FINANCIAL ACCOUNTANTS IN MODERN ERA

Importance of Professional Accountants in the Modern era | Term Report|

Submitted by: Komal BashirHumayun Babar Submitted to: Prof Gilbert Ellis Date: 6th January, 2017

Sohail Wajahat, CEO Siemens Pakistan Limited, at a recently held award ceremony at ICAP said the role of a Professional accountant was similar to a doctor. “You know the financial problems and their solutions as doctors know the problems of a human body,” Courtesy: the Financial Daily

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.