Accountancy Noble Profession

Before I write about the profession of accountancy let me give a brief background how I happened to be associated with this profession. 

 

It was by chance that I happened to get into this noble profession of Accountancy. I still remember that day in 1983, when I was a junior college student in SIWS NR Swamy College, Wadala, Mumbai. A family friend was on a visit to our house. Casual talk started & the lady wanted to know what the children in the family were studying. When I mentioned I was in XIIth standard in the commerce stream, she enquired immediately whether I wanted to do CA. I was clueless what she was talking about. Ditto for my mother. All my uncles and aunts and their spouses were employed in either a government office or at a public sector bank.

We enquired about this CA course with some relatives and other well-wishers who were employed in the private-sector. We understood that CA stands for Chartered Accountant and that enrolling and completing the CA course would enhance one’s chances of employment greatly and that too at a handsome salary! Also, during that time, for enrolling in the CA course you need not make huge financial commitments like engineering or medical. On the contrary once you successfully complete the entrance level, you can start an apprentice ship training (called article training) under a practicing CA, who would pay you a monthly stipend. This stipend would be like a pocket money which you can use to buy books or use in whatever way you want!

Thus started my journey in this profession. With out knowing the enormity of what I was letting myself in for, I happily appeared for the entrance examination in Nov 1984. Passed the same. Enrolled under CA M H Balasubramanian (my guru, who trained and guided me and several others like me) as an article trainee in March 1985. Along with my commerce graduation I juggled the CA course by attending morning college from 7 AM to 10:00AM and attending office from 10:30 AM to 7:00 PM. Appeared for and passed the intermediate level in Nov 1987, and qualified as a CA by passing the final examination in Nov 1989.

From 1985 to 2023 (as I write this blog on 23 Nov 2023) – over the period of past 38 years I have learnt a lot about this profession.

Accountancy is a noble and highly respected profession that involves the measurement, analysis, interpretation, and communication of financial information. It is a profession that plays a crucial role in the functioning of businesses, governments, and other organizations.

Accountants are responsible for ensuring that financial records are accurate and complete, that taxes are paid on time, and that financial statements are prepared accurately. They also provide advice and guidance to businesses and individuals on financial matters, including budgeting, investment, and risk management.

As I have personally experienced over the past 38 years, the role of accountants has evolved significantly over the years. Today, accountants are expected to have a deep understanding of financial and business principles, as well as strong analytical and communication skills. They must be able to work effectively in a team environment, and be able to adapt quickly to changing business conditions.

 

In addition to recording financial transactions, accountants are also responsible for preparing financial statements. These statements include the balance sheet, income statement, and statement of cash flows. These statements provide a snapshot of the financial health of an organization, and are used by investors, creditors, and other stakeholders to make decisions about the organization.

Another important role of accountants is to ensure that taxes are paid on time and in compliance with tax laws. This involves preparing and filing tax returns, and ensuring that all tax payments are made on time. Accountants also provide advice and guidance to businesses and individuals on tax planning strategies that can help minimize tax liabilities.

Accountants also play a critical role in providing advice and guidance to businesses and individuals on financial matters. This includes helping businesses develop and implement budgeting and forecasting processes, analyzing financial data to identify trends and opportunities, and providing advice on investment and risk management strategies.

One of the most important skills that accountants develop is strong analytical skills. This involves the ability to analyze financial data and identify trends and patterns that can help businesses make informed decisions. Many accountants also develop strong communication skills, as they communicate financial information to stakeholders in a clear and concise manner.

In addition to their technical skills, accountants must also possess a high degree of ethical and professional standards. This includes maintaining confidentiality of financial information, avoiding conflicts of interest, and ensuring that all financial information is presented accurately and honestly.

The field of accountancy is constantly evolving, as new technologies and business models emerge. This requires accountants to continually update their skills and knowledge, and to adapt quickly to changing business conditions. This includes staying up-to-date on accounting standards and regulations, as well as new technologies that can help streamline accounting processes.

 

There are many different career paths within the field of accountancy. Some accountants work in public accounting firms, providing services to a variety of clients. Others work in corporate accounting departments, providing financial analysis and reporting to senior management. Still others work in government or non-profit organizations, providing financial management and reporting services.

Continuing education is also important, as accountants must stay up-to-date on changes in accounting standards and regulations. As a CA in practice, I am required to devote 30 hours in a calendar year to educate myself.

 

In conclusion, the field of accountancy is a noble and highly respected profession that plays a critical role in the functioning of businesses, governments, and other organizations. Accountants are responsible for ensuring that financial records are accurate and complete, that taxes are paid on time, and that financial statements are prepared in accordance with accounting standards.

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