Wednesday, August 28, 2019

What roles does the accountant play in business of present economy Research Paper

What roles does the accountant play in business of present economy - Research Paper Example Like other key professionals, accountants operate in volatile environments in the business world, where informational changes strike with catastrophic shocks that often times result in the collapse of business ventures. The challenge before an accountant is but to ensure informational flows, covering every undertaking within the organization in efforts towards warding off unaccounted for actions that may overstretch organizational budget beyond the available resources. This paper explores the nexus between the accountant and the economic well-being of the present economy with reference to their operational roles within the entrepreneurial undertakings. The role of accountants seems to be at the epicenter of business objectives; for these professional deals with figures of facts used in clarifying decisional options crucial in initiating projects as well as monitoring them in the subsequent stages with the sole aim of enhancing efficiency, and so the performance and the general well-being of a business enterprise and the economy at large (Lev 4-6). The connection between accounting and the economic health of a nation is but fairly implicit. Though difficult to define, â€Å"economic development,† a term which basically defines the standard of life within a given country, generally involves how the available inputs are used efficiently in the productive processes within a given economy. The relations of accountancy to economic development should, thus, be understood in terms of the measurement processes and techniques that the latter lend to the former in a nation’s continuous endeavors to ensure that people’s l ives are better off with regards production efficiency [which includes both quantity and quality of commodities available within the boundaries of an economy]. As noted by NPC in their analysis of the role of accountants, these

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