With the British economy still reeling from the 2007-08 economic crisis, and with Brexit uncertainty still a millstone around the neck of many businesses, committing to spend is something that is only done if companies consider it absolutely necessary. No longer are businesses happy to take a punt on an idea that might (or might not) pay off; they want to only do things that will guarantee returns, thereby justifying the financial outlay
For those businesses or entrepreneurs looking to trim their expenses and minimise costs, attempting to do accounts without professional assistance may seem tempting. However, when these individuals learn to understand the true value of an accountant, they quickly realize how an expert can benefit their overall operation.
Importance of studying accounting!
Many people view accountants as simply bookkeepers that are good with numbers. However, the traditional view of accountants being people that know how to balance the books and avoid tax is, though still relevant, now merely a minor part of the accountant’s work portfolio.
The role of the accountant is now far more diverse than it ever has been in the past. The best accountants are an amalgamation of financial adviser, traditional accountant and business consultant. They are people that understand the myriad monetary implications associated with running a company – regardless of size or industry – and know how to navigate tricky financial waters so as to emerge on the other side stronger.
Though some business owners believe that doing their own accounts will be more financially efficient, this is very rarely the case. The time spent trying to figure out the best way to manage accounts, combined with a lack of expansive accounting knowledge, can result not only in long-winded and inefficient processes being put in place but could lead to long-term financial failings.
In the coming years, the role of the accountant is only going to become more essential for business owners looking to walk that fine line between survival and bankruptcy. And with around 99% of all UK businesses regarded as SMEs, there will never be a shortage of companies that require assistance.
There has never been a better time to become an accountant. At Mont Rose, you can gain all of the knowledge and experience you require to succeed in a profession that truly offers added value to UK businesses.
Get in touch today, and see where accountancy could take you.