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Business Education Students Need Accounting Software Skills for Commercial Banks Employment

Filed under: Business,Education,Latest News |
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The rapid evolution of information technology (IT) has drastically changed the entire society, especially in the past few years, as well as the utilization and application of data. Every industry has long ago transformed to computerized accounting systems from the manual ones, which are now ineffective and often flawed. Unfortunately, the higher learning institutions have not been too quick to adapt to the evolving trends, failing to incorporate sufficient programs on acquiring accounting software skills into their curricula. Consequently, accounting departments in various industries and even commercial entities lack specialists proficient in the relevant tools, which ar getting more and more necessary in the everyday operations for efficiency enhancement and competitive advantage generation.

Why Accounting Software Skills are Needed?

Indeed, in today’s extremely digitized world, accounting jobs, which demand high levels of precision, require considerable computer software skills. Banks, providing a significant contribution to the economy, strive to maximize their wealth by boosting their reputations, which is mostly achievable through the provision of outstanding customer services. Subsequently, such an outcome is possible due to the availability of highly qualified employees able to perform their duties on the highest level of quality. Thus, organizations are aiming to achieve their organizational strategic goals by conducting exceptional recruitment and selection processes to ensure a team of qualified professionals.

Do Business Schools Equip Students with the Necessary Accounting Software Skills?

Unfortunately, while any profession in the accountant industry is rooted in the IT-enabled environment with a rich technological foundation, fresh graduates often lack the necessary skills to become valuable applicants for the organizations. Higher educational establishments seem to view the relevant specializations from a theoretical perspective only. They mostly fail to consider the current trends and demands of the job market and incorporate the needed IT-based applications and technologies into the curriculum. As a result, business education students are mostly not ready for the real-world work in commercial banks, being not equipped with the necessary skills.

What is Accounting Software?

Accounting applications refer to the software aimed at recording and processing of various accounting transactions. Generally, it is an information system with functional modules like trial balance, payroll, general ledger, accounts receivables, accounts payable, etc. Nowadays, such accounting software has a number of modifications and types in terms of its development, accessibility, and applicability. Skills in handling such applications tend to be highly valuable and influential for employment opportunities in any sector, especially in commercial entities such as banks. Graduates who possess them definitely have an advantage in the competitive job market. Thus, business schools have a responsibility of equipping their students with the necessary skills to prepare them for the future careers accordingly.

Accounting Software Skills in Business Education

The primary purpose of higher education is to upgrade the existing and to provide the new skills for students to ensure gainful employment. Each educational program is aimed at preparing individuals for the entry into a particular industry and specific jobs and their further advancement up the career ladder. Naturally, Business Education programs are geared toward students who are planning to enter the business world. Thus, they are supposed to equip young people with skills and knowledge relevant to the field, making them competent and proficient specialists able to secure a position in the organization of their choice. Normally, Business Education encompasses fields of Business Administration, Accounting, Secretarial Studies, Marketing, Management, and Commerce. Students acquire skills in accounting, management, marketing, computing, just to mention a few.

Business Education students are getting ready to work in commercial banking sphere among others. Commercial or corporate banks are entities that deal with financial issues of large businesses, including corporations of various sizes with high turnover. Their services mostly touch upon deposits, clearing, lending, loaning, checking and billing, investments, funds collection from other financial institutions via checks or wire transfers, credit card transactions processing, foreign currency exchange, and provision of specialist products and safe deposit boxes for storing of valuable items.

There is no need to mention that a qualified specialist should possess a considerable knowledge base not only in finances and accounting but in the entire industry in general. Decent software skills are needed among others for successful performance of a professional familiar with all the regulations and peculiarities of the industry as well as possible changes and challenges it may face. The technological advancements that emerge daily have impacted and transformed the banking sector tremendously. More specifically, a lot of processes have been much simplified and quickened due to mobile banking, for example. However, to be able to manage these processes successfully, a specialist needs decent accounting software skills.

The problem is that the current accounting curricula affirmed in the majority of business schools are not aligned with the modern technology-based realities. Most often, students get acquainted with the accounting software and computerized systems only during their internships, which is not enough and creates additional difficulties for their graduation. As a result, very few graduates are sufficiently trained and fully equipped with the necessary skills to deal with computerized accounting systems. On the one hand, the fresh graduates of such schools are having a hard time trying to secure a gainful employment in commercial banking sector. On the other hand, organizations are unable to find and retain highly qualified specialists to ensure a team of professionals ready to advance their reputation and competitive advantage.

Of course, theoretical base provided in Business Education is really essential. Moreover, the fundamentals of manual accounting are also useful for the conceptualization of computerized systems. However, getting the basic practical skills in this aspect is not as easy as to buy lab report online. It requires sufficient deal of practice. Therefore, early exposure to the software and substantial hands-on training are extremely necessary for business education students. Students must get versed in the current market and industry trends and requirements as early as possible, which will give them the required experience and advance their skills, facilitating success in employment. Hence, it is a must that computerized accounting should be integrated into the Business Education curriculum.

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