Summary

• International Accounting Day is celebrated on November 10 every year to celebrate the accounting profession.
• The first International Accounting Day was celebrated in 1972 by the San Diego chapter of the California Society of Certified Public Accountants (CPA).
• Enroll today in Edison College’s Accounting and Payroll Administration Diploma.
• An important aspect of observing this day is to create interest among students so that more students opt for the accounting profession.

Why is International Accounting Day Celebrated?

International Accounting Day is all about celebrating accountants and the accounting profession. The aim is to talk about the role of accountants in our daily lives. Why accountants are crucial to the economy and how they connect us with each other at a broader level.

Some believe accounting is a lifeless profession. Others wonder how somebody can do this kind of dull job.

It is true that accountants do a lot of number crunching, but accounting is not a boring profession. This is exactly the same message that professional accountants want to come across by celebrating International Accounting Day.

The first International Accounting Day was celebrated in 1972 by the San Diego chapter of the California Society of Certified Public Accountants (CPA). Since then this day has been observed in different cities of North America.

Another important aspect of observing International Accounting Day is to create more interest among students so that more students opt for the accounting profession. Today, accounting and payroll administration is a fast-growing profession in different parts of the world.

Accountancy is a much older profession than people think it is. Evidence shows that Sumerians (a civilization in modern-day Iraq) used to have accountancy practices about 5,000 years ago.  

However, modern-day accountancy has its roots in Europe. Luca Pacioli, an Italian mathematician, introduced the double-entry bookkeeping system in 1494 in his book, Summa de arithmetica. He is called the ‘father of accounting’ because his system is still the basis for modern accountancy and record-keeping.

In 1854, the first professional accountants’ organization was created, and it was the Institution of Accountants in Glasgow.

Gradually, more such organizations were formed in other countries, and new regulations continued to make this profession more structured and regulated.

What Do Accountants Do?

Accountants are the backbone of a company; without them, no company can run its financial system. They are trained with a specific set of skills through which they control all the financial aspects of the companies.

With the popularity of AI in recent years, accounting has seen some changes. However, the main principles and values, such as integrity and accountability, have remained unchanged in accountancy.

Some of the core duties of accountants are

• Conducting risk analysis evaluations.
• Recording spending and creating financial reports.
• Collaborate with external auditors.
• Ensure accurate and compliant bookkeeping with state and federal requirements.
• Recording outflows and payments.
• Keeping systems up to date.
• Examining financial papers and transactions to ensure compliance and resolve problems.
• Prepare tax returns.

What Role Accountants Play in Global Economy?

Today, modern accountancy profession is expanding fast and accountants are more exposed to technology and strategic functions. These days accountants are also involved in strategic advisory and analysis, data interpretation, technology integration, risk management and lot of other complex process.

Large companies are now expecting accountants to be more technically sound. For instance, modern businesses require accountants to know data analysis, cybersecurity awareness, financial modelling, and such other technical knowledge.

The reason is that the global economy and businesses are getting more complex and integrated; therefore, the accountancy profession is changing with the times.

The size of the global accounting services is estimated to be around USD $643.8 billion in 2025. The industry is growing at a Compound Annual Growth Rate (CAGR) of 3.1%. There are over 5 million professional accountants all over the world working in over 1 million businesses.  

Conclusion

International Accounting Day provides an outstanding opportunity to talk about the role of accountants and the accountancy profession. Let’s take out some time and celebrate the crucial role of accountants in our day-to-day life.

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This pharmacy assistant course is available online, so those who cannot attend in-person classes can avail themselves of this opportunity.

Upon completing this accounting and payroll administration course, students will be eligible to work under the following job titles: pharmacy assistant, hospital pharmacy assistant, clinic pharmacy assistant, compounding pharmacy assistant, pharmacy distribution clerk, and many more.

You can launch a new career in the fast-growing healthcare industry with our Pharmacy Assistant Diploma.

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