Accountancy

Bea dela Cruz | General Accountant | The Hershey Company

What is Accountancy?

A Career in Accountancy is very interesting. Internet is brimming with pages on How to get into Accountancy, while one should first understand What is a Career in Accountancy. The most authoritative source of information on Accountancy is someone with real experience in it.

With 2 years of professional experience, General Accountant Bea dela Cruz understands Accountancy. According to General Accountant Bea dela Cruz, Accountancy is:

Accounting is an art of communicating financial information about a certain business entity to the users, such as investors, shareholders, who might find this information important and relevant for their decisions.

How General Accountant Bea dela Cruz got into Accountancy?

I graduated as a Bachelor of Science in Accountancy from Ateneo de Davao University in 2015. I formally worked as a tax auditor in Ernst & Young in Philippines for a year and a half before joining the Hershey Company as a general accountant. Currently, I am venturing into business applying all that I have learned from my work experiences at Ernst & Young and the Hershey Company.

General Accountant Bea dela Cruz's Talk on Accountancy

The World of General Accountancy: Insights from a Professional In the realm of finance, few professions are as integral to business operations as accountancy. It is a field that not only requires meticulous attention to detail but also encompasses a deep understanding of financial principles, regulations, and industry-specific knowledge. Bea de la Cruz, a seasoned accountant with experiences at Ernst & Young and Hershey, provides a unique window into this profession. Through her journey, we can explore the multifaceted nature of accountancy, its educational requirements, essential skills, the positives and challenges faced, and what a typical day looks like for an accountant. What Is Accountancy? Accountancy is fundamentally the art of communicating financial information about a business entity to various stakeholders, including investors and shareholders who rely on this data for decision-making. This communication ensures transparency and builds trust among those who have a vested interest in the company's financial health. Bea emphasizes how this pivotal role allows accountants not only to interpret numbers but also to provide insights that can steer important business decisions. For instance, she highlights that understanding these financial narratives can aid in future ventures, making it essential for any aspiring entrepreneur. Education Industry Knowledge A solid foundation in accountancy requires an in-depth understanding of the industry in which one operates. This knowledge allows accountants to grasp the unique financial implications of different fields—whether it's agriculture or business outsourcing. As Bea notes, familiarizing oneself with the specific nuances of various industries is vital for accurate reporting and advisory services. It equips accountants to tailor their approach based on the peculiarities of the business being analyzed. Accounting Principles Every accountant must be grounded in general accounting principles, which serve as the framework for their work. These principles guide accountants in recording, classifying, and presenting financial data accurately. Bea points out that mastering these principles is not just academic; it is essential for delivering quality services to clients in a reliable and consistent manner. For instance, having a firm grasp of Generally Accepted Accounting Principles (GAAP) can be the difference between an accurate financial statement and one that misleads stakeholders. Rulings & Regulations With the financial landscape perpetually evolving, being updated on relevant rulings and regulations is crucial for accountants. Bea emphasizes that understanding these changes allows professionals to maintain compliance and deliver high-quality services. For example, new tax regulations can shift how clients manage their finances, and accountants must be prepared to guide them through these changes efficiently. Accounting Process The accounting process involves recording, classifying, and summarizing financial transactions. This hands-on ability is key to ensuring accuracy in financial reporting. Bea stresses the importance of mastering these step-by-step processes, as they form the backbone of effective accountancy work. In practice, being proficient in this process enables accountants to generate accurate and timely financial statements that inform business strategies. System Software Today's accountants must be adept at using various accounting software systems, which streamline processes and enhance productivity. Bea mentions platforms like SAP, which are critical for handling large volumes of data efficiently. Familiarity with these technologies not only boosts an accountant's effectiveness but also adds to their employability, as organizations increasingly seek professionals who can leverage these tools to enhance performance. Various Industry Knowledge Accountancy is not a one-size-fits-all discipline; it varies significantly across industries. Understanding these differences is essential for accountants to provide tailored services to clients. Bea highlights that proficiency in industry-specific accounting practices helps professionals deliver insights that are both relevant and useful. For instance, financial reporting for a manufacturing company may differ greatly from that of a service-based business, and recognizing these distinctions is vital. Skills Analytical Skills As Bea notes, successful accountants must possess keen analytical skills. This capacity goes beyond merely crunching numbers; it involves interpreting financial data and turning it into actionable insights. In her experience, the ability to analyze trends and variances in financial reports has proved invaluable for guiding business strategies. For example, identifying an unexpected drop in revenue can prompt proactive measures to address underlying issues. Technical Skills A high level of technical proficiency is another essential skill for accountants. This includes a thorough understanding of not just accounting processes but also the technologies that facilitate these processes. Bea points out that technical skills are critical for managing client accounts effectively. For instance, knowing how to navigate accounting software accurately can significantly reduce the likelihood of errors in financial reports. Diligence Diligence is vital in a profession where attention to detail can make or break a financial report. Bea emphasizes that accountants must be prepared to put in the hard work necessary to meet rigorous standards. Her own experiences demonstrate that a strong work ethic can lead to successful outcomes in high-pressure situations, ultimately guiding clients towards financial stability. Patience The nature of accountancy often requires patience, especially