Industrial Accounts

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Industrial Accounts
Suggestion Related To Industrial Accounting


Financial professionals, particulary in the accounting industry, know that running a practice requires a broad skill range. Additionally, staying in the black makes a clear understanding of economic flux, progressing technologies and operational issues particularly crucial.

For an industry that plodded along fairly unchanged considering that the turn of the century, the world of accounting has experienced some tectonic shifts in the past decade. As the memories of Enron, WorldCom, and Arthur Andersen begin to fade and the industry, especially the portion occupied by the Big Four, rebuilds investor trust, accounting doesn't appear to be returning to its staid, old bean-counter roots.

Well, at least not entirely-auditing is auditing and tax season will surely outlive us all. But the face of accounting has changed. Its role in business, particularly big business, is much more complex. The industry is being forced to redefine itself and not just to satisfy the new federal regulations.

One upshot of the accounting scandals from the early part of this century is a new realization of the critical role accounting practitioners play in business decisions. New security regulations now reach directly into boardrooms, dictating certain requirements about how companies operate-a place no one thought securities law could go. While this gives most executives the jitters, it reveals an unbelievable opportunity for the accounting profession to carve out a new identity. Accounting has now become a basis for corporate behavior, decision-making, and ethics, and the skills demanded of accountants are much broader as a result.

Accountants are becoming more important to their employers' decision-making processes than ever. Rather than being simple bean counters, keeping track of companies' businesses without really having an impact on the direction of those businesses-even if they work in-house-accountants are enjoying a greater voice in strategic business decisions. Rather than just collecting data and presenting it to management, accountants are being called on to examine the numbers and the business environment and then to tell management about how companies are truly performing, how they can be expected to perform moving forward, and what steps management might take to improve future performance.

This new emphasis on strategic input in accounting indicates that it will be more important than ever for accountants to have a deep working knowledge of technology, leadership ability, an understanding of the broad business environment, and the ability to communicate with colleagues in a diversity of corporate departments and functions.