In most cases, the first person a businessman employs for his company and the last person a businessman fires after the closing of his business is either an accountant or a bookkeeper. Bookkeeping and financial accounting are occupations that are required from the beginning to the end of a business, and every business requires a bookkeeper to track its business transactions. Bookkeeper or a professional accountant is often underrated in a running business and its contribution to the business environment is often neglected when compared to other departments such as marketing or production in manufacturing concerns. The reason behind this illogical phenomenon is that real value of this profession is truly identified when the business lacks accounting and it has no idea of where it is going. Without a proper accounting process, businesses lack insight into their positioning and path forward into the future, which must be consistent with the organization’s mission statement.
Globally, there has been an increase in the market for business consulting services. In London, there has been a significant rise in the market for financial consulting and bookkeeping services. In the United Kingdom, there are two chartered organisations that provide professional accounting services to business owners. Association of certified chartered accountants and institute of chartered accountants of England and Wales, their extensive courses has enabled the accountants to stay updated with the industry innovations and add value to the business. Because of their composite effort, professional chartered accountants are being trained to add value in other parts of the business as well. There are providing courses which include basic know-how of other valued fields as well such as system information, marketing, internal audit and HR. A professionally qualified accountant is capable of handling multiple departments. Unlike accountants in the past, who were known to be number crunchers, a professionally trained accountant is capable of bringing more value to business than anything else, thanks to significant advancements in professional accountant grooming courses.
As the organisations are getting automated, human involvement in the business will be on a decline for the rest part of the century. Despite this automation, the future of accountants in the industry remains bright because this field contains a lot of gray areas and judgmental based decision making which cannot be automated by the technology we have today. Various calculations are being run, and various philosophies are being proposed. Since accountants began to learn other skills, their value to the company has greatly improved, which has also resulted in a better future for the accountants..
Accounting has never been more critical for small businesses than it is today. A good accounting department can help a company save time, money, and make timely decisions, allowing business owners to get the most out of financial information in its best form.
Find out more about how FBS Chartered Accountants can offer your business an expert dedicated Accountant get in contact with us now call: 0204 526 5195 or drop us a line hello@finchleybusiness.co.uk
