Women in Management Accounting

Women in Management Accounting: Breaking the Glass Ceiling with US CMA

The role of women in management accounting has evolved over the years, and the Certified Management Accountant (US CMA) designation can be a valuable tool for breaking the glass ceiling and advancing in this field.

Here are some ways in which women can leverage the US CMA credential to enhance their careers in management accounting:

Professional Credibility:

The US CMA designation is globally recognized and respected. By earning the US CMA, women can enhance their professional credibility and demonstrate their expertise in management accounting and financial management.

Career Advancement:

Having the US CMA credential can open doors to higher-level positions and increased responsibilities within organizations. It signifies a commitment to professional development and a strong foundation in strategic financial management.

Global Opportunities:

The US CMA is recognized internationally, allowing women in management accounting to pursue global career opportunities. This can be especially beneficial for those seeking roles in multinational corporations or organizations with an international presence.

Networking and Community Support:

The Institute of Management Accountants (IMA), the organization behind the US CMA, provides a supportive community for professionals. Women can benefit from networking opportunities, mentorship programs, and resources offered by the IMA to advance their careers.

Skill Development:

The US CMA curriculum covers a broad range of skills, including financial planning, analysis, control, and decision support. Women in management accounting can acquire and enhance these skills, making them well-rounded professionals capable of contributing to strategic decision-making.

Flexibility and Work-Life Balance:

The flexibility of the US CMA program, which allows candidates to study at their own pace, can be particularly advantageous for women managing work, education, and family responsibilities. This flexibility supports a better work-life balance during the certification process.

Equal Recognition:

The US CMA credential is awarded based on merit and competence, irrespective of gender. Earning the US CMA provides women with a tangible and equal measure of recognition for their skills and accomplishments in the field of management accounting.

Diversity and Inclusion Initiatives:

Many organizations are actively promoting diversity and inclusion. Holding a professional certification like the US CMA can contribute to an organization’s diversity goals and showcase a commitment to supporting the career growth of women in management roles.

Leadership Opportunities:

The US CMA designation positions women for leadership roles in finance and management. It equips them with the knowledge and skills needed to take on challenging leadership positions, including CFO or other executive roles.

Inspiration for Others:

Women who achieve the US CMA designation become role models and sources of inspiration for others aspiring to break into management accounting. Their success contributes to the overall advancement of women in the profession.

It is important to note that while the US CMA can be a powerful tool, overcoming gender-related challenges in the workplace may also require broader efforts such as advocating for diversity and inclusion, mentorship programs, and addressing systemic barriers. Ultimately, the US CMA credential can play a significant role in empowering women in management accounting to achieve their career goals and contribute to the growth and success of their organizations.

For Further Information/Assistance: Contact Us

New-Age Accountant Evolution

Evolution of the New Age Accountant

Since inception, the accounting career and profession encompasses significant evolution in principle and practices. The decade old manual bookkeeping systems to maintain financial records sometimes with handwritten ledgers and hefty paper works has been partially replaced by use of computers and software like QuickBooks to some extent. This resulted in a generation of stereotyped but hard-working accountants. Now, we are at the doorstep of tremendous technological metamorphosis in every sphere including the professional accounting domain. Keeping this in mind, today’s challenge for accounting professionals is a demand of transformation from a hard-working accountant to a new age “Smart accountant” par se.

Let us discuss the main pillars to accept such challenges through digitization and recent advancements in accounting technologies which a new age smart accountant must be familiar with.

Cloud Computing

Cloud -based solutions bypass traditional installation of accounting software in individual computers. Here, it is hosted by third- party servers where accountants have accessibility through web browsers with automatic saving of back-up data in the cloud. This is cost-effective for the companies, highly scalable and can be operated from any compatible device from any location.

Robotic Process Automation (RPA)

This replaces human intervention for repetitive accounting tasks through automation. This includes generation and scanning of invoices, detection of variances in financial records and response to vendor inquiries etc. Finally, it reduces human error also.

Machine Learning

Here comes the use of algorithms in various models which enormously help to handle vast data sets with smooth transaction processes and real-time data predictability -a boon for a new age smart accountant.

Data Analytics

This amalgamation of software, tools and statistical procedures create in depth insights into the financial status and prediction through effective analytics. The various analytical tools help in problem solving, risk assessment, performance monitoring and forecasting etc. Through this, a new age smart accountant can design business strategies based on data analytical decisions.

Artificial Intelligence

Artificial intelligence (AI) is invading the accounting field at a great pace and revolution. It can manage and analyze huge data in a short period, can replace repetitive accounting jobs thus saving time and provide the new age smart accountant to focus more on critical thinking and strategic decision -making abilities.

Cybersecurity

This newly advancing technology helps the new age smart accountant to keep the sensitive data safe and protect from fraud and criminal activities.

Summary

As we are experiencing, enchanting technological developments are influencing the accounting profession at a great pace and remodeling the accounting industry to newer shape. Hence, to cope with this revolutionary process and to make the conventional accounting job future proof, conversion of hard-working accountant to a new age smart accountant is the need of the hour. One of the ways to achieve this is fetching a good international professional credential in the academic accounting portfolio to become a New-age Smart Accountant.

For further information/assistance, contact:

www.upliftprofessionals.in

FMAA

FMAA – The New ‘Paradigm Shifter’ in Accounting and Finance

FMAA (Financial and Managerial Accounting Associate) is the new entrant from the portfolio of Institute of Management Accountants (IMA) that was introduced recently and is being considered as a path breaking foundational certification course for accounting and finance professionals. Acquiring the FMAA certification will help the professional, particularly at the entry level to make them more presentable to the present-day employers with solid foundational knowledge and upskilling in present and future accounting arena. With the current challenges faced by the accountants with the intrusion of technologies and shortage of well-equipped accountants, the FMAA certification is meant to break the traditional barriers to make the field wide open for not only the accounting field but also from other domains to make it accessible for any business professionals.

FMAA Eligibility

The beauty of this innovative curriculum is regardless of educational background, there are no prerequisites to pursue the FMAA certification course allowing business professionals as well as entry level personnels from every corner to attain this certification.

FMAA Course

To get the FMAA certification, one must acquire knowledge in 5 below mentioned content domains with respective weightage of each section.:

  • General accounting and financial management (25%),
  • Financial statement preparation and analysis (25%),
  • Planning and budgeting (20%),
  • Cost management and performance metrics (20%),
  • Professional ethics (10%).

FMAA Exam

With a recommended 50 hours of study, the FMAA is a single part exam of 2 hours duration having 80 MCQs to answer.

FMAA Registration

As per IMA, it will start from January 2024 for the initial testing windows of March 2024 in English and exams will be conducted by Prometric centers across the globe.

Summary

The FMAA certification program provides a unique innovative opportunity for accounting students and professionals to acquire essential fundamental accounting and finance skills for everyday use in the workplace, including the tech sector financial services. Apart from the budding accountants, FMAA is aimed to target talent acquisition in professionals from non-accounting sectors too and those are not able to pursue the CMA US program to make them hirable by the employers.

For further information/assistance, contact:

www.upliftprofessionals.in

Blockchain Cryptocurrency Accounting

Blockchain, Cryptocurrency and Accounting – A New Perspective

The accounting and finance domain is currently experiencing a fast-track mode where crucial role is played by the ongoing technological advancements. This is acting as a pivot to professional accountants for management and processing of high throughput financial data. Blockchain technology originally developed for cryptocurrencies such as bitcoins, emerged as a trending system and gaining popularity in various industrial sectors and becoming a changing force in the metamorphosis of accounting arena per se. In this article, we will explore the impact of blockchain technology on accounting practices, its benefits, challenges, and the future it holds for the field. Cryptocurrency like bitcoins emerged as a new intangible transaction mode using digital currencies which is currently lacking a method to be accounted for under U.S. generally accepted accounting principles (U.S. GAAP). Let us discuss the pros and cons of blockchain technology and its future impact in professional accounting domain.

Increased Lucidity and Confidence in Accounting

Blockchain technology offers an unchangeable and scattering form of ledger system to make the transactions more transparent and secured. An accountant can record every financial transaction on the blockchain, creating a transparent and auditable trail of data. It provides real-time access to the same data by all concerned persons in a trustworthy manner without any intermediate stage.

Sleek Auditing and Compliance

Blockchain technology brings cost effectiveness and efficiency in traditional auditing practice which is a time-consuming process otherwise. Blockchain technology, thus streamlining the auditing by making it error free and eliminating the need of manual verification steps. This has major impact on increased compliance with various regulatory criteria.

Automation in Accounting

Blockchain technology, through its smart contract mode can automate the repetitive daily jobs like preparation of invoices, settlement of payments etc. in an error free manner. This helps the qualified and skilled accountants to focus on more high value chore like strategic decision making rather than routine accounting procedures.

