There is now a documented rise in the demand in accounting professionals in Asia. There are two main reasons for this.
One, there is a growing number of multi-national and transnational companies that are shifting into outsourcing their accounting functions to off-shore or overseas companies. Shared accounting services have increased locally in the region in the last 3 years since shared accounting services overseas costs significantly lower.
Second, there is a rise in accounting majors in Asia boosted primarily by the number of educational institutions that are offering short and long-term, that is vocational and full college degree, units, diploma and other accounting courses. This is the case in Singapore, Hong Kong and China which are currently globally preferred destinations for reporting and analysis accounting functional support among multi and transnationals.
Taken together, the cost and rising number of competent professional have even prompted multi and transnational companies to hire more accounting professionals and provide them with extended or expanded roles or functions. Under this new mantra, strong interpersonal skills and creative thinking in addition to accounting competencies are important qualifications as managers now considering soft skills, over-all productivity potential as more important variables than pure technical proficiency. This in turn have made accounting or accountancy a lucrative profession more than it was several decades ago as a new breed of accounting professionals are developing into more holistic employees equipped with communication, interpersonal, analytical, managerial skills, and creativity to assume multiple office functions.
As such, the demand for accounting courses have simultaneously risen particularly those for short, non-degree courses either as basic accounting know-hows or as supplementary trainings for those who already have accounting degrees.
Basic accounting courses in Singapore seem to be specifically in demand among potential employees who already have refined over-all employment and productivity skills but lack technical background in accounting principles, equations, processes and basic concepts like double entry, debits, credits and different kinds of business structures. These basic accounting courses also offer hand on trainings on keeping general ledger or journal, organized bookkeeping methodology, and preparing basic reports such as statement of financial position, trial balance and income statement.
For those who already have fundamental backgrounds, there are intermediate accounting courses that serve as supplementary classes. As such, these classes often include higher level accounting concepts like bank statements and accounts, permanent and timing differences, accrual accounting and cash accounting, distinguishing between bad debts and doubtful debts, acquisition of non-current assets, depreciation methods and accounting policy. There is also considerably more practical trainings on formats and performing bank reconciliations, adjusting for prepayments and accruals, methods for preventing transactions from entering into the wrong period, accounting for non-current assets to reflect income statement, making statements of financial position.
There are also advanced accounting courses in Singapore but they are offered and taken only by those with prior accounting employment experience or those seeking promotions or permanency. It covers more complicated subjects like ratio analysis, concepts and operations of profitability, liquidity, capital structure, efficiency ratio, strategies in payroll accounting using the double entry, understanding employee benefits and compensation vis-à-vis relevant taxes, computing income tax adjustments for businesses, loans and hire purchases.