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| International Accounting Day |
If the sight of a ledger book make your head spin when managing the numbers for your firm, then it is high time you consider having an accountant to figure it out for you. Those dedicated number crunchers, make your job easier and without them, establishments like schools, banks, religious organisation, or government would not work smoothly. They are so important that they’ve been given a day of their own to commemorate their expertise.
International Accounting Day honours those who have made significant
contributions to their field. Known as International Accountant’s Day, it is
an unofficial professional holiday celebrated in most countries every November
10th. Such a date was chosen to honour Luca Pacioli, who is referred to as the
“Father of Accounting and Bookkeeping”.
Why Do We Need Accounting Experts?
Accounting is essential
in a company because it allows you to track income and expenses, maintain
statutory compliance, and provide investors, management, and the government
with quantifiable financial data that can be utilised to make business choices.
3 Most Famous Accountants throughout History
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| Luca Pacioli |
Luca was
the first person to publish detailed material on the double-entry system of
accounting. He was an Italian mathematician and Franciscan friar who also
collaborated with his friend Leonardo da Vinci (who also took maths lessons
from Pacioli).
It is
said that Luca Pacioli published works for the double entry accounting system
based on procedures in use by Venetian merchants during the Italian
Renaissance. Most of the accounting principles and cycles described by Luca are
still in use to this very day. His documentation includes journals, ledgers,
year-end closing dates, trial balances, cost accounting, accounting ethics,
Rule 72 (developed 100 years earlier than Napier and Briggs), and extensive
work on the double entry accounting system.
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| J.P. Morgan |
This
famous financier and banker began his early career as an accountant on Wall
Street. But after his father died and left him the family business, J.P. Morgan
went on to become a banking and corporate pioneer. He began buying distressed
businesses, in particular railroads, and merging them.
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| Josiah Wedgwood |
Josiah Wedgwood – the first cost accountant
Though better known for his pottery and ceramics business, Josiah Wedgwood is also considered the first cost accountant.
During a slump in business in 1772, Josiah began to make a concentrated effort to establish the profit or loss realised each time a particular product was sold from his factory. He recognised the sense in recording not just the cost of materials and labour but calculations for coal, storage and transport.
Accountants can help you unblock growth in your
business. They'll start by removing unnecessary costs and smoothing out
your cash flow, but there's even more they can do. They'll figure out what
drives revenue and profit in your business – and help you improve them.
While International Accounting Day was created to raise awareness of the
importance of accounting and to celebrate people who keep finances in order all
over the world, it is important too to continue understanding the needs of such
professionals in the global market. A career in Accounting reaps rewards of
both personal and professional satisfaction and is a highly sought-after
profession with opportunities world-wide be it in small firms right up to large
establishments.
Accountants
are some of the most highly esteemed professionals whose elite place in society
has never been challenged, and even with the digital transformation of IR4.0, accountants
are much needed to maintain and manage figure and analysis. Hence why MAHSA
University offers a Dual Award Bachelor of Accounting (Hons) with University of
East London, whereby our graduates have a choice of going into direct practice either
in the public or private sector, or to go on to pursue professional accountant
certifications such as the CPA (Certified Public Accountant) which gives a 6 paper exemption via MAHSA University's degree, the ACCA (Association
of Chartered Certified Accountants) which gives a 9 paper exemption via MAHSA University's degree, and CIMA (Chartered Institute of
Management Accountants), while meeting work requirements doing training at
accounting firms. With a curriculum that is designed in collaboration with a
team from employers, industry experts, and academia, students will learn
theories combined with hands-on applications and practical skills as well as
IR4.0 approaches to accounting.
Speak to us to know more!
www.mahsa.edu.my
1800-88-0300
Words by: MAHSA Communication Department