Interesting Facts about the World of Accounting

The term ‘accountant’ is derived from the French term ‘compter’ which means to count or score. Accounting is a fascinating subject and in today’s day and age, there is a huge need for accountants, especially since there are so many small diverse businesses practically popping out of the woodwork. So if you are maybe thinking about becoming an accountant then here are a few interesting facts that you should know about the accounting world:

No Time like The Present

Now is a good time to be an accountant in the business sector because there is such a high demand right now for qualified accountants. And with companies growing and expanding there seems to be a bit of an accountant shortage of qualified accountants. So if you are looking for accounting positions then there is no time like the present.

The Impact of Technology

Artificial intelligence and the use of more automated processes are slowly creeping into accounting jobs. Although it has not fully taken over human work yet, the process has already begun. Because most companies find it safer to use machines as it erases the factor of human error. And although machines are expensive to purchase there is no need to pay the machines a salary, machines additionally never get tried or complain and can work 365 days a year without a holiday. So companies are finding machines more and more desirable. But this does not mean that the machines will completely replace accountant positions because the machines account consult or advice like a human accountant can. In fact, accounting is one of the jobs that are safe from total automation (for now at least).

Accountant Entrepreneurs

Did you know that the inventor of bubble-gum was an accountant? Mr. Walter E. Diemer was the man who accidentally created the well-loved chewing gum. Another cool fact is that the co-founder of Nike was an accountant too. During Mr. Phil Knight’s time studying at Stanford, he founded the now globally renowned sports company. You can only imagine how his knowledge of finances, bookkeeping and other such matters helped him grow the company from nothing. If you need help with the finances of your company if you are not an accountant yourself, then outsource the work to places like bookkeeping services adelaide as they will surely be able to help you.

Accounting for the FBI

If you have ever wanted to say to people that you work for the FBI, well then I have good news. The FBI hires accountants, and I mean a lot of accountants. There are over 2000 specialist accountants currently working for the FBI. And yes even the accountants get to do some thrilling work such as taking down criminal mastermind crime boss, the American mobster Al Capone. After all that Al Capone (and his criminal gang) did in his life, he was finally arrested for income tax evasion because that was all that they could tie to him. Way to go accountants!

Do you see why accounting is cool? These are just a few fun facts from the wonderful world of accounting.

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