International Accounting Day celebrates the critical role of accountants in businesses and recognizes the importance of accounting services helping to drive organizational success. As lifelong number enthusiasts, we’re thrilled to celebrate this day.
The History of International Accounting Day
Launched in 1972, when the San Diego Chapter of the California Society of CPAs initiated Accounting Careers Days to inspire youth to pursue accounting, International Accounting Day is managed by the Accounting Education Institute in the U.S.
Over time, this commemoration has gained global recognition. The date, November 10th, was chosen to honour the 1494 publication by Luca Bartolomeo de Pacioli, an Italian mathematician. His work, which included bookkeeping methods, earned him the title “Father of Accounting.”
The Role of Accounting Services in Business
Accountants and bookkeepers are the backbone of financial management in businesses. They provide so much value to organizations, providing expertise in delicate areas that can be disastrous if neglected or done incorrectly. Accountants are typically responsible for:
- Preparation of key financial statements.
- Maintenance of up-to-date financial records.
- Adherence to state laws and regulations.
- Budget creation and future financial forecasting.
- Annual tax filing.
Accounting services will always be in demand in various industries and sectors beyond corporations, like non-profits, community groups, government bodies, and educational institutions, helping them maintain financial accuracy and order.
Accountants are usually characterized by their organizational skills, meticulous attention to detail, efficient time management, deductive reasoning abilities, and critical thinking.
Countries like Romania, Singapore, China, Australia, and Switzerland exhibit a high demand for skilled accountants. The United States alone has nearly 1.4 million accountants, with the field anticipated to grow by 7% in the forthcoming years. Annually, approximately 135,000 job openings emerge for accountants and auditors.
Celebrating International Accounting Day
Each year, accounting firms organize events to spotlight this profession. Various organizations extend their gratitude to accountants for their unwavering commitment and efforts. Accountants also convene to exchange ideas and enhance accounting practices.
Here’s how you can celebrate:
- Educate yourself about accounting skills.
- Discover celebrities with accounting backgrounds, such as Mick Jagger, Janet Jackson, John Grisham, and Venus Williams.
- Treat an accountant to coffee or a meal.
- Watch films themed around accounting, like “All the Queen’s Horses” or “Enron: The Smartest Guys in the Room”.
- Partake in the celebrations and share your experiences on social media using #InternationalAccountingDay.
Learn more about careers in accounting or becoming an accountant with our Bookkeeping Academy course, and celebrate your favourite accountants today!