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The Significance of Accounting Day

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Masters Accountancy The Significance of Accounting Day 

Like an exclusive day for any other profession, there's one day for accountants too - the International Accounting Day, celebrated on the 10th of November every year. People all over the world celebrate their accountants and how important their contributions are to the smooth running of any business. As an accountant, or an aspiring accountant, here's a day to look forward to - a day when you're showered with compliments over phone calls, appreciation mails, lunch on the house, wine vouchers, and yes, pending payments too! A ‘Happy Accounting Day’ indeed!

Where it all began:
Let us trace the origins of Accounting Day. Did you know that 10th of November was the date chosen as the International Accounting Day because it was on this day in 1494 when the "Summa de Arithmetica, Geometria, Proportioni et Proportionalita", which translates to "Everything About Arithmetic, Geometry and Proportion", was published in Venice. This is the very first record on double entry book-keeping that laid the foundation for future works on business accounting. The author of the book was an Italian mathematician called Luca Bartolomeo de Paciolo, who described the use of journals and ledgers, and warned that one shouldn't sleep at night until the debits equalled the credits.

The very first Accounting Day:
The first official celebration of Accounting Day was held as an event in the year 1972. Some claim that the San Diego Chapter of the California Society of CPA's organized this event to spark the interest in young people and encourage them to take up Accounting as a career. However, many others believe that the IMA (Institute of Management Accountants) was the original organizer of this event . These events were earlier called "Accounting Career Days", their intent being to expose participants to the multifaceted accounting career.

The evolution of Accounting Day:
Four years later, in 1976, other professional organizations were invited to participate in this event, which soon came to be renamed as "Accounting Day", with an overall change in format. Fast forward to over four decades after the inception. Today, Accounting Day involves speakers of local and national prominence presenting seminars to educate and enlighten participants of the event. The main purpose of Accounting Day is to promote the accounting profession. It does this by providing an opportunity for accountants in public practice, industry, and government to network, while aiming to provide quality continuing education for the attendees.

Five top reasons it's an exciting time to be an accountant today:
In true spirit of the Accounting Day, we highlight five reasons why Accountancy is a great career choice for you:

  • Demand: The demand for accountants is very high. The opportunities for accounting professionals continue to increase by the day as companies strive for growth in their business, while keeping up with compliance mandates.
  • Salary: The average salary for an established accountant is very high. In addition to higher salaries, employers are also offered attractive incentives like additional vacation days and flexible schedules, to attract and retain top performers.
  • Competition: A healthy, positive competition exists in the Accountancy sectors, making way for professionals to reach greater heights and improve themselves.
  • Specialized skills: If you've got specialized skills which are in demand, the job opportunities and compensation automatically increase. Talent shortages are emerging in areas such as accounting, audit, financial analysis, compliance and business systems, so specialize in one of these sectors and you'll be a well sought after professional.
  • Dependence on Data: As the dependence on data is continuously increasing all around the world, an array of opportunities are available for accounting professionals who can mine data and interpret the information.

Are you intrigued by the fast paced yet rewarding lives that accountants lead? Take the next step towards becoming a professional accountant by signing up for a masters degree in Accountancy. A postgraduate course like the MSc Accountancy from Nanyang Technological University, Singapore, would be an appropriate choice as it gives you a strong foundation in the principles of accountancy while providing you with the right platform for networks and affiliations with professional bodies.

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