B.S. Accounting Technology

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Bachelor of Science In Accounting Technology (BSAcT)
Government Recognition No. 05 s. 2013

 

Scope and Coverage

Accounting is a profession that plays an important role in all societies. As the world moves toward global market economies, rapid change has become the main characteristic of the environment in which professional accountants work. Pressures for change are coming from many sources including globalization, information and communication technologies, and the expansion of stakeholder groups including regulators and oversight boards.

One of the secondary products of globalization is the business process outsourcing industry, which has been cited as one of the fastest growing industries of the world. Researchers say that financial and accounting services are becoming highly lucrative in the BPO industry, and this falls under the practice of accountancy.

Among the finance and accounting functions which are being outsourced are accounting and bookkeeping; account maintenance; accounts receivable collection; accounts payable administration; payroll processing; asset management; financial analysis and auditing; management consulting; and inventory control and purchasing. They also include expense and revenue reporting; financial reporting; tax reporting and other finance-related services such as financial leasing, credit card administration, factoring and stock brokering, as well as for logistics management and cargo shipment management. Some of these functions, however, may not necessarily be rendered by Certified Public Accountants but by record keepers or accounting technicians.

Accounting technicians are the skilled support staff working in accounting and finance. They generally maintain systematic records of business transactions, verify and record them, use computers to calculate, prepare and process financial records.

The foregoing trends lead to the need to design a program for accounting technicians, which could supply the needs of BPO for finance and accounting services. This is the Bachelor of Science in Accounting Technology Program (BSAcT).

Students who satisfactorily complete the two-curricular year requirement will earn the Certificate of Accounting Technology. Students who complete the four curriculum years will earn the Bachelor of Science in Accounting Technology. Should the student later in life, decide and qualify for the program for CPA professionals, another year will be added to earn the BSA degree.

 

Program Description

The curriculum of the BSAcT Program puts emphasis on an accounting study that is long and intensive enough to permit students to gain the knowledge required for competent accountants. Such professional accounting education consists of: 1) accounting, finance and related knowledge; 2) organization and business knowledge; and 3) information technology knowledge and competencies.

The technical knowledge component complements the non-technical knowledge, and the intellectual, personal, interpersonal, communication, and organizational and management skills developed in General Education.

The curriculum requires 182 units of study consisting of 51 units in general education; 42 in business education; 9 in IT education; 66 in Accounting and Finance; and 14 in PE/NSTP.

 

Program Objectives

The objectives of a BSAcT program are to:

  • Equip student with specific skills for entry into the BPO industry and accounting professional; and
  • Prepare the student for eventual entry into the regular degree program of the Bachelor of Science in Accountancy (BSA)

The BSAcT program should provide a foundation of knowledge, skills, and values. Ethics and attitudes that enable students to continue to learn and adapt to change throughout their lives. These capabilities will enable accountants to identify problems, know where to find this knowledge and know how to apply in the ethical manner to achieve appropriate solutions. The balance of these elements may vary but what is required is to develop the knowledge base and strong skills in order to produce compliment accountants with appropriate values, ethics, and attitudes.

Preparing students for Certified Accounting Technician (CAT) licensure examination and for employment for private establishment and public sectors (government agencies) are subsidiary subject which should judiciously held with the primary goal of preparing students for a successful long-term accounting career. Thus, the BSAcT graduate school should qualified to take pass the CAT licensure examination and to obtain employment as an entry level accountant. With proper orientation and supervision he should be able to cope with the problems he will face upon the workplace.

 

Competencies

The core competencies for accountants identify the knowledge, skills, and values considered necessary to perform effectively in today’s rapidly changing environment.

Knowledge that BSAcT graduates should possess include:

  • General knowledge- gaining and understanding or the different culture in the world and developing international perspective. Traits that will make our Filipino CPA’s prominent in the global marketplace such as competency in English language (the lingua franca of English), adaptability to foreign practices, level of trainability and good capabilities in dealing with foreign partners.

 

  •  Organizational and Business Knowledge- broad base of knowledge concerning micro-environmental, economic and industry issues, business process structure, function and practices, include core knowledge in areas such as economics, quantitative methods and business statistics, organization behavior, marketing and operations management, international business, ethics and corporate governance.

 

  •  Information technology (IT) Knowledge- This includes not only conversant with IT concepts for business systems but sound knowledge on internal control in computer-based system, development standards and practices for business systems, management of the adoption, implement and use of IT, evaluation of computer business system, and managing the security of information.

 

  •  Accounting and Finance Knowledge- This include core knowledge related to accounting and related to areas in private and government setting and must include proficiency in the international accounting/financial reporting standards, cost management and latest concepts in management accounting reent tax laws and business and commercial laws. Its also include knowledge of corporate finance and the Philippines capital markets, professional ethics and environment accounting and reporting.

