(ARA) – As the economy continues to recover, an increased emphasis will fall on the accountability, transparency and responsible financial management of businesses large and small – putting accountants and auditors more in demand than ever before. The employment of accountants and auditors is expected to grow at least 22 percent by 2018 – a rate faster than the average for all other occupations, according to the Bureau of Labor Statistics.
Why small businesses need good accountants
The impact of a savvy accountant is even more pronounced in small businesses and entrepreneurial ventures. Small businesses will be instrumental to the nation’s economic recovery, creating 80 percent of all new jobs and driving innovation in virtually every field, the Small Business Congressional Committee predicts.
With this in mind, it’s essential that these businesses understand and practice important accounting functions in order to stay afloat. Unfortunately, 82 percent of small businesses fail because they can’t manage their money, reveals a study published by Jessie Hagen of U.S. Bank.
“Whether it’s evaluating credit access, reviewing terms of a vendor agreement, learning how to keep a business profitable or even how to choose the right accountant, all small business owners should pursue a strong understanding of accounting’s role in managing costs and maintaining success,” says Rieva Lesonsky, former editorial director for Entrepreneur magazine and current CEO of GrowBiz Media. “A good accountant can help to avoid financial pitfalls and put checks and balances in place by developing a comprehensive accounting plan of action.”
Entrepreneurial opportunities in accounting
The Small Business Association noted in a recent briefing that entrepreneurship is crucial to the nation’s economic revival and competitiveness in a global marketplace. Furthermore, an environment ripe for those with dreams of owning their own business, combined with the need for such new businesses to have a deep understanding of financial practices, opens many doors for the entrepreneurially minded accountant.
Rita Talamonti, a personal financial advocate who recently launched her company, Good Egg LLC, knows firsthand of the entrepreneurial accounting careers. The recent graduate from DeVry University’s Keller Graduate School of Management returned to school to earn her master’s degree in accounting and financial management after experiencing a flood of requests by other business owners for her accounting expertise, which she had gained while running a family-owned medical practice business.
“Going back to get my accounting degree has provided me with an awareness of what is standard in the industry and what is required to service my clients at the next level by keeping abreast of new regulatory changes in the accounting field through continued certification and professional associations” says Talamonti. “Combined with my prior experience, this new knowledge allowed me to understand cash flow, taxes and financial statements – how to fund and start my business, determine how my revenue was going to be generated, and how to invest it after paying taxes on profit.” Talamonti soon recognized this type of knowledge was in high-demand by a growing number of newly launched family businesses.
Accounting for business and career results
“The key to a sustainable business is making sure that all involved parties are aware of intimate financial details,” says Joyce Barden, senior professor of accounting at DeVry University, who speaks from her own experience as both a Fortune-level financial manager and a public accountant serving primarily small businesses. “It’s important for all employees to have a solid, foundational grasp on the skills necessary to provide this vital information.”
Barden also sees a growing number of professionals from varying industries, and comprising a wide range of ages, take advantage of existing accounting degree programs. “Accounting is an industry with an accessible entry point, which means that people can use it to redefine their career focus at any time,” she says.
DeVry University, along with its Keller Graduate School of Management, is helping to meet the increased demand for accounting skills by providing an integrated, fast-track path for students to earn the undergraduate and graduate credentials they need to become respected and sought-after accounting professionals.
Whether starting as a high school graduate, transferring from a community college or changing career focus, students interested in an accounting career can begin at DeVry University – www.devry.edu – where they can earn their bachelor’s degree in business administration with a concentration in accounting. For those who wish to obtain a more advanced degree, Keller offers master’s degree programs in business administration (MBA) and accounting and financial management (MAFM). No matter the career path to which they are applied, accounting skills will continue to be essential to creating and sustaining successful businesses in the 21st century.
Courtesy of ARAcontent
