The Difference of a Career in Accounting Technology and Accounting
Both the accounting and the accounting technology industry have revolutionized the way we handle our finances. Accounting technology being a modern field as accounting evolved into integrating technology into its processes pushing us into the age of modern accounting. While interconnected, there are still distinctions between a traditional career in accounting and a modern career in accounting technology. If you’re looking to pursue either, there are a few things you can note.
A Traditional Career in Accounting
Accounting has been an essential part of company and business processes for the longest time – it is how companies track and document their finances and is the tool for proper financial management allowing for a company to expand its operations or decide on its next steps. If you’re looking to pursue a career in accounting, here are the basic requirements:
To become an accountant, most companies look for a bachelor’s degree in accounting or in a field related to accounting coupled with qualifications such as a master's and/or a Certified Public Accounting (CPA) certification. These additional requirements show that you are fully proficient in the field of accounting and can handle accounting tasks.
Accountants are often tasked with the accounting needs of a company. This includes managing financial records, preparing financial statements, and ensuring compliance with tax laws and regulations to maintain operations. Their output allows companies to make informed decisions that would benefit their growth.
Strong analytical skills, attention to detail, and a deep understanding of financial principles are essential for accountants. They must also stay updated on changing tax laws and financial regulations.
Accountants often begin as staff accountants and can progress to roles such as senior accountant, controller, or financial analyst. Ultimately, some may even become CFOs (Chief Financial Officers) or partners in accounting firms.
A Modern Career in Accounting Technology
As the field of accounting integrated technology into their everyday work processes, a new opportunity opened and a career in accounting technology was born. A career in accounting technology focuses on being proficient in the different software and technological innovations present in the accounting industry and are able to combine it with basic accounting principles.
Here are some of the basic requirements to pursue a career in Accounting Technology:
A career in accounting technology often requires a strong foundation in accounting principles but focuses more on the use of accounting technologies. These technologies range from accounting software, the different data security and security measures normally taken in the field of accounting, process automation software, and any other technological innovation that is used in the accounting industry. A degree in accounting information systems or accounting technology are the basic requirements to pursue this field.
Accounting technologists leverage technology to automate and streamline financial processes. They are responsible for implementing and maintaining accounting software, optimizing data management, and ensuring data security. Their role is crucial in enhancing efficiency and accuracy in financial operations.
In addition to accounting knowledge, accounting technologists must be adept at working with various software tools, data analytics, and cybersecurity. Adaptability and the ability to keep up with rapidly evolving technologies are also crucial.
Career paths in accounting technology may lead to roles like systems analysts and database administrators. With experience and expertise, some professionals in this field transition to finance and accounting executive positions due to the quality they bring to the field of accounting.
While both traditional accounting and accounting technology are commendable career choices and add value to the world of finance and accounting, the choice on what career you want to pursue would depend on what you focus on.
Do you want to focus on accounting principles, knowing how to perform tasks such as auditing, financial analysis and the like? Or do you want to focus on the know-how needed to run financial data using different software to produce relevant insights?
Both of these careers are essential to accounting, and ultimately, the choice between a career in accounting and accounting technology would depend on you. What you can be assured of is that both fields offer rewarding opportunities as the finance and accounting industry continues to evolve and the need for professionals in the field increases. As you decide, remember that it should first and foremost align with your personal and professional goals.
Want to kickstart your accounting career?
D&V Philippines’ commitment to staying on top of all the new technologies used in accounting allows us to stay proficient and in the know in the finance and accounting industry. See how you can be a part of us today!
Download our Employees to Partners Whitepaper to see how we value our talents.