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Accounting and finance in 2015: what’s happening in Australia?

by Yvette Maurice

Careers in accounting, bookkeeping or finance are always changing and developing, along with the diverse range of people that are so passionate about the industry. Here is some news on Open Colleges’ current partners and projected trends for 2015.

A career in accounting is anything but dull. People in the know understand that there is always a wealth of new and exciting trends that emerge in the field, every single year, making it one of the most intriguing and dynamic professions in Australia. Do you love numbers, organisation, problem solving and people? Would a career in accounting or finance suit you?

The importance of solid partnerships

Open Colleges’ accounting and finance courses come complete with industry endorsements from several of Australia’s leading financial bodies. This means that when you choose to study with Open Colleges, you can rest assured that you will be receiving an education that is industry relevant.

Here are some of Open Colleges’ official finance and accounting partners:

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Tax Institute

The Tax Institute is Australia’s leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks.

According to the Tax Institute, Australia’s tax system has changed greatly since they were founded in 1943 and “The Tax Institute has evolved, grown and become increasingly respected. Dynamic and responsive, the Institute has helped shape changes that benefit its members and the taxpaying community.”

Institute of Public Accountants

The Institute of Public Accountants (IPA) represents the interests of more than 25 000 members and students across 51 countries and is ranked in the top professional accounting bodies in the world. The IPA is working to promote the exchange of knowledge and best practice to build relationships across borders and focus on overseas membership expansion, particularly in Malaysia and China.

According to their website, “The IPA is committed to being an innovative and flexible, professional accounting body focussed on providing global educational pathways for accounting and finance professionals.”

Association of Accounting Technicians

The Association of Accounting Technicians is Australia’s largest professional body in the accounting, finance and bookkeeping sector. They are an association for professional bookkeepers and accounting technicians, representing members working in all sectors of commerce in Australia.

According to their website, they are “the only association that has the support of the three professional bodies in CPA Australia, the Institute of Chartered Accountants in Australia and the Institute of Public Accountants.”

Institute of Certified Bookkeepers

The Institute of Certified Bookkeepers is the largest bookkeeping institute in the world. It promotes and maintains the standards of bookkeeping as a profession, through the establishment of a series of relevant qualifications and the award of grades of membership that recognise academic attainment, working experience and competence.

Their main aim is to, “promote bookkeeping as a profession,” and to also, “enable bookkeeping to gain recognition as an integral part of the financial profession.”

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What accounting and finance trends will emerge in 2015?

Melinda Arko is the Head of Faculty, Accounting and Finance at Open Colleges. She started her career as an accounting and economics teacher in Brisbane and has co-authored a textbook titled Nelson’s Business Education.

Melinda is passionate about finance and accounting education and online learning environments and has a strong focus on quality, compliant courses. We asked Melinda to identify some emerging trends in accounting, finance and bookkeeping for 2015.

Accounting and Finance trend #1: The Cloud

The cloud will not just be accounting software anymore but will be a total business process, located within the cloud. Examples of this would be Microsoft SharePoint, a secure place to store, organise, share, and access information from almost any device. “All you need is a web browser, such as Internet Explorer, Chrome, or Firefox,” according to Microsoft.

As well as every day business solutions, accounting systems are also moving to the cloud, like MYOB and Xero. Many Open Colleges accounting and finance courses include MYOB as part of the included learning materials.

Accounting and Finance trend #2: Service offerings

“There is increasing efficiencies in the sorts of work traditionally undertaken by both bookkeepers and accountants,” says Melinda, “which means there is great opportunity to extend services into ‘business advisor’, analysing and monitoring performance, managing budgets and planning.”

Accounting and Finance trend #3: Client engagement models

“Working remotely with clients whilst maintaining and developing strong and supportive relationships will be a big trend of 2015,” according to Melinda. These can provide accountants with the ability to deliver their clients a “totally integrated” accounting and financial service offering, under their own personal brand.

Accounting and Finance trend #4: Reputation

This is everything, according to Melinda. “The reputation of bookkeepers is growing and is being acknowledged for the important role fulfilled by bookkeepers and the exceptional level of care they apply to their work,” she says. “This is a slow process but I certainly hear it when talking to educators. I always here lines similar to ‘bookkeeping students are great’.”

Accounting and Finance trend #5: Furthering your education and career as an adult

“My Certificate IV graduates have gained some confidence when they achieved their qualification,” Melinda points out. “Now these people are assessing options about obtaining further qualifications to enhance their skills and service offering to clients.” Truly the sky is the limit.

Would a course in accounting be the ticket for your career?

Open Colleges has the accounting, bookkeeping or finance course to suit your needs and career goals. If you want to get ahead in this industry, you need the opportunity to learn from the best minds in the sector, so Open Colleges has partnered with reputable and established industry experts. See the range of online courses on offer here.

Photos by reynermedia and NEC – many thanks!

4 Responses

  1. Carol says:

    The information given is really boosting my moral to take up accounting and Finance courses..

    • Sarah MacDiarmid says:

      Glad you’re feeling inspired, Carol!
      You can check out our Accounting and Finance courses here. If you need more information, the best thing to do is to contact one of our Enrolment Consultants to talk you through your potential options. You can reach them on 1300 365 137, or click this link http://bit.ly/OC-contact and we will get back to you.
      Good luck! Sarah, Open Colleges team

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