The accounting sector has gone through a major transformation in recent years. This change has been brought about by rapid technological advancements and the adoption of digital platforms which have had a direct impact on the functions and job roles in this field.
While accounting has long been associated with popular positions such as an Auditor or Tax Agent, it has a far broader reach with its strongest impact within the business world. It is no longer uncommon for accountants to pursue the jobs such as a Financial Analyst, a role that helps in making company decisions, or as an Independent Director who builds corporate credibility through efficient finance management.
In short, accountancy and business share a strong synergy which has become widespread as the global market has emerged. As a student preparing for a career in accounting, you cannot overlook the bigger picture which requires an understanding of international accounting standards.
Therefore, you need to gain more clarity on the role of global accounting and how it can impact your professional career in the long run.
What is global accounting?
Given the changing role of accounting in the business world, the application of the former principles and rules to the sector have become debatable. Using the Generally Accepted Accounting Principles (GAAP) in the international marketplace, which consists of multiple nations, can be considered impractical.
The introduction of global accounting has been primarily to overcome this issue and create uniformity. This speciality helps one gain an understanding of the modern finance industry which requires comprehensive knowledge of international accounting standards and requisite skills.
While practising accounting in the international domain, one has to abide by norms that fit all the international corporates and is applicable in numerous markets. This is possible through a global accounting course that is relevant in addressing all the current accounting issues and helps one navigate and understand what the international market entails for accounting.
The importance of global accounting in an organisation
Business is no longer limited to one country as organisations are continuously expanding to new shores and markets. German brands, such as Volkswagen, BMW, Siemens, and Allianz, that were founded in Germany have done just that, and now have branches all over the world.
Accessing capital from all these different regions and carrying out financial operations in new markets requires strong international standards that are beneficial for all. Hence, organisations seek out experts who have an understanding of global accounting, can navigate foreign markets and can engage in various kinds of financial decision-making.
Students keen on venturing into the business world with expertise in accounting need to keep the growing impact of cross-border trade in mind. As markets continue to merge and each brand focuses on consolidating their hold on new consumer markets, modern day accountants too must gear up for this changing dynamic.
By choosing to study global accounting, you can become a specialist in international accounting norms and can be in a good position to advise your organisation regarding setting up a business in a new market. You will become well-versed in accounting standards from a global vantage point which will give you an added advantage when applying for jobs, particularly ones based overseas.
As the finance and accounting industry adopts a new structure that takes social, political, economic and cultural factors into consideration, you’ll have to develop a targeted knowledge in the field. A global accounting course will offer you more well-rounded learning that will enhance your prospects of career growth in the world of accounting and business.
Given the wide breadth of knowledge gained through this course, you can build a good understanding of the role of finance in the international marketplace. This enables you to make more informed decisions and also undertake various business activities keeping all necessary factors in mind. With this knowledge you could consider careers with global accounting ranging from Financial Analyst to Director of a firm.
In order to start your journey, your first step should be to enrol on a high quality programme such as the MSc Global Accounting offered at the well-established GISMA Business School in Berlin. Awarded by the University of Law, this course will help you in becoming a competent business accounting professional. To find out more about GISMA and its postgraduate courses, click here!
- This article is written by Nandita Kaushal.