Question

Discuss the modern day accountant’s role in the current technologically dominated business environment. Explain your answer.

Answer 1

MODERN DAY ACCOUNTANT'S ROLE IN THE CURRENT TECHNOLOGICALLY DOMINATED BUSINESS ENVIRONMENT

There are only a few types of profession in the world which are held in high esteem in public eyes and there is no denying the fact that the accounting profession is one of them. Goethe had called the accountant’s profession as the fairest invention of human mind. The accountant plays a vital role towards the successful achievement of their strategic objectives by ensuring that the critical ingredient required for decision making is prepared and presented in the required format. Accounting is often referred to as the heart of an organization because the financial health of the organization can easily be discerned from the financial statements such as the Balance sheet, Profit & Loss accounts and Cash flow statement.

An accountant is therefore regarded as a practitioner of accounting (or accountancy). Accountants have the primary responsibility in the organization for managing, correcting, and reporting the organization's accounts, hence the name of the profession.

According to Susan Davis (2015), an accountant is a person who performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company's financial operations. The accountant usually has a variety of administrative roles within a company's operations. In a smaller business, an accountant's role may consist of primarily financial data collection, entry and report generation. Middle to larger sized companies may utilize an accountant as an adviser and financial interpreter, who may present the company's financial data to people within and outside of the business. Generally, the accountant can also deal with third parties, such as vendors, customers and financial institutions.

Linda Ray (2015) on the other hand believes that the accountant at a company can serve many roles, from overseeing the preparation of all financial documents related to the company to implementing financial strategies created by management or making investment decisions for the firm. As a chief accountant, you may sit on the upper management team to play an integral part in developing long-term goals. In a larger business, you might also supervise a team of financial professionals. Indeed, the modern business environment has changed drastically in a short time. Business technology has advanced business functions and operations to levels not previously believed possible. The role of accounting and business is perhaps one of the most reliable functions in business. While a few basic procedures or methods have changed, the purpose of accounting remains the same. Business owners often use accounting to measure the financial performance of their companies and make business decisions. (Vitez 2015).

The role of the Accountant in ensuring the quality of financial reporting cannot be over emphasized. Although Management is responsible for the financial information produced by the company, Accountants are in the frontline of safeguarding the integrity of financial reporting. Therefore, the accountant is an important asset to the company because he has the key skills required to speak the language of business.

Traditionally, the role of the Accountant in Business involves implementing and maintaining operational controls, providing analytical support for strategic planning and decision making and ensuring that effective risk management processes are in place. The role of the Accountant in Business is therefore, critical to the financial health as well as the reputation and credibility of the business organization and its management.

References

Davis, S. (2015) What role does an accountant play in business operations?

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