FAQ

Why did you select Accounting as your profession?

No matter where you live or how the economy is doing, there is going to be a need for accountants.That’s because governments, businesses and not-for-profit organizations continually need accountants and bookkeepers to manage their budgets, deal with taxes, do financial reporting, complete audits…and the list goes on. Through good times and bad, accountants help companies of all sizes create strategic plans to maximize success and limit chances of failure.

Accountants work in all kinds of places – you might find them in various departments within local, provincial/territorial and the federal governments; corporate and commercial businesses; charities and not-for-profit organizations; professional associations; or educational institutions.Accountants can work almost anywhere.Accountants may actually work full-time within an institution or they may work for multiple clients at the same time. It depends on where the demand is and what your preference is. What’s nice is that there is often enough flexibility for you to shape your career into what you want it to be. Accountants have a lot of responsibility. Accountants are trusted. People look to them for advice and for counsel.

Accountants are known for being organized and logical. We expect them to make sound decisions in the best interests of those they’re working for. They’re smart and they have integrity – and this is why the accounting industry is regarded so highly. You could become a business leader, high-level manager or entrepreneur. Changes in technology and regulation mean that the accounting industry is constantly evolving.With a little bit of hard work, a drive to succeed and a passion for your profession, you can reap the many rewards that this field has to offer.

How does accounting helps in decision making?

Financial information is needed before any economic decision is made. Financial accounting information focuses on actual events. For the purpose of decision making, the past is used as a guide to future estimates of the consequences of different alternatives. The accountant can help significantly in the areas of budgeting, investigating, interpreting and communicating results for use by both internal and external decision makers.

Businesses operate on money. They generate money through sales and they spend money on inventory, payroll and operating expenses. No business can survive for the long term without ultimately earning more than it spends. Accounting is the process of tracking and compiling information about the money flowing into and out of a business. Accounting is relevant to business decisions because it provides essential information that helps you determine whether a particular endeavour will help or hurt your business.