Financial Accountants in Modern Era

Professional accountant:

A professional accountant is an educated and experienced accountant who is responsible to keep a check on the company’s money flow. Business accountancy is one of the most sought out occupation in the modern day era. He works as the company’s management to determine how well a company is functioning in terms of financial reporting.

The government assesses the professional accountant’s reports to determine the tax owed by the company. The evaluation done by the professional accountant is of significant importance since investors and banks study them to determine if the company is worth investing or not.

Accounting is a very diverse field and every person involved in it has a prescribed set of tasks. Some deal with financial reports such as balance sheets and income statements whereas others are more concerned with tax planning and compliance. With more practice, one is able to become an expert in the field and can therefore be of great value to the owner as well as the business.

An experienced Professional accountant should understand his importance to the business and be able to recognize the limitations he has to work with. He has to make things work his way in order to make the right decisions every now and then. It’s not the many easy decisions that he has to take but rather the few difficult ones that make him an expert in the field. They need to plan across-the-board and execute it without fail.

Exceptional professional accountants have a network of accounting contemporaries, who help them solve the situations outside their areas of expertise. Professional accountants with exceptional skills in the field of accounting pick up opportunities that are of some value to the client and acts as a valuable asset for the business as well.

There are Four Types of Professional Accounting Specialists in the Business Market:

Public accountants: They are the type of accountants who work in public companies and do accounting for clients outside the company.
Management accountants: They are the type of accountants who keep track of the money spent and made by the company they work in.
Internal auditors: They are the type of accountants who make sure that the records made by their fellow accountants are correct. They inspect the records thoroughly to make sure that no one is stealing or wasting the hard earned business money.

Government accountants: They are the type of accountants who are responsible specifically for government funds.

In short, the professional accountant is the backbone of the company and a valuable asset who helps keep things flowing in the right manner.

Importance of professional accountants in the modern era:

The modern day world of business is dominated by globalization, it has become extremely important for organizations to grow and extend their reach beyond national boundaries. As competition is increasing and geographical limitations reducing, it is becoming more imperative for organizations to keep a stringent check on the finances being used and earned. Therefore as a result, the importance of Professional accountants is increasing proportionately.

The primary job of a professional accountant is to prepare the financial reports for the organization, analyze them and present the true picture to the people who are the chief decision makers in the company. Considering the gravity of work involved, it is imperative that the professional accountant be someone who is experienced, versatile, of high integrity and competent enough to handle any situation that might arise related to the financial structure of the company. The evaluation done by professional accountants is then used as a basis by banks and the investors to determine whether the company is a profitable proposition or not.

A professional accountant is someone who should be able to comprehend each and every situation in the best possible manner and be able to present a clear picture to the management for better decision making. He is able to understand all the limitations as well as the strengths of the company and can therefore advice the management to make profitable decisions. His purpose is not to make money for himself but to work mutually for the betterment of the company and himself.

Role of ICAP:

In Pakistan, Institute of Chartered Accountants of Pakistan is the organization/body that represents professional chartered accountants employed in different sectors all across Pakistan. ICAP has played a very decent role in promoting a different image of professional accountants other than “Munshis” who were considered to be accountants in old times. It has done so by producing accountants who are not traditional bookkeepers anymore rather they are working as business decision makers today. One of the biggest achievements of ICAP is that it has successfully inculcated business decision making capabilities into the professional accountants.

The chartered accountants produced by ICAP are according to the changing trends and latest global requirements. The quality of these accountants is accepted all over the world as one of the best. Moreover, ICAP and ICAP members are doing an amazing job by conducting workshops all over Pakistan which aim at educating accountants about today’s needs and global standards. These workshops have been quite productive so far and have been ranked by accountants as the best learning experiences. ICAP members have also written books on the role of professional accountants in modern era. These books are being used as a part of curriculum in many accounting and business schools/institutes of Pakistan. Also read My Dream Job Accountant Essay

ICAP is also helping non-members through its publications. “Pakistan Accountant” is a monthly magazine by ICAP that aims to inform accountants and students about latest happenings in the accounting world. Similarly, a monthly newsletter is also very popular among the professional accountants all over Pakistan. One of the objectives of these publications is educating the role of professional accountants in modern era. At the ICAP’s golden jubilee ceremony 2011, the president highlighted the role that ICAP has played over the past 50 years. President’s words: “Over the years numerous developments have taken place within the accounting profession.

The role of accountants has gradually evolved from a stereotypical image of bookkeepers to that of business advisors. The Institute, being the custodian of the accounting profession in Pakistan, has gradually evolved processes to ensure transparency, accountability and good governance within the profession.

Simultaneously, your Institute has firmly established itself as a premier institution which produces qualified accountants, who are not only in high demand within the country but have also made a mark for themselves outside Pakistan.”

References:
http://www.accountant-search.com/business-accountants.html
http://www.articlesbase.com/accounting-articles/the-importance-of-a-business-accountant-in-the-modern-times-2026251.html http://bizcovering.com/management/importance-of-modern-management-accounting-practices-in-modern-business-organizations/ http://thefinancialdaily.com/news/national/icap-honours-fresh-accountants-41128.aspx http://www.icap.org.pk/web/index_sub.php

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Human Resources Management (HRM)
excellent job
Customer 452773, June 25th, 2023
Business and administrative studies
perfect
Customer 452773, February 23rd, 2023
Business and administrative studies
excellent, got a 100
Customer 452773, May 17th, 2023
Human Resources Management (HRM)
excellent, great job
Customer 452773, June 19th, 2023
Business and administrative studies
excellent job
Customer 452773, March 12th, 2023
Criminal Justice
This has been the greatest help while I am recovering from an illness. Thank your team so much.
Customer 452671, May 2nd, 2021
Business and administrative studies
always perfect work and always completed early
Customer 452773, February 21st, 2023
History
Looks great and appreciate the help.
Customer 452675, April 26th, 2021
History
Don't really see any of sources I provided, but elsewise its great, thank you!
Customer 452697, May 8th, 2021
English 101
great summery in terms of the time given. it lacks a bit of clarity but otherwise perfect.
Customer 452747, June 9th, 2021
Business and administrative studies
Excellent job
Customer 452773, March 9th, 2023
Criminal Justice
The paper was not accused of plagiarism and was written very well. I will let you know the grade once it is graded. Thank you
Customer 452671, April 26th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp