Accounting 'a business critical process'
Accounting can play a crucial role in many professionals' businesses, enabling them to accurately track their assets, incomes, expenses and liabilities.
The use of an expert in this area will allow managers to make better informed decisions, track its profitability and to supply this data for purposes such as securing loans, paying taxes and auditing the company.
According to the Institute of Chartered Accountants, its members often assume the role of business advisors, guiding professionals to make high-level strategic decisions.
"Accountants are expected to have a solid foundation in business, marketing, economics, finance, management and information systems," it asserts.
Earlier this year, specialist recruitment consultancy FSS's associate director Lucy Davison claimed that these members of staff are business critical.
She claims that the credit crunch has emphasised their importance by foregrounding rigorous control of finances and the management of cash flow.
Ms Davison reports that there has been a rise in demand for accountants with a strong background in management accounts.
