If Some folks call them "bean counters," but the days of the pocket-protected number guys in the back room are over.

The role of professionals in the accounting field has changed radically in the last few years as accountants are taking a more prominent role in driving the direction of the firms for which they work. More and more, entrepreneurs view their accountants as true partners in the business because of the vast knowledge they possess about the true workings of the company. Nothing speaks more clearly about the condition of a company than a fresh set of financial statements.

Accountants assist in a variety of ways beyond the number crunching. They interpret, translate, caution and direct. They aid in establishing practices that will enhance efficiency and improve productivity. They act as coach, counselor and critic. Those interested in the field should be prepared to play this expanded role. The new economy will demand it.

In addition, the corporate accounting scandals of the last decade have raised the visibility of the profession at the same they have focused the spotlight even more brightly on the need for accuracy, completeness, objectivity and compliance. In fact, 58 percent of privately held firms surveyed by a national research organization reported that they have implemented new practices in response to government mandates for publicly held firms, as specified in the Sarbane-Oxley Act of 2002.

For this reason, accountants with audit and assurance knowledge, as well as those with forensic accounting experience, are in high demand. Companies require accountants who can prevent, identify, and unravel complex corporate financial fraud such as embezzlement, securities fraud, tax scams and money laundering.

Sarbanes-Oxley is also prompting many firms to look for ways to integrate and automate the compliance process. As a result, there is an increasing need for accountants who can help companies refine their approach to information management. For instance, companies value the ability to audit information technology (IT) infrastructure, including assessing the security of automated information systems and reviewing or establishing security policies, plans, and strategies.

Accountants who have advanced spreadsheet skills combined with knowledge of enterprise resource planning (ERP) systems and an ability to collaborate with IT professionals are at an advantage. There's also demand for experience in systems documentation and flowcharting and the use of data warehouse and database applications for financial analysis.

A global view

Technological advances and the labor advantages of countries such as India and China have encouraged a wide range of companies to pursue international business opportunities through overseas operations or global transactions. Even if your company is currently limited to domestic markets, you will need to develop an international business perspective and an understanding of other cultures to maximize your marketability. If your present employer does have a global reach, requesting an assignment abroad could be a wise career move.

But you don't have to move to a foreign country to acquire international knowledge and experience-you can accomplish this at home. Our research shows that it is increasingly useful for accountants to become familiar with International Financial Reporting Standards (IFRS). As more companies around the world adopt these standards, there's expected to be increased pressure on U.S.-based firms to do so as well. As a result, accountants knowledgeable about IFRS and other international regulations will be in high demand.

Value of certifications

One of the best ways to stay on top of accounting trends is by joining professional associations and pursuing industry-recognized certifications such as the Certified Management Accountant (CMA) designation. Accreditations are often viewed as extra reassurance of a candidate's expertise and commitment to the accounting field. Research by our company shows that a large majority of CFOs believe that having a certification enhances an accounting professional's career prospects.

This is an exciting time to be an accountant. With change comes new opportunity to expand abilities and assume new roles and responsibilities. To keep up with developments and shifting business requirements, look ahead and strive to improve your skills. This will help ensure you are on the front edge of future changes, which can enhance your value to your employer and improve your overall marketability.

Note: The above information is adapted from Next Generation Accountant: A New Outlook on a Timeless Profession. The latest results of this initiative have been chronicled in a comprehensive research guide and can be obtained online at www.nextgenaccountant.com or by calling (866) 328-0577.

Authored by: Mary Paulsell, Associate Director, University Center for Innovation and Entrepreneurship, Columbia, MO
Date Reviewed: 9/8/06