Accounting Is More Than A Numbers Game

Here is a closer look at areas of expertise that accountants practice within their own trade

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Marketing

Part of an accountants job is to implement strategies into a corporations overall business direction. Financial plans and diligent approaches are key components of these strategies. Needless to say, in order to position a corporation for increased success, accountants are required to think beyond the spreadsheets and into the marketing world.

It seems counter-intuitive at first to think of accountants as marketers. But if you consider how accountants are often required to help devise plans to help a business boost figures, then it only makes sense that they understand the business itself in relation to the shared market. Accountants are expected to compile a marketing plan, which illustrates consumer behaviour patterns and business performance, and includes suggestions as to where a business could or should be headed in light of new market trends.

Research and Reporting

We already know that an accountants day-to-day involves more than just numbers. With reports, reviews, contracts and various other business documents, accountants also need to exercise exemplary writing skills.

Equally as important are an accountants research skills. There will come times when an accountant will need to undergo extensive research pertaining to a corporations position in the current market, potential strategies it can employ in order to gain leverage against competitors, various developments that should be pursued for the prospects of growth and stability, and various other industry-related topics. His or her ability to provide a thorough and succinct research report directly affects the overall efficiency of their work.

Business Law

Although it is clear that those who graduate with accounting training are not lawyers, it should be noted that professional accountants are expected to be well versed in legal concepts pertaining to various commercial institutions and transactions. By understanding the intricacies of certain laws, accountants will be better equipped to assess a businesss practices, as well devise strategies for a businesss future performance. Although it goes without saying, an accountant is not a substitute for a licensed lawyer, thus it is always vital that a corporation hire counsel for any legal matters.

by: Rima Hammoudi

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