Globalization and the Future for Accounting

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After earning your online Bachelor of Science in Accounting, you will enter a dynamic and growing workforce. One important trend having a unique impact on the industry is globalization. Here’s why:

The Role of Accounting Practices in Globalization

Small-to-medium sized practices (SMPs) play an integral role in the globalization of small-to-medium-sized enterprise. Especially important in the digital age, there are a number of unique opportunities to provide services 24/7, despite challenges associated with international expansion. Financial resources, managerial expertise and human capital are all important needs to meet when globalization is in action. Many SMPs can meet these needs and do the following:

  • Outsourcing country-specific work
  • Helping international businesses or individuals to invest in their home jurisdiction
  • Assisting current clients with their expansion into other jurisdictions

The Impact of International Reporting Standards

If the reporting and accounting standards were converged at an international level, SMPs would be able to help even more individuals and organizations take advantage of globalization because of:

  • Streamlined practices, rules and standards
  • Lower costs of doing business
  • Lower risk
  • Lower interest rates (higher capital)

The Future for U.S. Accountants

Increased globalization is most likely to benefit accountants who can balance their performance-oriented knowledge, skills and abilities of management accounting with their compliance-oriented abilities of financial accounting. Additionally, those accountants who master the changing accounting standards by expanding their skill sets will have greater chances of success.

To learn more about the value of growing your accounting skills in a world focused on globalization, view the infographic below:

An infographic about the impact of globalization on accounting by UAB Collat School of Business.

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