Is Accounting A Good Degree For A Future Entrepreneur?

Admin/ April 16, 2020/ Accounting, Alan Boal, Finance/ 0 comments

Accountancy for Entrepreneurs

For those who are embarking on an entrepreneurial career there are many advantages to combining this with some solid training in accountancy. Not only will you gain invaluable knowledge and skills in accountancy and finance but you will be able to combine this with entrepreneurial flair, which means that you may take more calculated risks to grow into a successful business unlike those in traditional accountancy roles.

Entrepreneurial Accountants

The job of an entrepreneur is to grow the business and take bold decisions in order to go to places that other firms may not dare to, and this is what separates successful entrepreneurs from traditional partners in a firm.

An entrepreneurial accountant will have an added advantage in that, by completing an accountancy degree, they will have a thorough understanding of this side of the business which will allow them to introduce innovation or new business models with a solid financial foundation.

Fit for the Future

To remain relevant and fit for the future, entrepreneurs need to have a suite of skills and abilities that will allow them to stay one step ahead of the game. Underpinning all aspects of a business are the finances and profits, as well as many other aspects of modern society that link to this such as use of technology and software which are essential for accounting. 

The role of an accountant is fundamental to business, from financial transactions to tax collection, and the skills of an accountant will remain relevant no matter what sector they are operating in.

Business Intelligence

Business woman in office

Advisors such as Alan Boal work at the interface between accountancy and entrepreneurship to advise businesses on the core accounting Xero platform – a low cost system which provides SME’s (Small Mid-Sized Enterprises) with unprecedented access to real time reporting of their financial position. This is just one example of how a background in accountancy can lend itself to entrepreneurship and future-proofing a business.

What Is Involved In An Accountancy Degree Course?

Accountancy degrees typically involve learning how to process, measure, analyse and communicate financial information to a range of parties who may include creditors, investors, senior management, regulators and the general public. There will also be a need to understand established rules and regulations governing financial transactions, and mathematics and statistics obviously feature prominently in accounting degrees.

Inevitably, many systems are computerised so a degree will provide an understanding of technology and computational skills which will include becoming proficient in accounting software. However, each course may be structured slightly differently, therefore, it is important to take some time to read through each course and the detail of how it is structured and what the specific course content will be in order to make sure it covers the things you feel will be most useful to you and that you wish to learn.

Studying For An Accountancy Degree

Now has never been a better time to study for an accountancy degree as there are a whole raft of flexible options open to students, from traditional degree study to blended learning, which combines online learning with traditional lecture sessions and distance learning. The full range of options open to potential students means that by acquiring accountancy skills you will give your entrepreneurial career a real boost and combine two powerful skill sets.

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