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Accounting in Present-Day Society

Home Free essays Economics Accounting in Present-Day Society


Accounting originated many centuries ago and developed together with the evolution of the human society. The accounting profession is one of the oldest in the world. In today’s economy, where there are industrial enterprises, organizations, financial and credit institutions, banks, stock exchanges, insurance and investment companies, accountants have the leading role. Experts from recruitment agencies are unanimous in claiming that the financial sphere is the most promising part of the industry nowadays. In recent years, the most sought-after and highly paid personnel in the market remain accountants. According to analysts, the interest of employers in the representatives of this profession will not weaken in the long term.

It is no coincidence that accountants usually work in the same company for several years and have the highest salaries. Sometimes, young people have the impression that accountants are people who “turn their big money.” I have also had that opinion. However, accountants actually only prepare meticulously documented movement of material values, which are decided by the boss. Many experts in the field of accounting agree that their profession does not require any supernatural abilities. Good accountants are always in demand; they have the ability to continuously evolve and climb up the career ladder. Accounting education is required in financial and credit institutions, insurance companies, fiscal and public bodies, industrial enterprises, joint ventures, and sales companies as business leaders, chief accountants, financial directors, analysts, consultants, accountants, managers of various levels of government, auditors, teachers of educational institutions. The research is aimed at proving the value of the accountant job in the world nowadays and emphasize major issues of its future development.


Accounting is one of the oldest professions. After all, it gained a lot f credit and evolved into a much-needed job. For example, accountants already existed in medieval India and knew how to lead and account for agriculture. The word “accountant” is translated from German as “bibliologist”. The name of the profession was dubbed “bibliologist” because in the old days accountants held all costs in a special book. With the advent of the first printed books in the 14th century, there was a book named “Treatise on the accounts and records” written by an Italian mathematician Luca Pacioli. Currently, the profession is important since any company cannot operate without it. The accounting functions are manifold. For example, they produce a payroll and keep records of material values, calculate the cost of production or tax deductions, make settlements with suppliers and subcontractors.

Usually, bookkeepers specialize in one of the functions of accounting, but must be guided in all its forms. This profession has a high level of communication; its representatives are in contact not only with people but also with financial documents. On the one hand, accountants are strictly controlled by the employer, on the other hand, by decrees and regulations of the state. Therefore, it is necessary to understand vicissitudes of the legislation and be able to communicate with customers and government agencies. Accountants should keep in mind the financial picture of the enterprise to know how any deal will be reflected on the balance sheet.

From the psychological point of view, they should necessarily obtain accuracy, responsibility, concentration, patience, perseverance, and inclination for monotonous work. A good accountant is very careful, and capable of self-examination and self-control because any error is associated with loss and other serious troubles. It is important that this expert is able to create confidence among employers as he/she has access to all aspects of the financial activities of the company. So, no one wants to hire a person that gives the impression of an unreliable person.

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The accounting job is among the most demanded in various organizations. These professionals can work in the accounting department of any institution, in large firms and banks, in the departments of economic planning and analysis of various enterprises. Small organizations often do not have permanent accounting professionals and they invite them to work temporarily from time to time because it costs less. Many firms specialize in providing accounting services to other organizations.

The accounting job is not limited to the world of assets, liabilities, transactions, and balances. A good accountant should have knowledge of everything that relates to the activities of the organization in which he/she works, and also awareness of economics, politics, and track changes in legislation should be present. A qualified specialist should continuously improve his/her professional and personal skills. All over the world, accounting is becoming standardized, and many companies have English as a working language. All accounting standards are written in English. Pure national companies need only basic skills from their accountants. All candidates in the survey have said that they speak English and it helps very much.

The beginners in this sphere usually work in one of the directions: payroll, accounting of material assets, or tax deduction. They are promoted through the ranks from the position of the senior accountant to the chief accountant. The  accountant’s salary depends on several factors: education, work experience, the industry where the accountant works, the company’s size. Prestige of the university from which he/she graduated also influences wages. The knowledge of foreign languages and international financial reporting standards, new versions of software for submitting reports also contribute to an increase in salary. However, many accountants receive only a living wage. The most highly paid sectors are oil and gas, construction, industry, and trade. In large cities, the salary starts at $ 800, an in two-four years of work it will double automatically. The chief accountant in the construction company could receive about 3,000 dollars, depending on the region. Therefore, it is obvious that a good accountant would never face the problem of the living wage limit as it is the position that helps to earn a lot and easily cover the living costs. However, this job has its benefits and disadvantages. The profession is extremely demanded and even professionals who have little experience in a large company cannot only find a job but also choose between the available offers. Higher wages are also the benefit of the position of an accountant.

