Thursday, 10 November 2011

Accountant from Venice (Happy Accountant's Day)


To all those fun and crazy people who are good with figures I wish “Happy International Accountant’s Day”

I was sitting in my cubicle today, and I realized, I have the utmost respect, admiration and appreciation for accountants. I have also been one for years in the financial services sector.

Here are a few facts about the noble accountant that you might not know. 

Famous accountants include novelist John Grisham (also a lawyer), much maligned elevator music sax player Kenny G (accounting grad who finished in the top 2 per cent of his university year), as well as the actual “father of accounting” Luca Pacioli. 

Okay, you might not know Luca Pacioli. He is the reason November 10 is designated as International Accountant’s Day. It marks the day his book Summa de Arithmetica, Geometria, Proportioni et Proportionalita or Everything About Arithmetic, Geometry and Proportion was published in Venice in 1494. The tome provides a detailed description of Venetian book-keeping, an explanation of the accounting cycle used today, how to use journals and ledgers, tips on accounting ethics and sage advice such as not to go to sleep at night until the debits equalled the credits.

He didn’t invent the accounting system but described the system the actual merchants of Venice used during the Italian Renaissance and rest is history. 

Traditionally, accountants were seen as business and audit specialist who only duty is to keep records of things happen in the past. People see accountants then as stale people who routinely carry out function-record keeping and doing report during month end.

Accountant and other financial professional have to agree that accounting is now more of contingent process then repetitive process. This is however disputed by some group of accountant who still see accounting as a routine process that only involve crunching numbers. I have once worked under the supervision of one such “old fashioned accountants” before and must tell you that is not very easy convincing them of them the changes that taken place in accounting field as a whole.

Accountants nowadays are facing tremendous challenge and pressure in efforts to build a credible, reputable and globally competitive capital market. The challenges include enhancing transparency, governance and accountability; harmonisation and coping with diverse information needs; and moving up the value-added ladder.

It takes hard work and dedication to become a qualified accountant. With business being more complicated and financial system getting more complex have constantly place more challenges in the hand of accountants and other finance professionals that only those with lion heart can manage to handle the situation and the problem that comes with it.

To be relevant as an accountant today and the future, we need to be comfortable with the use of; computers, accounting software’s, information gathering and analysing tools.  We also need to have a broad knowledge of business and economy around the world. Accountant must act as an information analyst that can act as “a profit centre” rather than just keeping the financial history. 

So for all those accountants stuck at work between 8pm and 3am in lieu of month-end – who’ve had to forcibly forego dinner, quality time with their family and friends, a favourite TV show, just so those books are closed to perfection – I sincerely salute you

Anyway, on this special day do something nice for your colleagues in the accounting department. They have scarify a lot to make sure the company not going to chapter 11 soon.

Note:- I am an Accountant from Worsley :)

1 comment:

  1. When I was a child I always wanted to be an accountant like my auntie.
    Accountant Renfrew