In your career, it is likely that you will at some point be an employee but at another time assume the role of a business owner. Such is the nature of the modern working life, where flexibility is the key to both survivability and success over the decades.
This is why we are asking whether an accounting degree would be beneficial in either circumstance – business owner or employee? Let’s see.
Employee with an Accounting Degree
Accounting degrees have progressed over time to become more modern and reach beyond double-entry bookkeeping and financial accounts preparation. They now include other related topics such as information systems to enable people versed in financial matters to understand and deal with broader business issues.
For an employer, a new staff member who is well versed in strategic decision-making and organizational complexities of modern business is a definite boon. They can rely on their knowledge along with their understanding of how financials interconnect with other aspects of business that materially impact success or failure.
While an employee who studies an accounting degree from an educational establishment like the Walsh University may take the course online, they’re still able to work at the company in the interim. This benefits the employer as their staff member’s skills develop as they take the course. It’s also more likely that promotions will follow as their usefulness becomes more evident.
Business Owner with an Accounting Degree
As a business owner, many are struck by confusion over financial matters. Maybe they came from a sales-oriented position previously, so financial numbers weren’t in their wheelhouse. This creates a void that is difficult to navigate through when dealing with management accounts for projects and trying to understand what’s happening financially with their business.
In such circumstances, studying for an accounting degree makes good sense. The fact that modern degrees such as this now consider the global picture and the operational side, along with how it links to the balance sheet and cashflow statement, is a bonus.
Which Working Scenario is Better with Accounting?
It doesn’t necessarily have to be an either/or scenario when studying accounting. While it will certainly be beneficial from a career perspective, many founders launch business at a later stage, when they’re clearer about how they’d like their future to look. As such, learning about financial matters is not likely to be a regrettable decision as this kind of knowledge never goes to waste.
As a business owner, the more that’s understood about the numbers behind the business, the better. Whilst it’s possible to outsource the financials to an accounting company to prepare them, this can never replace a CEO who understands their lingo and the numbers on the page.
Whether you are working for a company or running one, having a solid appreciation of the financials is almost an act of self-preservation. It makes it easier to navigate choppy business waters and provides time to look at alternative employment scenarios should an employer look like they’re economically sinking.