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Accounting is one of the world’s oldest professions and still considered one of the most prestigious. As a result it is highly competitive and demands candidates who are prepared to work hard and commit to strenuous exams and training over a period of many years.
Accounting in its simplest definition is a system used to keep track and determine the financial status of a person or companies interests and assets. Because of its key role in determining monetary status for all sorts of individuals and companies, it has been called the language of business.
There are numerous roles within accountancy. One role is the maintaining and auditing of records and preparing financial reports for a business. However, accountancy is not just about keeping records of the past; accurate accounting and predicting trends has a huge impact on future business planning and strategy going forward.
Accountants must make informed decisions having analysed the information they have and using an understanding of the general financial markets. They must predict new trends and warn investors or clients about these trends and how they wish to act towards them. Lastly, accountants are driven by profits, as all businesses are. Their principle ways of making money are through provision of advice and charging fees.
Generally, the financial sector has been heavily regulated particularly after the credit crunch of 2008. As a result, accountants must be up to date with regulations affecting their profession and any matters that may infringe with their client’s interests.