New Changes in Accountancy - What Does this Mean for Businesses?

14/11/2022

The accountancy industry is an ever-shifting landscape. With the right skills and up-to-date knowledge of what’s going on, it’s a great time to either pursue or enhance your career in the accountancy industry.  
 
There have been new changes to the world of accounting recently and they are responsible for some shifts in the way we approach job roles. It is important to acknowledge the impact that these changes have on business.

Accountancy

 

Course Highlights 
 
Let’s examine the course highlights for an MSc in Accountancy and Financial Management at the University of Bolton
 
This course is designed to support the development of your career in business. It revolves around accounting and financial management. Learners will be given the tools necessary to gain a key understanding of finance, accountancy and broader management knowledge necessary for success in any private or public sector industry. 
 
Core highlights include: 
 
- Study in our £4 million Institute of Management facility 
 
- The opportunity to focus on a competitively global environment, covering topics like social responsibility, performance management, ethics and strategic management accounting 
 
- Students that demonstrate proficiency in the course will be afforded the opportunity to participate in additional modules which will enhance their employment prospects 
 
- You’ll be given the chance to develop a key awareness of the techniques and principles which make up effective financial decision-making 

New Technology Changes How Accountancy Works 
 
New technology has changed the way accountancy works. We live in an increasingly digital age, one where there has been almost constant improvement for the last decade. 
 
Artificial intelligence, cloud computing and improved data analytics all play a key role in modern accountancy. Whether it is new automation software or being able to work remotely, accountancy is different now. 
 
It is important to acknowledge that technology is constantly growing, so brand-new ideas and tools are being incorporated into accountancy practices all the time. 

The Rise of Regulatory Compliance 
 
Regulatory compliance is an important part of modern accounting. It’s been designed for the purposes of making sure that everybody works to the same standard and it is important for guaranteeing best practices. 
 
However most recently, regulatory compliance has shot up as a matter of importance in the industry, to the point that now we are seeing it become even more vital. It’s no longer acceptable to do things to a standard you see fit, instead you need to maintain compliance with the latest regulations for data protection, best practices and other areas. 

The Importance of Soft Skills 
 
Soft skills we acquire on the journey, that have nothing to do with our profession, are becoming increasingly relevant when discussing things like accountancy. 
 
Modern accountancy calls for things like attention to detail, professionalism, but flexibility at the same time. Being able to demonstrate all of these skills at once is very important. Accountancy firms are being increasingly expected to cultivate soft skills to provide support clients in the right way. 

Studying MSc Accountancy and Financial Management at the University of Bolton 
 
The course teaches you a range of skills which can be applied to financial manager jobs and equip learners with what they need to thrive in the world of accountancy. You’ll be able to learn the skills that go into financial management and reporting, as well as wider management skills.  
 
You’ll learn about business, ethics, financial performance, corporate and social responsibility, taxation, and auditing, as well as risk and business strategy. All the skills that you could possibly need to begin a career in accountancy and financial management will be taught to you. 
 
If you believe that this course is the correct one for you, then you are welcome to examine the full course and review all its components here
 
For further information, contact our team at enquiries@bolton.ac.uk or call on 01204 903807. 

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