Top reasons to study accounting (it’s more than just numbers…)What do famous personalities like Sir Mick Jagger (The Rolling Stones), Julia Sweeney (American comedian and actress), Kenny G (saxophone extraordinaire) and Peter Falk (TV’s legendary detective Colombo) all have in common? Accounting – They either studied accounting or were professional accountants! Studying accounting - https://www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ gives you a much broader perspective than additions and subtractions. Once you have completed that bookkeeping course you can graduate to a diploma of accounting by undertaking this course and receive an accredited qualification. Ask any student of accounting, and he/she will readily affirm that studying accounting is not just about the numbers. Their influence in business and society in general goes much beyond ledgers, balance sheets and numbers. As a student of accounting, you don’t necessarily need to end up working as a ‘traditional’ accountant, writing ledgers and preparing Profit & Loss Statements. Studying accounting opens the doors to a whole range of allied careers, including:
- Finance Managers
- Business Analysts
- Business Managers
- Investment Advisors
- Risk Management Specialist
Numbers DO matterAustralia Bureau of Statistics (ABS) statistics indicate that, not only is there a healthy demand for accountants, but that the median earnings for accountants track roughly 22% higher than the benchmark “All occupations”. These numbers confirm that studying accounting does bring you the benefit of great jobs, but also pay that’s relatively better than many of Accounting’s peer disciplines.
Age doesn’t matterAccounting students, enrolled in a certificate, diploma or professional degree program today, should be heartened by the fact that they could be absorbed into the workforce shortly upon completing the course. ABS data shows that, while 31% of accountants are in the 25-34 year age group (compared to 22% for all other professions), studying accounting can also bring youngsters in the age group of 20-24 years into the workforce. The need to fill the imminent void that will be left by retiring accountants (Boomers and Gen X’s) means you are more likely to position yourself to fill that void if you start your Accounting studies now!
Great employment potentialStudying accounting offers you great long-term potential for employment, whether you are an Australian student, or an overseas student studying accounting at an Australian institution. An Australian Department of Employment study indicated that: Studying accounting opens doors to employment: Over 86% of individuals with an accounting qualification were contributing members to the labour force, compared to 82.5% of individuals with other qualifications
Application of Analytical ScienceAs organizational processes became more complex, many underlying aspects of getting work accomplished began to change. Most noticeably, the manufacturing process moved out of the craftsman’s homes into formal factory settings where the products could be mass produced. This necessitated a tighter coupling of work processes and more refined versions of them. Toward the end of the nineteenth century, new technologies using electricity and internal combustion brought a further expansion of manufacturing complexity. Suddenly, employee (non-owner) managers found themselves faced with the daunting task of organizing the manual labor of thousands of workers related to the manufacture and assembly of unprecedented quantities of raw material (Sisk, n.d.). This phase basically marked the beginning point for the application of analytical science to the workplace. If one could point to a birth date for modern project management - click here for PM course details, it would likely be in the two initial decades of the twentieth century and the names summarized in the next section made the subject more visible to the masses.
Frederick Taylor and Scientific ManagementFrederick Taylor is called the father of Scientific Management and his influence can be traced through much of the early evolution of project management thought. Taylor came from what was considered a privileged background, but entered into employment with the Midvale Steel Company of Philadelphia as a common laborer in the late nineteenth century. The prevailing wage system in place at the time was called piece work. That is, employees were compensated based on their production rate; more production meant more pay. One common practice for management was to monitor the payroll and as soon as workers began earning “too much,” they would cut the piece rate to try to entice the workers to do more for less. In reaction to this, employees scaled back their output to keep the quota lower. This practice was called “soldiering” (Gabor, 1999, p. 13). Years later, this concept would be called peer pressure and became added to the behavior theory of management. Taylor saw this practice and even participated. Sometime later, he was promoted to gang boss at the mill and became determined to stop the soldiering. Being an engineer, his method of doing this was to find a way to define “scientifically” what a fair pay-for-performance formula would be. In order to do that, he had to research the best method for the job. This would be called process re-engineering in modern terms. Taylor’s application of systematic studies for various jobs and the time required to complete each task represented the roots of project management theory circa 1910. He conducted time studies of various jobs using a stopwatch. This later became a common activity in manufacturing organizations under the title Time and Motion study (Gabor, 1999, p. 17). By standardizing the work processes and understanding the needed times to complete tasks within those processes, Taylor was able to increase the output at the steel company. Taylor was recruited to Bethlehem Steel Works, where he conducted what is his most famous experiment, based on the loading of pig iron (NetMBA, n.d.). The impetus for the experiment was a rise in price for pig iron caused by an increased demand