The accounting and finance department is central to any company or organisation regardless of the size as ultimately they are there to execute, monitor and document all monetary matters of a company. They keep records in the form of ledgers, databases, reports, invoices and consolidations of any incomings and outgoings of the company, and monitor and report on the overall financial health.
The accounting and finance department cooperates with all other departments on a day to day basis. For example they will work with human resources to ensure the timely and accurate execution of renumeration.
There are are a multitude of aspects and many different roles within the department. At an entry level role an account assistant may have the job of recording business transactions and entering data as well as performing reconciliations, and possibly receive some exposure to book keeping and handling petty cash. At the other end of the spectrum a chief accountant will be be accountable to stakeholders and not only needs to assure processes are running smoothly but must develop and maintain accounting principles, practices, and procedures that are not only beneficial for the company but adhere to local legislation.
Some roles in the accounting and finance area may be pure administration, whereas others may be more analytical (such as account analyst) but they all work together to provide accurate and timely records. All members of an accounting and finance team have an affinity with numbers, an attention to detail and problem solving ability.
Accounting and finance in Myanmar is an especially competitive industry as not only can it have a firm career path, but the salaries tend to be high. Even for an entry level position there is normally a minimum qualification of a degree, and other credentials are expected to be acquired along the way. To even “get a foot in the door” students often undertake internships whilst still studying.
Considering the unprecedented economic growth that Myanmar is experiencing, and the encouragement of international investment, accounting and finance professionals are in high demand (especially those with an excellent command on the English language). The multinational companies that are arriving in Myanmar knowledgeable local professionals to educate them on local guidelines.
Once an accounting or finance professional has acquired some experience they may choose to keep on working their way up from though the ranks, or they may choose to specialise in an area such as tax. They may also choose to sidestep into another industry, as accounting and finance skills are transferrable.
Then there is the option to move to a multinational company who provides professional services such as external auditing, which allows a career path as an an auditor. The “Big 4” are particularly sought after to work for as not only do they provide excellent renumeration, but training in different areas and the opportunity to travel. Also in such a company clients range across sectors, meaning that there is an opportunity to gain exposure to different industries.
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