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Every year on November 10, people throughout the world observe International Accounting Day (also known as International Accountants Day) in honor of Luca Pacioli, an Italian accountant, and mathematician who wrote the first book on accounting techniques in 1949.

Since 1949, both the field of accounting and accounting careers have experienced significant development. Every business sector nowadays needs accounting, which gives those who work in the field several opportunities.

In honor of International Accounting Day, we spoke with Ramesh Corp.'s Assistant General Manager, Bidhan Pokhrel. He discussed his career experience, difficulties, misconceptions, and recommendations for someone just starting in the sector during our conversation.

How is the Accounting Industry in Nepal from your experience?

Accounting practices change over time as new technologies emerge and old ways of doing things become obsolete. I feel accountancy is leaning more towards technology these days and Nepal is also gradually adopting cloud-based accounting software. Organizations are transforming how they do business with the aid of digital technology — and accounting and finance teams have been at the heart of it all.

This shift is driven by many factors, including generational change and client demands.

The traditional workforce is also changing which means employees are no longer bound to a physical office. The accounting industry is no exception and is one industry that can do it more quickly than others.

People are realizing that accounting is a service industry and clients are looking for accountants who can provide them with what they really need instead of simply selling services at any price point. As data are becoming increasingly more complex, the need for accountants who can effectively manage and analyze them is also increasing.

With the advancement in big data, now accountants also need to use advanced analytics and forecasting techniques in making more informed decisions for critical business choices. In aid of this, the demand for data specialists in the accounting industry will skyrocket inevitably.

What do you consider to be the biggest challenge facing the accounting profession today?

I believe, on a personal level, that the lack of soft skills and leadership qualities in the people in the accounting profession is a challenging aspect. Apart from that, frequent changes in tax policies, statutory and regulatory compliance, and accounting standard is also a challenge on their own based on adaptability and workflow. Whereas, in a worldwide context, data breaches are also a bigger risk these days and the accounts department is one of the leading targets for it.

What are the truths and myths surrounding a career in accounting?

While accounting does involve some serious math skills, a lot of what makes a great accountant is being able to creatively analyze and solve complex problems.

Bookkeeping, tax returns, client consultation, and paperwork are not only the things that accountants do. But for those with an appetite for excitement, the world of accounting and tax is a broad, varied place. A reported 2,000 accountants work for the FBI in helping to solve white-collar crimes with forensic accounting, investigative accounting, and auditing. Accounting is a multifaceted industry and there is always more to it than what you see.

What advice would you give to young people or those who are just entering the accounting field?

For someone who is looking into starting a career in accounting, I would advise them to complete their bachelor's degree in accounting and see if they can apply for an internship prior to it. Previous experience in the field will help their resume look more appealing to firms and they will also get valuable knowledge regarding the field.

There are huge job opportunities in the accounting field, you need not remain idle for long.

How has your experience been like so far working as an AGM in Ramesh Corp.?

My overall experience with the organization has been great so far. I have been able to learn so many things in a very time. We have a lot of freedom in decision-making from our supervisors and higher management and I have never felt like I’m being micromanaged. I enjoy my time here and I believe I will have both professional and personal growth at Ramesh Corp.

For someone starting as an Accountant in Ramesh Corp., what kind of professional growth can they expect working in the company?

Ramesh corp is a fascinating place to work at. We have a big family to work with and a very welcoming environment and friendly peers. It would be a great corporate career if you start over at Ramesh Corp. with lots of things to learn and excel at. Ramesh Corp. is one of the fastest-growing business houses in Nepal and our leaders over here work exceptionally hard, not only to grow the business but consistently work to improve the work culture as a whole.