Accounting is one of the five business disciplines that we have talked about in business 101 and I think that is the major that I am going to pursue. “Accounting is the measurement, statement, or provision of assurance about financial information primarily used by lenders, managers, investors, tax authorities and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies” (Wikipedia). Accounting is a key business discipline underpinning decision making in all organizations from the largest business to the smallest charity.
An understanding of the subject would be very useful to anyone contemplating a career in management as well as to those who intend to pursue a career in accounting. In college, students need to decide on a more specific field of accounting. An accountant has many choices as to what particular field of accounting to specialize in depending on the financial information they want to analyze and how it is done. Financial accountants, tax accountants and internal auditors are all accountants in general, but require different training and work methods.
A financial accountant records economic data and periodically prepares reports that show profit and other financial information of a company using the generally accepted accounting principles. The need for financial accountants is to reduce agent problems by monitoring agents’ performance and reporting the results to interested users. Financial accountants are basically used to prepare accounting information for people outside the organization or they are not involved in the day to day running of the company.
A tax accountant prepares yearly tax returns for individual clients. For businesses, the tax accountant must provide data for the company’s tax returns. In many places, accountants must abide by national tax laws and regulations, but no requirement is in the US. Auditors are sponsored by the Institute of Internal Auditors and work within an individual firm. The auditor reviews accounting and operating procedures used by a firm to make sure everything is being run properly. They analyze and communicate financial information for companies, individual clients, and government.
So when graduating I think that Clemson University will prepare you real well to enter the real world to work in the field of accounting. There are many jobs that you can get after graduating from Clemson. You can become an audit, budget analysis, or management accountant. Plus there are many types of organizations that you can work for such as the government, public accounting firms, big and small corporations, and also become solo by obtaining your CPA. The future of accounting is very bright according to many people that I have talked to that already have their degree.
This is because the expanding of government, tax, and health care areas. So I feel that this is a great major for me to pursue in the future. Management is another business discipline that we have talked about a lot too. “Management in business and human organization activity is simply the act of getting people together to accomplish desired goals” (Wikipedia). Henri Fayol considered management to consist of planning, organizing, leading, coordinating, and controlling an organization to accomplish a goal. I think that this is a good perspective of how management works.
Planning is when an organization decides what needs to happen in the future and generate a plan for that action. When organizing, you make optimum use of the resources required to enable the successful carrying out of plans. Leading consists of having leadership and motivational skills in order to encourage others to play an effective part in achieving plans and ensure willing participation in the organization on the parts of workers. Also controlling consists of monitoring and checking progress against plans, which may need modification based on feedback. There are many different ways that you can go with a degree in management.
You can go into for-profit management or you can go into non-profit management. In for-profit work, management has a main function and that’s to satisfy many stakeholders. This means that they make a profit for the stakeholders, creating products at a reasonable cost which provides employment opportunities for employees. In non-profit management, they add the importance of keeping the faith of their usual donors. They vote for board directors and then the board hires senior management. Also in management there is a public, private, and voluntary side of it to.
They place different demands on managers but all must have faith in those who work for the organization, people who fund the organization, and also the people who chose them to work for them. If they mess up all these processes, it would cause hiring, training, firing, and recruiting to take a downfall. So management jobs also have the task of innovating and improving the functioning of organizations. Some jobs that you can consider in the management field after graduating is public administration, public management, and social entrepreneurship. Public administration, is the development and study of branches of government policy.
The main goal of public administration is to enhance civil society and social justice. Also there is a non-governmental side that also operate with a similar goal and that’s to better humanity. “Public management considers that government and non-profit administration resembles private-sector management in some important ways” (Wikipedia). So they use tools that maximize efficiency and effectiveness. Social entrepreneurship is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a way to make social change.
They work through nonprofits, governmental sectors, and citizen groups. The main goal of social enterprise is to further their social and environmental goals. But by attending Clemson University I think that all of us would be prepared to go into any route of management that we would like to go into because I feel that we would be very prepared for this. This business 101 class has given me a great insight on which path I think that I want to take in the accounting field of study and also has given me a better understanding about the five business disciplines.