Automation in Accounting

Blockchain technology, through its smart contract mode can automate the repetitive daily jobs like preparation of invoices, settlement of payments etc. in an error free manner. This helps the qualified and skilled accountants to focus on more high value chore like strategic decision making rather than routine accounting procedures.

Data Security

Since Blockchain technology is based on decentralization and cryptography, every transaction is encrypted and linked with the previous one chain wise which makes it difficult to tamper thus facilitates enhanced protection preventing data fraud in the system.

Cost effective

Blockchain technology bypasses the various manual intermediary steps in accounting thus providing efficiency and huge reduction in the accounting cost by automating the routine accounting jobs as well.

Challenges to Overcome

It must be kept in mind that the Blockchain technology is quite new and is still evolving. So, obviously certain obstacles are likely to be there that need consideration to overcome. Since a struggle is there with processing speed of high through put transaction data, scalability of Blockchain is currently a challenge. Moreover, effective amalgamation of blockchain technology with the traditional accounting system is also a point of concern regarding compatibility and compliance with the regulatory systems. The induction of cryptocurrency in accounting is also an issue to be resolved.

It is evident that induction of Blockchain technology with its enormous benefits can be a threat to disrupt the conventional accounting practice. Since Blockchain provides enhanced transparency, streamlined auditing, automation, data protection and storage, elimination of fraud in a cost-effective manner, the entry of Blockchain in professional accounting field is only a matter of time. Despite certain challenges, the potential of Blockchain technology in accounting cannot be ignored. We must keep it in mind that the Blockchain technology is still evolving in a great pace. To cope with this, accountants and financial professionals must upgrade themselves to adapt and accept the metamorphic might of blockchain to stay afloat above others in the ever-changing sea of accounting and finance.

Nowadays all international professional bodies like the IMA US or AICPA are providing courses on Blockchain and Cryptocurrency once you be their registered member and pursue courses like the CMA US or CPA US .

For further information/assistance, contact:

www.upliftprofessionals.in

Data Analytics in Accounting and Finance

Why do we need Data Analytics in Accounting and Finance?

All our accounting and finance buddies are well versed with financial data in their day in day out business. Then why does this data analytics separately mean for them? To address this, it has to be admitted that companies nowadays have access to more information than ever before. In fact, this is substantiated by the data from “SeedScientific” which estimates that every day 2.5 quintillion bytes of data are generated. But what does that mean for an accountant? Despite the historical record of accounting numerical, it simply means opportunity.

According to the Journal of Accountancy, data analytics “…includes sourcing relevant data and performing analyses…and using the insights gained from analytics in decision-making.” Thus, the knowledge and experience of an accountant with data analytics skill enables them to explore deep into the huge data and extract the value in it. Let’s see the prime aspects of data analytics that immensely help an accountant.

Deciding with underlying Strategy: Being an accountant, once you acquire the skill of data analytics, you will be the sought after person for hiring because you know the strategic decision making by exploration and interpretation of big data.

Alleviation of Risk: It is true that if you have better analytic skill, you can assess the underlying or forthcoming risks much better. Henceforth, you will be more equipped to identify fraud or detect any anomalies or find out the operational areas which need attention.

Concurrent Analysis: As we are aware that reflection of financial operations used to come later in the form of financial reports/statements periodically. Hence, there is little scope to mend it if required. Data analytics, on the other hand, present much deeper reflection of the same financial operation in a real-time format that facilitates quicker implementation of strategic decisions.

Elevating Productivity: We must accept that gone are the days when we accountants thrive on manual spreadsheets as our tools. Data analytics tools can easily replace your repetitive jobs so that you can focus on other larger issues. Moreover, knowing languages like Python and “R” will help to create custom algorithms and data models that can be used with larger sets of data.

Rising over others: With the mastery of data analytics with your accounting skills, you will be able to dive deep insight into the huge data and extract the useful information at your fingertips which a conventional accountant without data analytics skill will dare to imagine.

Ahead in the Talent Hunt: Skill of data analytics is nevertheless considered as a talent which hiring authorities are eager to include in their pack. So, acquiring the knowledge of data analytics with accounting skills will not only help securing your current position, but also make you a future proof accountant.

To sum up, according to Forbes, by harnessing big data, accountants “…could leverage data management tools, including augmented reality, to humanize and contextualize spend data for the C-suite to make better decisions based on long-term value rather than return on investment alone.” With continuous generation of new data sets, data analytics in accounting is an ever evolving and increasingly important field. The potential and power in data makes this an exciting and challenging time for accountants to boost their career by expanding their skill set.

For further information/analysis, contact:

www.upliftprofessionals.in