In 1494, Luca Pacioli was the first person to describe the system of debits, credits, journals and ledgers. Since then, accounting has gone through major changes and with advent of technology, accounting has reached new heights. Before computer era, entries were done manually and mistakes could mean hours of recalculation and missing of money.
In that era, finding errors was a tedious job. Later, when accounting computer programs were introduced, they reduced the margin for error, got the job done quicker, eliminated calculators, papers etc. computers have changed the nature of accounting and is now considered as a dynamic profession.
Technology available has made accounting fast-paced and there are about 12,16,900 employed accountants working currently. This number is expected to grow by 16% with $61,1690 annual wage in the coming years. Every 1 out of 5 work more than 40 hours a week which goes to show that this profession is always in demand.
People skills have become just as important to keep the numbers in check. Because of the automated programs, accountants have more time to interpret the data, suggest smart financial decisions and give good financial advice. Today’s accountant is more of a business consultant rather than a mathematical tool.
