2. Research the answers to management tax or auditing questions- once an accountant understands their job, they must be prepared to answer very specific questions concerning the accounting information that is provided (Johnstone & Biggs, 1998). While most CEO's and people in various departments have some understanding of accounting, there are some very intricate financial details that only accountants fully understand (Johnstone & Biggs, 1998). With this understood, successful accountants will be prepared to answer complicated questions related to management tax and auditing questions. If the accountant does not have the capacity to answer these questions correctly the decisions that the business managers make may be incorrect.
3. Convey the results to colleagues- not only do successful mangers have to be able to understand and answer questions; they also must have the capacity to convey results with colleagues (Johnstone & Biggs, 1998). This means that successful managers must have good communications skills. Successful accountants must have the capacity to communicate with others in a way that assists them in understanding accounting language that can be rather complex. The ability to effectively communicate the financial happenings of a firm to the firm's managers is essential to ensuring that the company can make the correct decisions (Johnstone & Biggs, 1998).
Another attribute that seem essential for successful accounts to possess in the 21st century is a global perspective. The world has changed a great deal over the past 15 years. Businesses, governments and people are now more connected than ever before. These connections can be beneficial if they are properly maneuvered. That is if managerial accountants have properly analyzed the global avenues that the company can exploit, the results could be beneficial for the company.
Having a global perspective is also important because it allows the account to assist high level mangers in endeavors aimed at international expansion. International al expansion can be extremely problematic particularly if the company does not have accountants that understand the complexities of international transactions. In addition, accountants are also necessary because they ensure that the international expansion will receive the proper amount of funding.
Overall, managerial accountants must be prepared to work hard to assist their firms in achieving specific goals. Additionally accountants must behave in ways that demonstrate integrity and ethics. They must understand the consequences of behaving in ways that are unethical including the failure that might be visited upon companies or entire economies. Additionally accountants must possess excellent communications skills that allow them to properly convey the financial condition of the company. Such effective communication assists those in positions of authority in making the proper business decisions.
The purpose of this discussion was to provide an analysis of the factors that lead to success for accountants. The research found that management accounting is important to the establishing of the proper business and financial management schemas. The research reveals that successful managerial accountants must acquire the proper education, job experience and certifications. Additionally, successful managerial accountants must understand and implement important theories related to managerial accounting. Contract theory is the primary theorem that successful managerial accountants must understand. The reality of group dynamics present through this theory will aid accountants in presenting information in a way that is proper and ethical. The research also suggests that the most successful managerial accountants also have a global perspective. Such a perspective is important because of the changing nature of the business environment and the manner in which people around the world communicate with one another.
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