transactions even as you gain theoretical knowledge in your online course.

Convenience apart, deciding to earn an accounting degree online from Maryville will help you enjoy the advantage that all online courses offer – an updated curriculum and industry-oriented training. Accounting has moved to the cloud, and firms – even small businesses and startups – are relying on cloud-based solutions to reduce costs and maximize benefits.

A degree that exposes you to these latest developments and trains you to utilize them efficiently can make a huge difference to your future prospects. As an accounting professional, it will be your responsibility to ensure that the adoption of new technologies does not impact data integrity, security of information, or compliance.

A virtual classroom that helps you explore various facets and aspects of such developments with fellow students from all over the world will certainly be a better option than a rigid course based on an almost-obsolete curriculum.

Expertise in a field such as accounting cannot be gained through book learning alone. However, the importance of obtaining a formal degree cannot be underestimated either. An online degree will help you strike the right balance and enable you to grow faster in your chosen career.

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