Question

Statement: I do not need to know accounting. I can hire an accountant.

Problem statement: If you do not know accounting, how do you know your business is performed effectively?

Open ended questions:

The impact of disruptive technologies on

1. accounting education, how should you as a business and technology student adapt? (100-500 words)
2. accounting practice, how should you as a business and technology student get ready for working? (100-500 words)
3. business practice, how should business can get ready for the technologies change? (100-500 words)

Answer 1

Accounting education

Someone who solves a problem you didn't know you had in a way you don't understand.

Most small businesses choose an accountant -- either hiring a "numbers person" on staff or hiring accounting services on a contract basis

when a business' financial challenges have become too great to handle without expert help

It all depends on the size of the company. If you're a small business owner and find yourself sitting in front of QuickBooks wondering where to begin, that's a good indication that it's time to find someone knowledgeable

An accountant must have at least five years of training: s/he needs to get degree in accounting and then pass the CPA exam for his or her state.There are three types of accountants:

1. Cost accountants calculate the per-unit cost of products and production, etc.
2. Financial accountants work in bookkeeping departments.
3. Managerial accountants manage the organization; they must know basic cost accounting and, to advance, must study managerial accounting and topics such as decision making.

without a proper knowledge on accounting , business person can't hire a good accountant

without a proper knowledge on accounting , business decisions relating to selling price and cost price cannot be decided appropriately.

Accounting Practice

Accounting practice is the system of procedures and controls that an accounting department uses to create and record business transactions. Accounting practice should ideally be extremely consistent, since there are a large number of business transactions that must be dealt with in exactly the same manner in order to produce consistently reliable financial statements. Auditors rely upon consistent accounting practice when examining a company's financial statements

Business Practice

Any tactic or activity a business conducts to reach its objectives. Ultimately, a business's objective is to make money.Business practices are the ways it attempts to do so in the most cost effective way. A company may have rules for business practices to ensure that its employees are efficient in their work and abide by applicable laws and also Business ethics.

The following some essential good business practices

1. Assess yourself:  
2. Surround yourself with a good team
3. Assess your product
4. Know your market and competitors
5. The ability to recognise opportunities
6. Costing and pricing
7. Keep clear records
8. Be tax-compliant
9. Planning

The three words i.e,Accounting education , Accounting practice, Business Practice

are most important things which are inter linked with business.

A business will be successful if it is used correctly in a right manner.so without a knowledge business man cannot hire a good accountant.Without accounting knowledge a business man cannot run the business effectively.Even basic knowledge of accounting  should be there for running a good business.