 

Skills that the BSAcT graduates should possess includes:

  • Intellectual- this set of skills includes the ability to carry out abstract logical thinking and team the process of critical thinking. It also includes creative thinking or the generation of new ideas visualization or “seeing things in the mind’s eye” and reasoning skills or the discover of a rule or principles underlying the relationship between two or more objects and applying it when solving a problem, hence, the BSAcT graduate must demonstrate the following skills
      • Analysis – ability to review, interpret, evaluate financial data and system/ operation data/ control in order to form conclusion and/or make recommendations on validity/usefulness/ correctness/ compliance within established policies, procedures, guidelines, agreements and/or legislation.
      • Problem solving – discerning the true nature of situation and evaluation of applicable principles and techniques. Innovative thinking, reliable evaluation of information, openness to contructive change and consideration of future contingencies and developments.
      • Strategic/Critical Thinking – Linking data, knowledge and insight together from different sources and disciples to make informal decision. Considering the “big picture” when making decision, as well as potential threats to the vision, strategy objectives and culture of the organization.

 

  • Interpersonal – This involves developing the ability of the BSAcT graduates to work in group and being a team player. It includes the skills to participate as member of a team and contributing to group effort: teaching others new skills: working to satisfy client’s expectation: negotiation skills and working with diversity backgrounds. Hence, the BSAcT graduate must demonstrate attributes such as being:
      • A team player
      • Persuasive, confident and diplomatic
      • Discreet, open minded and patient
      • Capable for hard work and able to respond well to pressure

 

  •  Communication – This refers to active listening skills and ability to communicate effectively one’s points of view, both orally and in writing, at all organizational level; being able to justify one’s position, deliver impressive presentation and to persuade and convince others. The BSAcT graduate should demonstrate skills such as the ability to:
      • Explain verbally and/or in writing financial / statistical/ administrative matters/ policies/ procedures/ regulatory matters/ audit result at level appropriate to the audience.
      • Ask clear, concise and relevant questions to obtain desired information to perform a task.
      • Negotiate effectively.

 

Values that the BSAcT graduate should possess include:

  • Professional ethics – since the objectives of he accountancy profession are to work in accordance with the highest standard of professionalism. To obtain the higher level of performance and generally to meet the public interest the need for BSAcT graduates to conform to the ethical standard of the profession become vital. These include”:
      • Integrity – avoiding actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict; refraining from engaging in any activity that would prejudice their ability to carry out their duties ethically.

 

      • Objectivity and independence – Communicating information fairly and objectively; and disclosing fully all relevant information that could reasonably be expected to influence an intended users understanding of the reports, comments and recommendations presented.

 

      • Professional competence and due care – maintaining an appropriate level of professional competence by ongoing development of knowledge and skills, performing one’s professional duties on accordance with relevant law, regulations and technical standards; preparing objective and complete reports and recommendations after appropriate analysis of relevant and reliable information.

 

      • Confidentiality – Refraining from disclosing confidential information acquired in the course of their work, except when authorized unless legally obligated to do so; information staff as appropriate regarding the confidentiality of information acquired in the course of their work and monitor their activities to assure the maintenance of the confidentiality; and refraining from using or appearing to use confidential information acquired in the course of their work for unethical or illegal advantage either personally or through third parties.

 

      • Professional behavior – discharging one’s professional responsibilities with competence and diligence and performing one’s service to the best of the member’s ability with concern with the best interest of those for whom the service are performed and consistent with the profession’s responsibility to the public; obligation of self disciple above and beyond the requirements of laws and regulations; and unswerving commitment to honorable behavior even at the sacrifice of personal advantage.
  •  Moral values – beyond ethical rules is a need for the BSAcT graduate to be able to discern between what is morally right or wrong.

 

Career Opportunities

After completion of program. The graduate can pursue career n accountancy and related professions. Specific job vary widely among the four major field of accountancy; public practice, commerce, and industry, government and education.

Specific sample opportunities are the following:

Entry-level jobs

      1. Financial Statement Preparers
      2. Financial accounting and Reporting Staff
      3. Management Accounting Staff
      4. Tax Accounting Staff
      5. Internal Audit Staff
      6. Financial Analyst
      7. Budget Analyst
      8. Credit Analyst
      9. Cost Accountant

Middle Level Position

      1. Controller
      2. Senior Information System Internal Audit
      3. Senior Fraud Examiner
      4. Senior Forensic Internal Audit
      5. Financial Service Manager (Commerce, Industry & Government Sector)

Advanced Position

    1. Chief Financial officer
    2. Chief Information Officer
    3. Vice President of Finance/CFO (for GOCC’s)