when dealing with complex data sets or challenging client interactions. Bea explains that the field can be taxing, requiring professionals to concentrate for extended periods. Cultivating this patience not only enhances job performance but also contributes to maintaining composure in stressful situations. Accuracy Precision is non-negotiable in accountancy, as even the smallest error can have significant consequences. Bea stresses the importance of being detail-oriented in her work, highlighting that accuracy ensures the credibility of financial outputs. For instance, delivering incorrect figures could mislead management decisions, which reinforces the need for thorough checks and balances. Interpersonal & Communication Skills Accountants do not work in isolation; they must engage with clients and colleagues alike. Strong interpersonal and communication skills are essential for effectively conveying financial insights and building relationships. Bea points out that her role often involves direct interaction with clients, making these skills crucial for successful engagement and collaboration. Time Management Effective time management is a critical skill for accountants, as they frequently face tight deadlines. Bea shares that managing multiple tasks simultaneously is a common scenario, particularly during peak seasons like tax time. Mastering this skill not only helps accountants meet deadlines but also reduces stress, allowing them to deliver quality work consistently. Positives Business Operations One of the most rewarding aspects of accountancy is the insight it provides into how businesses function. Accountants like Bea gain a comprehensive overview of financial operations, allowing them to understand industry regulations and changes. This knowledge is particularly beneficial for those looking to venture into business themselves, as it lays the groundwork for informed decision-making. Self-development Working in accountancy fosters personal growth and the development of critical work ethics. Bea reflects on how her experiences have refined her discipline and patience, qualities that will serve her well in future endeavors. The learning curve in this field encourages continuous self-improvement, opening doors to personal and professional advancement. Continuous Learning The fast-paced nature of accountancy ensures that professionals are always learning and adapting. Bea notes that staying abreast of evolving regulations and industry trends enhances not only her skill set but also her marketability. This dedication to continuous learning fosters a dynamic career environment, making it exciting and intellectually stimulating. Monetary Benefit Beyond intellectual rewards, accountancy often offers lucrative compensation packages. Bea's experience at Hershey serves as a testament to the financial benefits of the profession, emphasizing how the expertise and specialization in this field can lead to well-deserved financial stability. For many aspiring accountants, this is a significant motivator to enter the profession. Prestige The specialization and complexity of accountancy confer a level of prestige to the profession. Bea highlights that the rigorous nature of the work and the expertise required command respect from clients and peers alike. This recognition not only enhances job satisfaction but also establishes trust, allowing accountants to make significant contributions to their organizations. Challenges Meeting Deadlines One of the most pressing challenges faced by accountants is the pressure to meet deadlines. Bea notes that a delay in receiving critical information from clients can create significant stress as the deadline looms. This constant pressure can be challenging but also reinforces the importance of time management and effective communication in the profession. System Glitches Accountants heavily rely on software systems to manage financial data. Bea shares that technical issues, such as software malfunctions, can hinder productivity and lead to frustrating delays. These unforeseen challenges require accountants to be adaptable and resourceful, finding ways to deliver under pressure despite technical setbacks. Difficult People Interacting with clients can be rewarding, but it also comes with its challenges. Bea points out that working with stressed or demanding clients can create interpersonal difficulties. Developing emotional intelligence and conflict resolution skills becomes essential to navigate these relationships successfully. Scope Limitations Accountants may occasionally find themselves limited by the information provided by clients. Bea explains that if adequate data is not available, the quality of their outputs may suffer, leading to potential misunderstandings or incomplete reports. This underscores the importance of effective communication to clarify expectations and requirements upfront. Work Environment While accountancy can be a fulfilling career, it also requires navigating a demanding work environment, especially during busy seasons. Bea acknowledges that the pressure to meet tight timelines can create a stressful atmosphere. Nonetheless, maintaining a supportive workplace culture is vital for emotional resilience and job satisfaction. A Day In The Life Of An Accountant A typical day for an accountant unfolds through a combination of client interactions and internal collaboration. Bea describes how she engages with colleagues and clients, often conducting fieldwork to gather essential data. This hands-on approach ensures that she has the necessary information to produce accurate financial reports. There are days when the workload dictates long hours, including working overtime to meet critical deadlines. Yet, amidst the demands of the profession, Bea emphasizes the importance of camaraderie with coworkers, creating a balance of hard work and enjoyable moments. In conclusion, accountancy is a dynamic and rewarding career that offers both challenges and opportunities for professional growth. As Bea's journey illustrates, being an accountant not only provides insights into business operations but also fosters a skill set that is highly valued across industries. For those considering this path, the blend of analytical rigor, technical expertise, and interpersonal skills makes accountancy a vital profession that contributes significantly to business success.

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How to get into

Accountancy?

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Links for this Talk

General Accountant Bea dela Cruz's LifePage:

[LifePage]
https://www.lifepage.in/page/beadelacruz

LifePage Career Talk on Accountancy

[Career]
https://www.lifepage.in/careers/accountancy-4

[Full Talk]
https://lifepage.app.link/20180425-0003

[Trailer]
https://www.youtube.com/watch?v=zkICOfb4smQ

(Accountancy, Bea dela Cruz, The Hershey Company, General Accountant, Auditing, Tax, Accounting, Economy, Business, Finance)

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