for the product. Using his knowledge of work process and time studies, Taylor set about to increase the productivity of pig iron loading. This task required backbreaking labor, but over the course of time trained workers with the proper skills were put in place. The initial average daily load of pig iron per worker was 13 tons. By conducting time and motion experiments to determine the proper timing of lifting and resting the workers could increase the production to 47.5 tons per day (NetMBA, n.d.). What is not so readily defined in history is that the workers did not readily adopt Taylor’s method, even though he showed that it was more productive. It took several more years before the concept of group behavior was better understood. As is the case with most improvements in management thought, each small step forward leaves behind other unanswered questions. In this case, why would the workers not want to produce more if they did not have to work harder (even with the inticement for more wages)? Taylor became famous after testifying before the U.S. Congress on ways in which the U.S. railway system could be made more productive. This testimony was published in the New York Times describing how utilizing his theory would save the railroads one million dollars per day. One could argue that this was the first of the management “silver bullet” ideas that represented all you needed to know to solve basically any problem. Many of the historians we examine were not afraid to tout their solutions in this way. Taylor left his mark on the industry with his 1911 publication of The Principles of Scientific Management . The four key Taylor management principles were (Ivancevich et al., 2008, p. 143):
- Develop a science for each element of a man’s work that replaces the old rule-of-thumb method.
- Scientifically select and then train, teach, and develop the workman. In the past he trained himself as best as he could.
- Heartily cooperate with the men so as to ensure that all the work is done in accordance with the principles of the science that has been developed.
- There is almost an equal division of the work and the responsibility between management and workmen. Management takes over all work for which it is better fitted than workmen, while in the past almost all of the work and the greater part of the responsibility were placed on the workmen. These early foundation concepts provided the framework from which modern project management evolution can be traced today.
Is telecommuting dead?From IBM Australia to Yahoo!, are we seeing a growing trend in organizations restricting their telecommuting policies? Last week, IT News reported that IBM Australia has sent out a memo to all of its employees about changes to its telecommuting policy. Their HR team will be reviewing each employee’s case and budget to make a decision as to whether it is still appropriate for them to be working remotely from home. To find out information about business statitiosn in Australia click here. Both IBM Australia and Yahoo! have cited that they’re moving towards regrouping their teams in-house so that they can better connect with each other and synergise their operations. I’m sure many of their employees are huffing and puffing, I mean who wants to have to commute back and forth to and from work when you’ve had the privilege of working from home, with no distractions, no hours spent on public transport or in traffic. Some industry leaders have even predicted that it won't be long before many other organisations restrict their employees from the same arrangements. Especially in the wake of weak trading conditions resulting in falling profits and revenues. From an organisation’s point of view, the management team has a duty to make hard decisions – even if it is unpopular with their employees, to ensure the viability of the company. To ensure industry can be successful it needs to ensure staff members are qualified and a popular study option is the accredited business administration course www.edna.edu.au/online-courses/certificate-iv-in-business-administration can give you the edge you are looking for in the business world.
Benefits of telecommuting for a business
- Save time commuting to and from work each day – traffic and public transport delays can really take a toll on a person.
- Fewer sick days – employees who telecommute are more likely to have a healthier lifestyle, with many saying the time they save commuting to and from work, they spend outdoors instead.
- No geographical restrictions when hiring.
Disadvantages of working remotely for Businesses
- Can be isolating – employees not knowing each other or working in a team environment can really be mentally challenging in trying to bring a team working cohesively together.
- Poor communication channels – many have reported that communication is their greatest challenge. For Managers, many who are there to manage their team at times do not know what their team is up to as they are not physically there.
- Security concerns – many employees deal with a lot of sensitive data and are privy to secrets of an organisation’s operations. Telecommuting opens an organisation up to possible leaks and accidental breaches.
Future of Business telecommutingOver the next few years, we can expect to find more and more organisations pulling back their telecommuting arrangements with their employees, especially in the wake of tougher market conditions. Companies will be trying anything they can to reinvigorate their workforce and to reinspire them to help the companies reach their goals. This Article is a good read about how woman are treated in business. More and more companies are also on the hunt for skilled and knowledgeable employees. Those that have strong analytic skills are able to steer the company towards the right direction and help pull the company out of a storm. That is why it is important that you learn as much as you can, put yourself in situations that will push you to practice what you learn, and get qualified! Find out more here about the business diploma available or look at some of the other online diplomas and certificates