Moreover, this job gives the possibility of having additional earnings. Small companies and private entrepreneurs cannot take an accountant from the state, and they seek the services of a professional who keeps a record of several legal entities. Nevertheless, high responsibility is a disadvantage. The accountant and director are financially responsible positions in the company. The working day ends only after all the tasks are finished. In addition, this job has not much space for innovation. The accountant travels seldom, usually he/she works in the office. Therefore, this job is not be suitable for a person who seeks travelling and adventures in a professional life. The profession of an accountant gives freedom to work hard in order to earn money. The person who seeks for a job but needs a flexible working schedule and has dependent care expenses should remember that high level of responsibility requires his/her full time, so this occupation is not recommended for someone who needs much spare time during the day. Only the reliable person who wants to earn a considerable amount of money and can sacrifice particular personal needs can be successful in this job. 

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British scientists say that every 10 years approximately 5,000 jobs disappear. However, the endangered occupations are replaced by  new professional activities. Accounting  has always been among the most popular professions in the personnel market . That is why, if a person decides to change work, he/she will never be left with nothing. However, these days, given the ever-increasing demand on the part of employers, job seekers do not make an effort to improve their professional knowledge and skills, and they do not bother to comply with the rules of business etiquette, without which it is very difficult to find a place in life.

The conditions of international accounting standards are changing with an incredible speed. According to the committee FASB, these changes should contribute to the positive development of accounting standards at both national and international levels. This means that all changes must be linked to the achievement of a number of related purposes. It is also necessary to develop the desired image of the future of the global capital market, the appearance of which should result in pivotal events.

Ultimately, the process of globalization will lead to the worldwide use of reporting, reflecting both domestic and international financial transactions, facilitating the development of high quality accounting standards. The need for such standards is determined by the desire to have reliable, internationally comparable financial information that the owners of capital require to make decisions with regard to global market shares. The progress in this direction can be achieved by enhancing international comparability of reporting.

High quality financial reporting is a financial statement that provides useful, in terms of decision-making, information for foreign investors, creditors, other stakeholders, and decision-makers who allocate resources in the economy. A high-quality set of accounting standards can be considered as a list of standards that require the provision of adequate and reliable information, useful for outside investors, creditors, and other stakeholders.

All the financial statements that must be evaluated by the accountant should remain transparent with regard to information. Transparent information has enough content, is easy to read, and provides users of financial statements with a sound basis for economic decision-making. Transparent financial reporting does not interfere with the clarity of the data therein. This is the key factor for the successful future of this sphere. In this context, the emergence of a set of high quality accounting standards should result in accounting information, which is acceptable, reliable, and neutral.

While many believe that the advances in technology can cost accountants and bookkeepers their jobs, many finance professionals have supported the process of globalization and evaluation of online cooperation in the financial sphere. In particular, financial gurus, representing small and micro-businesses, have taken it as a great opportunity to change and expand their services and value in customers’ eyes by offering a broader range of assistance to help businesses become more competitive. In his interview, Bassel Nadim, who is a managing director at Tanmia Capital, has made it clear that due to technological changes and the need for a better understanding of the legal and regulatory compliance requirements, customers will be even more bitterly opposed by accounting generalists. This push toward specialization will lead to cooperation between accountants and firms around the world. Bassel is sure that these professionals may have a new role as advisers, consultants, and experts, who will provide strategic advice to clients with an automated data collection and advanced analysis tools. He has also emphasized that, considering the impact of current and future developments in online accounting for business owners, accountants will turn into business advisors in the future, and their value will only increase. The successful accountants’ future is associated with clear communication. They have better IT skills combined with a strategic vision, and they are devoted to continuing professional development.

It is also necessary to mention the system of applied accounting. It has been possible to eradicate the myth that accountants are rigid and unfriendly people. The essence of the system requires that customers receive professional services in a supportive environment. Accountant should enjoy building long-term relationships with customers. Globalization is the future of accounting as more and more companies require the production of real-time data, mobile marketing, and online tools, including the cloud to expand its customer base abroad. Thus, the knowledge of international standards and globalized tendencies will help accountants to gain prosperity.


Usually, accountants are viewed as somebody evil. Nevertheless, things are changing. Accounting professionals need to change their attitudes and reconsider the approach to customers. Many people feel intimidated after a visit to an accountant. Therefore, these professionals should look for a new approach to retain clients and obtain mutual understanding with them. Providing accounting services, bookkeepers should not be disinterested in finding a unique approach to each client. Business is full of anxiety, so communication with accountants should not be unpleasant. Applied accounting helps customers in business, opens new ways, and shares their problems. The purpose of applied accounting is to offer all services in order to achieve a certain goal and lead customers to success. Applied accounting is the future of the accounting profession. Accountants must follow this system as it will be useful both for customers and for them . Qualified accountants are the one who are well versed in all aspects of accounting and taxation, are an invaluable employees, and the most respected people in the enterprise. The research has helped to evaluate major pros and cons of the job together with its possible future. Therefore, I can conclude that this job is interesting but very hard. In my opinion, I can cope with it  as only a person with high responsibility and great desire to work can become a real accountant. 

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