Social accounting entails communicating the effects of an organization, both social and economic, to a particular group of stakeholders and the whole society. An accountant plays an central role in this process as he/she is responsible for preparing the financial statement of the company. The auditor gathers financial information related to a firm, records it and analysis it. The accountant is also responsible for presenting the financial operations of the company. For these particular roles, an auditor plays a key role in presenting and reporting financial transactions to other stakeholders (Matra, 2017, p. 10). The accountant will report on the objective of the firm as well as the economic status that affects the society both social and financially.
Social accounting is critical to society for various reasons. First, companies pool resources and inputs from the society thus affecting the welfare of the community surrounding it. It is, therefore, necessary that the corporation is fair in their dealing with the public. Social accounting reports the social effects of the company to the society by recording its social responsibility activities. Secondly, organizations contribute to the national income of a country. The production activities may add value or degrade the economy. It is the role of social accounting to report on the economic effects an organization has on the society surrounding it (Matra, 2017).
Addressing social accounting as an imperative issue today is necessary for different motives. Social accounting ensures that firms fulfill their social responsibilities to the community. It helps the management team of a company to formulate strategies that conform to public policy. Secondly, it minimizes the chances of scandals due to unethical behaviors for the benefit of all stakeholders (Matra, 2017, p. 8). Social accounting ensures that the products offered to the public are safe and prices are fair. Besides, employees are treated equally, and their rights are upheld while the interest of stakeholders adhered. For companies, it creates a positive image by portraying commitment on their parts.
Social accounting, therefore, has implications on the accounting profession. The accounting act has to introduce stringent frameworks for social accounting. These procedures should ensure that the financial statics reported are accurate and relevant. Besides, they should emphasize on ethics of social accounting. For accountants, this implies that they have to give detailed information on the social and economic effects of organizations to the society. Professional accountants will be responsible for reporting company performance both internally and externally as well as improving internal control systems (Zadek, Evans and Pruzan, 2013 pp, 90).
Matra, S. 2016. Social Accounting: Concept, Definition, Features and Benefits | Financial Analysis. [online] YourArticleLibrary.com: The Next Generation Library. Available at: https://www.yourarticlelibrary.com/accounting/social-accounting/social-accounting-concept-definition-features-and-benefits-financial-analysis/67703/ [Accessed 26 Apr. 2017].
Zadek, S., Evans, R. and Pruzan, P., 2013. Building corporate accountability: Emerging practice in social and ethical accounting and auditing. Routledge, pp (84-108)
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