Table of Contents Ten best next-generation trending accounting subjects for commerce students. Thank you very much for Like, comment,&subscribe of my Article. Share this article Introduction:- In the modern world today, the role of accounting is not only limited to record the financial transactions but also provide necessary basic information for decision making. Accountants are providing relevant information to various users and assists to management for the short run and long run planning for the business. Accounting plays a vital role in running the business, which helps the financial income and expenditure of the management. Accountant ensures statutory compliance which can be used to make business decisions. Accountants expand the financial health of the organization. Qualification required for Accountants:- Accountants generally have a bachelor’s degree in accounting& finance .He must be from a commerce background. In India, many professional accountants are Certified Public Accountants (CPA) or CA (Charted Accountants). He may also be Charted Financial Analyst (CFA), ACCA-Associated Chartered Certified Accountants or CIMA-Charted Institute of Management Accountants. women-accounting-profession in the world What is the Future of Accountants in India:-The accountant in the future to be well educated in digital technology to handle the accounting works in the company. The use of big data, globalization (outsourcing of accounting services) and evolving update regulations of Income Tax, GST, and other statutory compliances, corporate reporting, integrated reporting regulation etc. According to the US Bureau of Labor Statistics, the job of Accountants and Auditors is projected to grow by 4% between 2019-2020.Even the Bureau of Labor Statistics projects advances in technology will mean a 7% growth for accountants and auditors from 2020-2030. Application for Accountancy:- Application of Accounting in the Manufacturing Sector:-Manufacturing companies produce products from raw materials, for which they need accounting in their business for warehouse management and purchase of raw materials. The application of Accountancy plays a vital role to complete all transactions Applications for Accounting in the Service Sector:-Different types of service providers’ requirements for accounting software. Their primary focus is on sales management and employee tracking. Application of accounts for E-commerce industries:-E-commerce sites and physical sites need accounting to keep updated data of the business. Inventory management, point of sales (POS) 7 supply chain management plays a vital role in accounting in the business. Ten best next-generation trending accounting subjects for commerce students. 1. Artificial Intelligence (AI) in Accounting:-Today the new technology in the accounting world is (AI). The trend toward automation of repetitive accounting tasks is an exciting development in accounting industries. Some of the processes include approval of workflows, bank reconciliations, journal entries, inter-company consolidation, revenue recognition, and lease accounting and depreciation calculations done through AI. AI enables the processing and automated authorization of documents to enhance internal accounting processes.AI and can help the management with procurement for purchase, invoicing, purchase orders, reports accounts payable & receivable etc. What-Are-The-Impacts-of-Artificial-Intelligence-on-Accounting-professions In modern accounting systems the artiificial Intelligence play a vital role in accounting professions. An 80-90% reduction in time to do the tasks. It allows human accountants to be more focused on clients. RPA(The Robotic Process automation) allows the machines and AI workers to complete repetitive, time consuming tasks in the business. Once RPA is in place, the time accountants used to spend on these tasks is now available for more strategic and advisory work. AI can also provide real-time status of financial matters, since it can process documents using language processing and computer vision faster than making daily reporting possible and also less expensive. 2. New Account Software:-Best Accounting software in leading in 2022, Zoho Books, Tally Prime, Oracle Net Suites, ERP, Vyapar, My Bill Book. All this software, keep records of the businesses, income and expenses and security tracks of all financial transactions. Tally-Prime is the most popular software for Indian businessmen. Tally has been the only software working in India for two decades. Tally Prime is the updated version of Tally ERP. TALLY PRIME IS THE BEST TOOL FOR ACCOUNTS PROFESSION IN INDIA Excel is one modern accounting tool which continues to help accounting solve the problems of businesses. SAP is the systems, applications and products. SAP is the best accounting software in the world, and is manufactured by the largest software company in the world. Modern accounting software means the use of technology and accounting software programs to systematize your financial tracking. Every transaction that moves in and out of your account need to be recorded. There is no need to write these things down by hand. 3. Data Analytics and Forecasting Tools in Accounting:- Accountants use data analytics to help businesses uncover