Accountancy is by every means a necessity for infrastructure of any business and overall economy. There are many ways in which accountancy can directly as well as indirectly help the society. These include following as the main ways:
- Accountancy being an essential part of the education makes the society intelligent. When people get this knowledge, they can analyze their income & expenses and also what remains after all they spend for expenses. This analysis helps people in efficient use of their resources.
- It creates jobs for people. Apart from creation of jobs, it also ensures opening of new door for new businesses and professions. Having this knowledge, it gives a sense of self-independence to any society. It is the source of fulfillment of dreams of thousands of people via making them accountancy professionals. Billions of people are earning their money being accountancy teachers. There are labels for accountancy knowledgeable persons in the form of accountants, auditors, accountancy publishers and writers. It gives an honor and pride to the holder of knowledge.
- People who know accountancy help their society in solving varying sort of accounting problems. There are independent accounting bloggers providing accounting services to people as freelancers. Apart from course and general studies there are some certifications aimed at providing professional status to accountants. These include CA, ACCA, ICAEW, ICMAP, PIPFA, CPA, CFA and some more but these mentioned are the top certifications in the field of accountancy. Accountancy is also part of university syllabus. In this way educational institutions are making individuals self-independent for society and they ultimately contribute in building society with hard work.
- Accountancy is a logical subject and it produces logic within brains of humans. When they regularly study accounting, they learn things like making budgets and doing works in a planned manner and allocating their resources in a better way.
- Accountancy helps society in handling corporate matters including money & finance and record it properly. This education is essential as without it companies, big firms and government organizations cannot survive. Accountancy helps such entities because without proper accounting of their resources & liabilities, they can never be able to ensure better or even suitable reporting.
Without accountancy no economy can perform better as it is a backbone for all of its matters. Better societies lead to better economy and eventually the progress of a country.