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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

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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.

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

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