What is Accounting?
In recent years, tax law has been changing rapidly. Whether it’s President Trump’s tax overhaul or President Biden’s proposed tax law changes, accountants are increasingly important assets for businesses and individuals. This is no exception in Idaho, a state that has been growing rapidly over the last decade, which means new businesses and residents and more demand for specialists in this field. The last U.S. Census in 2020 revealed that Idaho’s total population had grown by 17.3% since 2010. This nets Idaho the title of the second-fastest growing state in the country, which means that many more people are seeing Idaho as an attractive place to grow families and build careers. This is particularly true in a post-pandemic era, when many families are reassessing priorities and looking for space. With growth comes more businesses that are looking to hire, and every finance department needs accounting talent, ensuring that job prospects in the field look positive. Additionally, according to the U.S. Bureau of Labor Statistics, the total number of accounting jobs is projected to grow by 7% between 2020-2030, which is as fast as the average growth in the economy. This means that students who fulfill CPA requirements at an accredited institution will likely see sound employment prospects going forward.
Accountants are business professionals who hold the important role of helping an organization with managing, interpreting, and reconciling important financial records. In particular, accountants must be familiar with a variety of financial and tax laws, which may differ depending on the industry or state. Businesses must diligently follow the particular tax rules and regulations that pertain to the industry they operate in or else they may face fines and other penalties. This is even more important if a business decides to expand its scope into a new industry. As a result, accountants are highly important in every business’ financial department and must go through rigorous training before they can achieve their accounting degrees. The Certified Public Accountant (CPA) accreditation is a higher form of recognition within the accounting field. CPAs must undergo more rigorous accounting training in the United States, which means that all CPAs are accountants, but not all accountants are CPAs.