Accounting and Me
Accounting has become a critical part in my life since I studied Bachelor Degree of Commerce
awarded from Yangon Institute of Economics in 2001. Since then, I studied cost accounting,
managerial accounting and financial accounting.
I tried to get Master Degree of Commerce due to my dream of becoming a Lecturer at any
Institute of Economics. Just after I finished final exam of second semester for Master Degree in
2007, I got a chance to go to Singapore and studied ACCA. While I studied ACCA papers, I
worked as an Accounts Executive at Teleplan Service Solutions Asia B.V. which is a branch of a
listed company in Netherland for nearly 5 years. As an Accounts Executive working in
Singapore, I learned a lot about hand-on experience on accounting software implementation,
reporting, budgeting, forecasting, analysis and financial modelling. Without understanding the
accounting concepts, standards and principles, I’m sure that I cannot handle all those
responsibilities.
Financial accounting taught me a systematic way of recording, summarizing, and reporting
financial transactions. Cost accounting taught me how to set the pricing with different costing
methods. Managerial Accounting helps me to understand from budgeting, forecasting to financial
management and decision making.
Accounting helps in evaluating the financial performance of a business over time. It helps me to
assess financial health of the business by reading and interpreting financial statements.
Furthermore, it helps me to make informed decision and manage the company’s finance
effectively and assist to Senior Management for business improvement and expansion.
As a Chief Financial Controller, I have to prepare budgeting, forecasting and work for financial
feasibility analysis. Accounting information is crucial for budgeting and planning future
activities. It helps in setting realistic financial goals, monitoring progress, and making
adjustments as needed.
Investors rely on financial statements prepared through accounting to assess the financial health
of a company before making investment decisions. Financial statements are prepared in line with
International Reporting Standard in order to do competitor analysis. Good accounting practices
can attract potential investors.
Managerial Accounting can help management in business strategy and decision making.
Accounting is not just about numbers; it provides valuable information about planning,
controlling and evaluating business operation. I’m very keen to share essential knowledge of
accounting to non-finance persons in the company and occasionally gave one day training to
order to assist them in making informed decisions about the company's operations, investments,
and strategies.
In conclusion, accounting is vital for businesses as it provides a structured way to record,
analyze, and communicate financial information. It helps in making informed decisions, ensuring
compliance with regulations, evaluating performance, attracting investments, and planning for
the future. So, even the persons who are not working in accounting and finance field should
study accounting as it provides insights into the financial health and performance of the business
and business proposal/plan preparation.
