C.P. Radhakrishnan is the Governor of Puducherry, Jharkhand and Telangana and Lieutenant. Recently, he attended the annual conference of the Institute of Cost and Management Accountants in Ranchi. The program is held at the Gossner’s College. The theme of the program was the cost accountants, the force behind India’s emergence as the third largest economy. By 2027, India is predicted to overtake Germany and Japan. In the next four years, India will have a GDP of $5 trillion. The GDP growth would mark India as the third-largest economy. In the stock market, there are 167 companies with a market cap of $5 billion. The investors get choices and growth because of Indian economic growth.
Over the last ten years, there was a notable growth of seven per cent in the GDP in USD terms. There is a jump of the 5th largest economy from the 8th place. The laws that are part of the growth are as follows: the GST law, bankruptcy law, real estate regulation act, and demonetization. The laws in the country contribute to the long-term growth of the economy. Governor C P Radhakrishnan said that the cost accountants can speed up the economy in India. His statement is the point of discussion in the blog. The blog engages the readers with insightful information on the spike in accountancy education, the challenges with accountancy jobs and the demand for cost accountants in recent job profiles.
Accountancy education demand spikes
Institutes like RR Academy are experiencing a spike in the demand for accountancy education. RR Academy is constantly educating the students to train more students. The vision of RR Academy is to provide holistic education in abundance. The students receive education in every corner of the state. Online education helps accounting institutions reach out the students with interest from other states and countries. The purpose of education is to match the corporate demand and create opportunities for self-employment. Accountancy professional courses offer the option of self-employment to the students.
The dynamic business landscape, changing financial reporting rules, and complex tax laws are creating a demand for accounting professionals. Accountancy job requires the knowledge of business, finance and law in the country. RR Academy has the best trainers and makes the time of the students valuable. By training top-level performers, RR Academy is playing a vital role in economic development.
Challenges and trends in the accountancy profession:
Technology, global demand and market demand are changing the role of a professional accountant. The following points elucidate the challenges and trends in the accountancy profession.
- In the accountancy profession, there is a demand for specialised knowledge. The corporates are looking for people with specialised knowledge in forensic auditing, acquisition, data analysis and artificial intelligence.
- In the field of accountancy services, the professionals require the soft skills. Soft skill training prepares a student as a problem-solving management consultant.
- Technology is moving the accountancy profession from the conventional model. Modern accountants use technology to make decisions and advise clients. In an uncertain business world, finance professionals need the skills to project cash flow, financial forecast, and financial analysis.
- Accounting professionals should remain mindful of the changes happening in tax compliance.
- The global CA firms are increasing the competition in the accountancy field. The opportunities and competition have increased in recent days. Technology automates the accounting tasks like billing and making payments. The accountants of these days are not working with numbers alone but they are working with the perfection of numbers.
- The aggregation of CA firms is the mission of ICAI to match the standards of Indian CA firms and global CA firms. The skills, technology and infrastructure are the reason for the holistic development of the country.
- Accountants also give importance to the protection of cyber-attacks. As the auditing information is highly confidential, the professionals working with the auditing team should have the technical knowledge to secure the data and software system.
- Accounting departments are working with collaboration. Cloud technology helps accounting professionals share files and keep the information safe. The outsourcing business demands more tools to collaborate and get the work done.
- The ESG standards demand greenhouse gas emissions, supply chain changes, production changes and climate-related financial impact. Accounting professionals are trained to understand the ESG standards and tune the financial operations to the expectations of the major investors.
- The pricing strategies are shifting from the conventional model of cost-based pricing to value-based pricing. The cost-based pricing helps for framing the cost strategies that enhance the profit. The value-based pricing is more related to the value perceived by the customer for the product or service. In recent days, tastes, preferences and needs have set the standards for accounting professionals.
Bottom Line:
Education and growth are the relative terms. The economy with more importance to education visualises growth. Education is the light of the world. Education is the common factor that improves the self-confidence of a personality. The words of honourable Governor C.P. Radhakrishnan express the future of the accountancy profession. The accountants are the pillars of the business. The accounting professionals work for the growth of the economy. Doctors and engineers work for the production. Accountancy professionals work for the foundation and strength of the business. The foundation makes the business strong. Cost accountants contribute to the strong foundation of the business and the growth of the economy.
