Accounting is an important profession that is relevant in case of each and every type of business because it is important for every business to properly account for their day to day transactions in their books of accounts. Accountants are responsible for recording the day-to-day transactions and prepare financial accounts and properly file the tax with the government. In performing this responsibility, accountants have to play an important role, and they have to fulfil different requirements which make it a technical and difficult task for them. The important difficulties as faced by an accountant are discussed as follows:
1.So Many Concepts and Principles: One of the major challenges in accounting profession is that the Accountants are required to gain significant knowledge with respect to accounting concepts and conventions which are huge. It is not easy to memorize different accounting standards and conventions, and apply them while preparing the accounts for organisations. Apart from standards and conventions, there are so many concepts that need to be properly accounted for while preparing the books of accounts and this also makes the task of accountant difficult.
2.Differences in Accounting Concepts across Boundaries: With increasing globalisation of businesses, it is quite evident that businesses are expanding the wings to international boundaries. This further makes the task of Accountants difficult because they are required to gain knowledge with respect to International standards as well, in order to effectively comply with accounting policies and conventions. The need for having sufficient knowledge of domestic and international accounting standard makes the task of accountant difficult and complex in fulfilling their responsibilities in a positive way.
3.Keep Updated: There are accounting bodies that are responsible for preparing accounting standards in order to regulate the accounting processes and procedures followed by accountant in preparing the books of accounts. In order to improvise the accounting standards, the accounting bodies makes regular updates on the standards in order to achieve true and fair view of the business transactions that are reported in the books of accounts. This makes the task of accountant difficult because they need to keep themselves updated with all the changes made to the accounting standards, so that they can comply them while preparing the books for their clients.
4.Highly Prone to Reputational Risk: Accounting is a profession that is highly prone to risk of losing reputation. This is mainly because any kind of mistakes on the part of accountancy scans results into a detrimental impact on their reputation. This is mainly because the accountants are considered as experts and possibility of mystics on their part is very less. This increases the complexity associated to the accounting profession because accountants have to make sure that there is no mistake done while preparing the books of accounts for the client.
All the challenges and difficulties makes the task of accountant difficult and it is therefore important to consult with professional accounting assignment help provider in order to ensure efficiency with respect to accounting related policies and obligations
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