Big Advancements in Accounting

Believe it or not, there are “trends” in accounting. We are not talking your typical tax trends, but advancements in the very fabric of the accounting field. The Bureau of Labor Statistics anticipates an increase in job creation of close to 20% by 2016. With changes to health care laws and new tax regulations sweeping the nation, employers are seeking more than just traditional accounting work experience. These advanced and “soft” skills are slowly matriculating into financial and accounting positions throughout the nation. Here’s what you need to know:

Opportunities abound in healthcare.  
Take it or leave it, the Affordable Care Act has had many small businesses scrambling to understand the impact of the complicated legislation. Not only is it extremely complicated, but it takes a trained eye to know how to interpret it. Many accounting departments these days are looking for candidates with know-how to digest and explain these complicated regulations in order to help with compliance issues. So start brushing up on your healthcare knowledge, because this trend is not disappearing anytime soon.

Basic know-how isn’t enough anymore.
All candidates looking for work in accounting and finance should know taxes, tax law, accounting standards and general business practices. In order for you to stand out, you should understand that the next big advancement is by way of thought leadership; someone who has an understanding of future issues. Employers in the oil industries, banking industries, healthcare and green manufacturing industries, need candidates to show their expertise in more than just the tax arena. Be it cost segregation, healthcare compliance, understanding of fracking issues with new oil drilling legislation and so on, candidates must be prepared to show they are the way of the future. Whether through blog posts, roundtable discussions, or networking events, show your potential employer that you can converse on all levels.

Doing business internationally has gone viral.
Social media has paved the way for all forms of easy access to the cyber world; this includes offshore banking and fraudulent activity. The IRS has tightened the reins on foreign investors and is bleeding dry anyone looking to commit fraudulent activity. This has had a large impact on those working abroad and causing all sorts of headaches for accounting professionals to sort out. If you are not familiar with the acronyms FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Accounts), start getting familiar with them now. New compliance regulations have been handed down through the IRS to combat tax evasion by U.S. citizens and businesses. The recent agreement with Swiss Parliament to turn over information about American account holders is just the first in a long line of similar requests to various nations, including Israel. This has sent small businesses running to their accounting staff to make sure their overseas workers and any overseas business transactions are reported. More employers are looking for their new hires to have an in-depth understanding of International Tax Law and its counterparts in order to handle these specialized challenges.   

The accounting world is a constant revolving door. It ebbs and flows with national trends just as any other business profession does. Pridestaff Financial keeps its pulse on current advancements and wants you to be the first to know. Contact us today and let us help you stay ahead of the pack.