As society matures through the technological and globalization phase we are currently experiencing, specialization and research assimilation will be key to an accountant’s success. As tax laws and collaboration become more complex and prominent it will be important to specialize and research.
Tax law research at the transactional and point in time (Balance Sheet) capacity are tantamount to company’s profitability (Income Statement) and cash flow. Transactions will continue to be made more complex by flattening of business with other countries. As a result, sales tax, property tax, franchise tax and gross receipts tax laws must be clearly understood in order to properly price products and services to comply with law and maintain increasing profitability. Consequently research will be more intensive, so gaining a quick understanding of these laws are what will empower a company to lean forward quickly, while aiding in the ability to make decisions to access markets, services and products sooner to keep pace with competition.
Due to the nature of globalization and research, accountants can specialize in areas such as tax, payroll, foreign currency, international business law, and patent and trade law in order to find employment. Knowledge based specialization is the key as knowledge workers will continue to add value at increasing rates to companies. Knowledge workers are also less likely to become unemployed as a result of globalization and competition.