Week 01 - Written Assignment - University of the People - Accountants in the Philippines PDF

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Your Reading Assignment for this week presented resources that introduce different career paths in accounting. For this week’s Written Assignment, research the various career paths in accounting and compose a paper that addresses the following:

State which career path would you choose.<...

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Running Head: ACCOUNTANTS IN THE PHILIPPINES

Accountants in The Philippines A Student From UoPeople University of the People BUS 1102: Week 01 Written Assignment Sir George-Gary Calafactor June 06, 2021

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Accountants in The Philippines The average salary range for a Public Accountant in the Philippines is between PHP 386,163 and PHP 676,759 which is around $7,700-$13,500 (Public Accountant Salary in Philippines, 2021). There are a lot of specializations you can take in your pursuit of it, but I will pursue the Financial Accounting path. In this Written Assignment, I will discuss the job description, salary range, growth rate, future job outlook, strength and weakness of the career, and a current job posting of the career (6 months from this date). JOB DESCRIPTION. Before I start, I would like to introduce myself a little bit. I am a Data Analyst that is focused on reporting the financial situation of a corporation in the Philippines. I am directly under the supervision of the master’s in accounting and Finance and the Chief Financial Officer. Part of my job is to perform exploratory data analysis, put it in a dashboard and submit it to my superiors for board meetings. Because of this, I chose the Financial Accounting path. Based on my observations, Financial Accountants consolidate financial data from multiple lines of businesses, report a situation from a specific period, and adjust the budgets if necessary. More often, their insights play a major part in the decision-making process whether a company is profitable or not. Financial accountants also create detailed financial statements and explain financial information to corporate executives and audiences that are unfamiliar with accounting (Staff Writers, 2021). SALARY. On an entry-level, Financial Accountants in the Philippines have a mean salary of PHP300,303 or $6,000.06 while an experienced financial accountant ranges from PHP671,000 or $13,420 (Average Early-Career Financial Accountant Salary in Philippines, n.d.).

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GROWTH RATE AND FUTURE JOB OUTLOOK. Since small, midsize, and large companies needs accountant/s to handle the financial aspects of the business (which is a wide spectrum of industries), growth should have a direct relation to the economic situation of the country. According to the Department of Labor and Employment (n.d.) of the Philippines, the increase in the number of business establishments will require more accountants to set up books, prepare taxes, and provide financial advice. Joel L. Tan-Torres, chairman of BOA in the Philippines explained only 7,500 to 8,000 accountants are certified each year in the Philippines, with most of the certified public accountants finding work abroad, including the Middle East and Singapore among others in an interview by Business Mirror (Cu, 2016). Currently, it is expected for Accountant jobs to grow by 4% globally in the next 10 years (Joubert, 2021). STRENGTH AND WEAKNESSES. The Strength that a Financial Account is the ability to perform in-depth analysis with financial related data. They can detect patterns and trends easily and apply domain expertise to provide insights that will help the Financial Department to continue or discontinue a specific line of business. Financial Accountants are also mastering predicting outcomes based on historical data making them efficient in creating budgets. Weakness on the other hand is that their job is highly automatable. As for the current company that I am in, we are already automating their tasks by connecting their accounting databases into a dashboarding tool and it already has shortened the time they need to prepare the reports from 1 to 2 weeks to 1 day. While these tasks are understandably automatable, there is a greater need for companies to hire Accountants with domain expertise. Based on my observation, they have added proficiency in SQL and Database as a requirement in applying for the job.

ACCOUNTANTS IN THE PHILIPPINES

JOB POSTING FOR THE CAREER. Here are the 5 latest jobs posting in the Philippines (Posting was done 1-3 days from the day this assignment was written): Postings were found on a popular job posting website in the Philippines called Jobstreet.

Position: Accountant Company: Le Bron Construction Salary Range: PHP30,000 to PHP40,000 monthly

Position: Accountant (Certified) Company: St. Francis Square Group of Companies Salary Range: PHP28,000 to PHP35,000 monthly

Position: Assistant Accountant Company: TRT GLOBAL SOLUTIONS PHILIPPINES INC. Salary Range: PHP25,000 to PHP32,500 monthly

Position: Financial Accountant Company: Skills and Talent Employment Pool Inc. (STEP) Salary Range: PHP 32,000 to PHP 34,000 monthly

Position: Revenue Accountant Company: TRT GLOBAL SOLUTIONS PHILIPPINES INC.

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Salary Range: PHP 30,000 - PHP 50,000 References: Public Accountant Salary in Philippines. (2021, June 22). Economic Research Institute. https://www.erieri.com/salary/job/public-accountant/philippines

Staff Writers. (2021, April 28). Financial Accounting. Accounting.com. https://www.accounting.com/careers/financial-accounting/

Average Early-Career Financial Accountant Salary in Philippines. (n.d). Payscale. https://www.payscale.com/research/PH/Job=Financial_Accountant/Salary/98e92aba/Earl y-Career

Accountant. (n.d.). DOLE.GOV.PH. http://ble.dole.gov.ph/index.php/cg/36-accountant

Cu, Rea. (2016, November 16). Local, overseas demand for accountants seen rising. Business Mirror. https://businessmirror.com.ph/2016/11/16/local-overseas-demand-foraccountants-seen-rising/

Joubert, Shayna. (2021, January 19). 12 In-Demand Finance and Accounting Careers. Northeastern University. https://www.northeastern.edu/bachelorscompletion/news/finance-and-accounting-careers/

Word Count: 695

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