valuable insights within their financials, identify processes, and improvements that can increase efficiency and better management decisions. The major three important basic tools for financial statement analysis. It includes horizontal analysis, vertical analysis, and ratio analysis. The Key tools used in Accounting for Data Analytics are Excel, Business Intelligence Tools, R and Python, proprietary tools& SQL. 4. Digital Transformation of Accounts:-Digital transformations involve the integration of digital technologies and business processes. Recent developments in digital technologies have provided organizations with the tools to embark on digital transformations of a wide range of business processes and activities. The four major key areas where Digital Transformations, (i) Empowering employees-Employees motivations and skills is critical for the organisation’s transformations, which include transformation for success. (ii) Engaging the customers (iii) Optimize the operations (iv) Services and products. The digital transformations data allows you to take huge steps in terms of updating and managing your operational model, your customer service, and even your business strategy. Data allows you to understand customers in new ways, using that information to identify opportunities and optimize their products and services. 5. Online Collaboration with Remote Workforce for Accounting:-Nowadays the teams of ACCOUNTANTS are working together and are transforming rapidly. Collaboration is no longer only happening in the office environment. Recent studies are showing that 70% of people are working remotely at least once per week. The new technology creates new possibilities for communications, collaborations and quality work from anywhere with internet connections. The tech division completely handle by the accounting firms in an update apps , modern tools and products to achieve maximum productivity. The number of software apps developed by large firms across all industries worldwide has increased 68% over the past four years REMOTE ACCOUNTING JOBS DEMAND IN ACCOUNTS PROFESIONS The 10 major companies hire work-from-home accounting jobs.1. Aston Carter:- For Insurance Accountant, Accounts Payable Specialist, Staff Accountant 2. Citizen Banks:-Financial and banking services through its 122 branches. 3. CVS Health:-.Senior Finance Consultant, Forecast Financial Advisor 4. Exp Reality:-Accounts Receivable Manager, Brokerage Operations, Billing Coordinator 5. Flagstar Bank:-Providing individuals with services such as checking, savings, auto loans and credit cards. 6. K Force;-Kforce is a staffing and recruiting firm that specializes in staffing solutions for technology, financial services, health care, communications and government. 7. LHH-Lee Hecht Horrison:-Recent remote accounting jobs are Accounting specialist, staff Accountant, and Accounts, Payable specialist. 8. Lincoln Financial Group:-Lincoln Financial group offers financial products that help customers achieve retirement income security. The company handles annuities, life insurance and long-term care protection for the customer. 9. Randstad-Randstad is a global staffing agency and HR services provider offering permanent, temporary and outsourced staffing services and a range of HR solutions. Rand Stad works with clients in several industries, including finance, accounting, healthcare, and IT. Remote accounting jobs are 1.General Ledger2.Director of Accounting3.Mortgage Originator. 10.Summit CPA Group:-CPA groups focus on customized financial solutions for small businesses, including accounting, bookkeeping and tax services. Recent accounting jobs are:-1.Senior Accountant2.Chief Financial officer3.Tax Accountant. 6. Data security of Accounts:-Data security of the accounts means protecting the data and preventing data loss through unauthorized access. We can protect accounting information systems. All of the data in AIS should be encrypted and access to the system should be logged and surveilled. AIS also requires internal control of the computer virus, hackers and any external threats. To protect against cyber attacks, accounting firms should protect their network with a firewall and make sure it is updated with the latest patches. Always keep the data backup in the accounting system and save the data back up outside the premises. There are 5 components in an accounting system. Each part has different jobs and accomplishments at different steps in the financial reporting process. The five components are source documents, input devices, information processors, and information storage and output devices. CYBER SECURITY OF ACCOUNTS 7. Proactive Accounts:-Proactive accounting means it takes accounting steps to understand the financial insights of the businesses. It identifies the areas where the money is going out unnecessarily and makes the important financial things to be done in priority. A proactive accountant does not just process the numbers on cash flow but also analyzes those to identify the key areas of a business that generate good returns. This helps in allocating resources better in the long run. Proactive accounting strategies help with a business plan for contingencies in addition to reserving resources for goal achievements. A pro-active tax accounting does not just deal with the taxes on your business, but also considers how liabilities can be reduced while maintaining the profits at a maximum. 