ACCOUNTING SKILLS AND ITS RELEVANCE REQUIRED BY BUSINESS EDUCATION GRADUATES FOR SUSTAINABLE ENTREPRENEURSHIP
Keywords:
Accounting skills, Business Education, Graduate, and EntrepreneurshipAbstract
The success of businesses relies heavily on the competencies of their personnel, particularly graduates witha background in business education. Accounting skills play a critical role in ensuring the effective management of financial resources and decision making. This paper focuses on the essential accounting skills of costing, inventory management, bookkeeping and budgeting and their profound impact on driving business success and sustainability. Through a comprehensive review of relevant literatures, the paper underscores the relevance of these skills in optimizing financial operations and enhancing decision-making process. Costing skills enable accounting professionals to accurately allocate costs to product and services, aiding in pricing strategies and cost control measures. Inventory management skills are crucial in managing stock levels, minimizing carrying costs, and meeting customer demands efficiently, contributing to improved profitability. Bookkeeping skill ensures accurate and timely recording of financial transactions, forming thefoundation for informed decision-making and regulatory compliance. Lastly, budgeting skill allows organizations to plan and allocate resources effectively; ensuring financial stability and long-term growth. The paper concludes that, although these accounting skills are relevant for business sustainability, the dynamic nature of the business environment with regulatory changes, evolving business models and fast paced technological advancement require that business education graduates need continuous learning, adaptability, and ethical awareness in order to succeed in today’s business world. The paper recommends that business education graduates should stay updated with the latest trends, technologies and regulatory changes in account and finance through professional development courses, workshops and certifications. Institution of business education should update their curriculum to integrate emerging topics like data analytics, sustainability accounting, and advanced financial technologies. Also, institution of business education should foster collaboration with industry partners to provide students with internships mentorship programs and networking opportunities.References
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