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Economy

10 Role of Accountants in the Nigerian Economy

Nigeria is a very big country with vast untapped resources, right from time, the concept of keeping records have really impacted in the development of human race and it transcend to different areas of professionalism of which accounting is part of them.InformationGuideNigeria

In recent times, we have witnessed the impact that accounting and accountants have made on the economy of the nation. Hence, this article vividly explains the role that this noble profession plays in the development of Nigeria economically.


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Read Also: 10 Role of Vocational Education in Reducing Unemployment in Nigeria

Who is an Accountant?

An Accountant is an experienced person that carries out activities which involves auditing of books, accounting research, analyzing financial statements and other responsibilities that has to do with the documentation of the finances of a client.

The work of an accountant is majorly to manage accounts of an individual, business or large organizations that may require their services.NYSC Portal

Generally,  an accountant is a person who contributes to the growth of a nation the rough the art of balancing the financial statements that are made on the incurred expenses and the income generated by government bodies,  businesses or individuals.

How to Become an Accountant in Nigeria

To become an accountant in Nigeria, it is first expected that you understand mathematics well since you will be dealing with numbers, then, you will have to complete a standard educational training that is approved by the government through national professional associations.JAMB Portal

The reason for this is to ensure that prospective accountants have the technical know-how as to how to succeed in the profession while discharging their responsibilities accordingly. As an add-on to your degree or qualifications, you should be computer literate and understand the workings of accounting software. Also, since accountants gets to deal with different people, it is important that they posses very good interpersonal skills and should be able to communicate in clear terms while avoiding ambiguity.

Read Also: 10 Role of Nigeria in the African Union

The Role of Accountants in the Nigerian Economy

Nigeria,  being a developing country has a great need for accountants as their importance over the years has become visible to all and sundry. The way resources are used in a country greatly affects the economy of that country and in order to judiciously utilize the funds in the country, every parastatal within the country has employed toe service of accountants as they play the following roles which leads to the betterment of the economy of the Nation at large.10 Role of Accountants in the Nigerian Economy

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  1. Preparing Financial Statement;

Before now, business owners usually need to be present in their various businesses, to monitor the day to day operation as well as the income and expenditure. This has a way of slowing down the development process of the business as one person could not be in two places at once. Accountants come in between and help make businesses different from the owners, thereby making the business owners able to invest more in other places and this leads to the development of the economy of the country.

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  1. Analysis Investment Opportunities;

The accountants, through the Association of National Accountants of Nigeria (ANAN) critically analyzes the investment opportunities that may come into the country and gives financial counsel to the government regarding what to invest in and which one to give more resources to per time. This alone saves the national economy from financial risks.

  1. Gives financial services;

The life linen of every business and economy is money. Proper use of money often leads to growth in the economy. Although,  sometimes the counsel of accountants are neglected by the government and some businesses,  those advices that are adhered to has really saved the country and businesses billions of naira which would have been lost without proper financial counsel.

  1. Curbing fraudulent activities:

As the Nigerian economy grows, fraudulent acts also seek to thrive. However, to a large extent, accountants in various positions have done their best in saving the nation’s economy from fraudulent activities, thereby enriching the nation and increasing its reserves.

  1. Helps in saving cost;

The cost of running a business might be outrageous especially if financial advice is not taken as at when due. Accountants help to see risks ahead while looking for a way to manage or control it so that, they also examine the financial implication that a budget don’t cost and look for ways to save cost for the business or nation.

  1. Increases the Productivity level of the country;

The interference of accountants in the political and business sector of the country has helped the nation to take strides that leads to greater development as the country gets valid information as to investment risks and she is able to maneuver through the strides to invest in only what would bring rapid growth and productivity to the economy at large.

Read Also: The Role Of Government In Nigeria’s Economy

  1. Positions the country for investors

When investors come into a country, the first thing they look at is the books; they take time to analyze the accounting books. Accountants in Nigeria have taken their time to balance up the sheets to ensure that when investors come into the country, they do not go back disappointed. This hard works pays off because it leads to the development of the country when investments are made in the country and the economy is boosted.

  1. Helps the government to impose tax on Profit105 Good Morning Love Messages

With the accounting information that is made available, government is able to look into the profits of business and impose taxes which in turn help in driving the economy find a positive light.

  1. Helps to localize Errors

The control account part of accounting helps in the financial statements, it narrows down mistakes rather than having a large sum of accounting documents piled up in a place. With the help of the control account, accountants can easily spot errors at a glance.200 Romantic Love Message

  1. Use as a tool for analyzing profits

The management of every business makes use of accounting information to calculate how much they have done and the result of this is often predetermined by the amount of profit that is made as well as financial criteria.

Read Also: The Roles of Public Administration in Nigeria

Conclusion

As long as a country engages in a form of trade or the other, the importance of accounting cannot be over emphasized, considering the roles that they play. It is now of great importance that sector of the Nigerian economy which does not adhere to the guidance of accountants should learn to do more in order to ensure the rapid growth and development of the nation’s economy.

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Native Udo

Native Udo is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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