Accounting is primarily concerned with the recording of a business’s financial transactions. They primarily consist of recording financial position statements, financial performance statements, and cash flow statements for businesses. This process begins when a monetary transaction occurs, with the acquisition of source documents prepared by an accountant or an accounting firm to report these transactions.
According to Jen’s brief YouTube video titled ‘Is Accounting For You? | 6 Benefits of majoring in Accounting,’ CPA accounting has a broad scope.
Accounting is a critical function in any business. Certain businesses outsource it to accounting firms. Accounting is undergoing constant change, as evidenced by the recent introduction of accounting software such as QuickBooks. Accounting firms are better equipped to adapt to these changes than other industries.
The video emphasizes the importance of accounting knowledge in starting a business. Joining a Certified Public Accounting firm can help you advance your accounting career. From here, you can pursue a career in auditing or consulting. Accounting career paths are well-defined, allowing you to specialize in a particular area. Accountants earn a relatively high salary. Being an accountant increases your chances of success due to collective bargaining.