The Importance of Accounting

Mrs. Townlian Accounting January 19 Accounting is planning, analyzing, and interpreting financial information. Or less commonly known as the art of recording, classifying, summarizing, in a remarkable way, in terms of money, transactions, and events usually of financial classification (“Users Of Accounting”). Accounting allows those dealing with financial numbers and processes to keep close attention on financial decisions and transactions. There are various types of accounting including financial, management, government, tax, forensic, project, and social.

Most popularly is financial and management, considering financial produces financial statements needed outside of the account and management to keep the accounts in order and private (“Types of Accounting”). Accounting is important due to the fact owners and customers want to know how their money and accounts are handled. Plenty of people can be found using accounting, this includes internal and external users.

Internal users or "Primary users". These primary users include management, employees, and owners. Management uses accounting to evaluate the effort and labor to know how to improve in the future ("Users Of Accounting"). Employees use accounting to keep track of data, profitability, and complete financial tasks for clients. Owners use accounting to evaluate profit, room for expansion, and what things need investment or extra attention ("Users Of Accounting"). Other than primary users there are secondary users. These include authorities such as tax or regulatory aut Murphy horities, along with creditors, investors, and customers. These authorities usually check for credibility and tax returns but also reassuring that companies are taking all of the privacy and protection measures required.

Employment for accountants and auditors is expected to grow by 10% between 2016-2026, faster average growth than other jobs (“Bureau of Labor Statistics”). As the economy grows stronger so will the need for accountants and auditors, as they continue to handle and compose legal documents. The developing use of computers and online accountants is not expected to lower the demand for accountants. If affected at all by these developments there will be occupational openings considering these online documents will need to be supervised. Most of these accounting or auditing positions require a bachelor's degree in accounting or similar fields. Although only a bachelor's degree is required most employers of the position prefer a masters degree in accounting or business administration ("Bureau of Labor Statistics"). Only a few colleges offer specific auditing programs.

On average those in bachelor's programs will get involved in junior programs with surrounding firms to advance skill and position ("Bureau of Labor Statistics"). To legally file reports and accounts a CPA (Certified Public Accountant) certificate is required. Becoming a CPA requires passing a national exam and reaching state requirement ("Bureau of Labor Statistics"). Including 30 extra hours of college coursework. Due to these requirements, most accounting programs are 5+ year bachelor degrees.

The average wage per year for this occupation is 68,150 ("Bureau of Labor Statistics"). Most of these workers work 40+ hours per week. More so during tax season or budget year. When looking for accounting jobs in the SW Missouri area, Accountants for bigger businesses are most wanted. Several businesses in Springfield area are looking for in building accountants to handle all Murphy financial business. Including bookkeeping, financial management, and financial clerks ("Indeed/Accounting").