8. Automated Accounts:- Accounting Automation is software that lets you automate the accounting processes, so most manual tasks are complicated instantly and efficiently. Automated accounting and computerized accounting software systems are an integral part of the accounting team processes. The Accounting Automation platform not only improves the accounting team’s process efficiency, scales growth, and provides insights, but they also enable better tracking. Automation in Accounting brings greater opportunities for the profession as it helps reduce transactional and routine tasks such as data entry, bookkeeping and compliance work and allows accounting and finance professionals to focus on more and value-added services. Automation reduces time, effort and cost while reducing manual errors, giving your business more time to focus on your primary objectives. In modern times the banks and financial institutions are rapidly adopting a new generation of Artificial Intellegence technology. 9. Statutory and Regulatory compliance of Accounts:-Statutory Requirements mean Laws passed by the state and a central government. Regulatory requirement –A rule is issued by a regulatory body appointed by state and central government standards. Documents and accounting will be done as per the statutory law. Rules and regulations regarding Income Tax, GST, TDS and other statutory laws should always be updated in the organization. Statutory compliance means the legal framework within which any given organization must be within that framework. Statutory refers to laws passed by a state and the state or central government. While the regulatory refers to that rule issued by a regulatory body appointed by the state or central government. 10. Change of Accounting Standards:- A change in accounting policy should be made only if the adoption of different accounting policies is required by statute or for compliance with accounting standards. Changes in accounting policies results from the financial statements, providing reliable and more relevant pieces of information about the effects of transactions. Other conditions are financial positions financial performance and cash flow.Changes in accounting policies are required, if required by the statute. It results in better and more appropriate presentations. The change will provide more useful, relevant and reliable pieces of information on financial statements about the effect of transactions, events and financial performance. Chartered-Accountancy - Best in Commerce Recent Entries set by the Revised Accounting Standards will consist of 32 standards which are at various stages or revisions or formations, which will replace the existing standards when implemented at a future date.FAQ:- 1. Question: – What is the future of commerce students? 1. Answer:- The students who choose commerce students as their field of study options for a career such as Business Executives, Accountants, HR Managers, Data Analysts, Marketing Managers, Investment Bankers, Wealth Managers, Project Managers, Tax managers etc. 2. Question: – Which courses is more scope in future in commerce subjects? 2. Answer:- Courses like Management, Charted Accountancy, Company Secretary, Cost & Management Accountancy and Company secretary are the best courses after +2 commerce. 3. Question:-What is the future of trending in Accounting? 3. Answer:-According to research conducted by Sage in 2019, 58% of accounting professionals are expected to automate tasks using artificial Intelligence solutions within the next three years. 4. Question:- What is the future scope of Accounting? 4. Answer: – According to Fortune Business Insights software market is expected to grow at a CAGR of 8.2%. The accounting software is integrated with numerous progressive technologies to provide better results. 5. Question:-Which course is best for Accounting? 5.Answer:ChartedCertified Accountants(ACCA),ChartedAccountants(CA),Certifiedfinancialplanner(CFA),CertifiedManagementAccountant(CMACertified Public Accountant(CPA), Charted Alternative Investment Analyst(CAIA). Conclusion:- The future of employment accountants and auditors is projected to grow 7-8% from 2020-2030. About 1, 35,000 openings for accountants and auditors are projected each year on average over the decades. The future of finance and accounting involves minimizing human interference in tasks that can be automated. The next big thing in finance is fintech, which is to say that world of finance grapples with integrating all of these advances in technology. Digital Accounting software helps you record your company’s financial information electronically and securely instead of recording it on paper. You May Like More Articles:1.https://odiyadigitalworld.com/brief-summery-of-the-indian-taxation-structure-in-2022/2.https://odiyadigitalworld.com/top-10-courses-for-commerce-students-in-india/3.https://odiyadigitalworld.com/what-is-the-scope-of-commerce-education-in-india/(opens in a new tab)(opens in a new tab) Thank you very much for Like, comment,&subscribe of my Article. 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