The need for technical, business, leadership and people skill continues to gain momentum in the workplace. A competent employee should integrate all these skills in order to overcome the challenges faced in an ever-changing environment. The foundation received in financial accounting course is, therefore, an integral part of the skill set forming a strong foundation for future academic and professional qualifications. The accounting course establishes a strong foundation for individuals who desire to pursue different areas of interest in the accounting field. The knowledge gained throughout the course forms a strong base where future career advancements are modeled and competence in the field is enhanced.
Competence Integration
The Accounting course does not only teach the accounting concepts. There is a myriad of components that are incorporated to deliver a course that meets the needs of the students and the employer. The course understands the need for foundational competencies. It ensures that all students develop the competency to relate with others. The need to communicate effectively has been emphasized throughout the course. Similarly, the delivery ensures that it is possible to leverage technology and other quantitative techniques to analyze and address the daily challenges faced by employers (Lawson et al., 2015). The design and implementation of the course ensure that foundational competencies are integrated.
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The accounting course has integrated the subject matter in a single accounting competency. Students are taught to merge unique aspects of accounting competency and therefore the students can enhance the value of an organization. Such capabilities are achieved by ensuring that the different topics are related to each other and the students can establish connections. The connection in issues like revenue recognition and allowances for future liabilities can be created by reminding students when revenue is recognized in addition to determining the value for future warranties that are also matched with a sales transaction. Control accounting and planning can also correspond to budgeting and variance analysis and students develop competency in this areas by developing master budgets and then establishing budget variances (Lawson et al., 2015). Such practices ensure that the student has the competency to handle all the accounting requirements in an organization which will enhance their value and benefit the entire organization.
The course also enhances multiple accounting competencies by integrating planning and external reporting and analysis. Students can achieve analysis and control competency by comparing financial statements like the cash flow statement which is intended for external reporting and the master budget which is used for internal purposes (Lawson et al., 2015). The differences in the documents and their formatting do not affect the intended purpose which is to summarize the projected and historical cash flows based on the categories, sources, and uses.
The course develops discipline-specific competencies and management competencies. The course highlights the strong management skills required in a global environment. The use of transfer pricing, for instance, involves understanding tax laws and policy debates concerning the appropriateness of the laws with regard to taxation, planning and compliance competencies. The use of external reporting and analysis enhances the competencies of an accountant in the international market (Lawson et al., 2015). Companies, therefore, benefit from accounting students who have completed the course since they are capable of addressing the changing needs of an organization in addition to informing the strategic direction of an organization.
The Value of the Accounting Course
The completion of the accounting course forms a strong base for future assignments that relate to the accounting needs of an organization. The course equips the students with the required basics while offering real-life examples and assignments that enhance the competency of the students. Students who have been through the course can comfortably work in any organization and become an asset to the employers. The needs for competent employees, therefore, call for employees who are conversant with the changing global environment and who can adapt to the changing trends to enhance the productivity of the entire organization (Sledgianowski, Gomaa & Tan, 2017).
The concepts gained from the accounting course are not only related to the accounting profession but also affect the entire organization. The knowledge gained through the course creates an all rounded employee who can address the accounting needs of an employer. Similarly, the course empowers such individuals to develop strong decision-making skills that are essential for the success of any organization (Sledgianowski, Gomaa & Tan, 2017). The ability to make timely and informed decisions makes the difference for a successful organization that can exploit the available opportunities to meet its objectives in the domestic and international market.
Employers need employees who can analyze the financial statements of a company to determine areas that need improvements. Similarly, accountants should be able to conduct cash flow analysis and budgeting activities in order to determine future cash needs and the sources of such funds. Additionally, employers are looking for individuals who can conduct variance analysis for control purposes in order to determine whether the different variances are within the required limits or if actions are needed to correct an adverse condition (Sledgianowski, Gomaa & Tan, 2017). Accountants should be able to investigate the differences and determine the appropriate way that can be used to change the situation.
Accountants should be able to give timely information that can be used to make an informed decision. Similarly, they should be able to gather the appropriate data that can be used to make the right decision. The cost of obtaining such information should be less than the problems that need to be corrected. Accountants should also establish standards that can be used for variance analysis for comparison purposes. The usefulness for such comparison, therefore, depends on the ability of the accountant to establish appropriate standards that the actual results can be compared against.
Employers invest their money in an individual who creates value for the entire organization. Accountants should, therefore, be able to establish strong relationships between their skills and academic qualifications and work performance. Employers will, therefore, fund programs that enhance the ability of an employee and generate value to the entire organization (Sledgianowski, Gomaa & Tan, 2017). An accounting course that is funded by the employer should integrate foundational competency which includes communication, quantitative methods, analytical thinking, interpersonal skills, and technology. Similarly, the course should enhance the accounting competency which includes planning, analysis and control, external reporting and analysis, assurance and internal controls and taxation, compliance and planning. Additionally, the course enhances broad management competencies including leadership, ethics and social responsibility, governance, risk, and compliance and any other additional core management competency (Lawson et al., 2015).
The accounting course forms a strong starting point for accounting professionals who are interested in establishing a strong career in the field. Any student who has gone through the course can comfortably perform the duties of an accountant in different organizations and industries. Similarly, such an individual has the competency to work for the private sector, public sector and is not for profit organizations. The course basically offers all the background training required by an accountant in all the fields irrespective of the nature of the business. It should incorporate foundational competencies, accounting competencies and broad management competencies that ensure that the students are all rounded and can perform assigned tasks. The students should be able to create value for money and therefore contribute to improved performance of the entire organization.
References
Lawson, R., Blocher, E., Brewer, P., Morris, J., Stocks, K., & Sorensen, J. et al. (2015). Thoughts on Competency Integration in Accounting Education. Issues In Accounting Education , 30 (3), 149-171. doi: 10.2308/iace-51021
Sledgianowski, D., Gomaa, M., & Tan, C. (2017). Toward integration of Big Data, technology and information systems competencies into the accounting curriculum. Journal Of Accounting Education , 38 , 81-93. doi: 10.1016/j.jaccedu.2016.12.008
