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Demand for accountants is rapidly increasing and the trend shows no signs of slowing down. There are many reasons why accountants remain one of the most sought after business professionals.
Many large businesses are simplifying their own audits for purchasing, hiring, and acquisitions by requiring their suppliers to meet various industry standards. Whether it is ISO standards for IT security or accounting practices far more stringent than the generally accepted accounting practices, many small and mid-sized businesses find they need skilled accountants to maintain their books and records simply to be able to sell to their biggest customers.
The Financial Benefits
Paying more for someone with a masters of accounting may seem counter-intuitive, but the skill set allows many businesses to save money. For example, a skilled accountant can detect fraudulent activity like billing fake clients and pocketing the money, manipulating sales figures to achieve sales quotas, or altering shipping and receiving information to steal inventory. It is cheaper to have someone with accounting expertise to maintain and review the books and inventory than bringing in a forensic accountant later and deal with the theft of money or materials. Another benefit of hiring an accountant is that systemic mistakes by unskilled staff, whether this is buying materials or tracking expenses, are expensive and time-consuming to correct later on. In short, it pays to pay someone to manage the money.
The Gray Wave
Bookkeeping and accounting in general, have a disproportionate number of Baby Boomers, many of whom are poised to retire. The next generation has many STEM graduates or general business majors, but fewer people ready to step in for a retiring CPA. If you have a finance or business degree, you could quickly train for these positions by earning an online masters of accounting from Maryville University.
Laws at All Levels
Despite decades of conservatives begging for a flat tax or simplified tax system, the end result of using the tax code to manipulate behavior has been the ever greater complexity of the tax code.
There are states that have avoided an income tax increase by applying a gross receipts tax or franchise tax, though this makes calculating the business' tax bill all the more challenging. Businesses trying to survive in today's economy by selling online find that the financial bookkeeping becomes infinitely more complicated if they have to pay and track duties owed and sales tax collection for customers all over the United States, and that doesn't take VAT into account.
Maintaining payroll becomes more complicated in response to various business incentives. Nevada's differential minimum wage if businesses offer health insurance is but one example. The paperwork required for managing contractors and varying thresholds for issuing 1099 tax forms to them often falls to accountants.
Large businesses are trying to simplify their own record keeping by requiring their suppliers and contractors to meet stricter accounting, quality, and other standards. There are financial benefits to relying on skilled accountants versus semi-trained bookkeepers. The accounting profession will see strong demand for new accountants to replace Baby Boomers who are retiring. The ever more complex tax laws and other regulations are forcing many businesses to hire someone with a masters degree in accounting simply to stay in compliance.
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