Saturday, June 2, 2012

Accounts & Finance Career

Accounting or accountancy is one of the most important fields of finance and is considered as the pedestal of all other fields in the finance sector. Accounting is the branch of commerce which deals with aspects such as summarizing, reporting and analyzing financial transactions to keep financial records. It is the study of how businesses track their income and assets over a period of time. Accountancy is related to dealing and maintaining records of all daily financial transactions happening in business to estimate the success or failure of a business.

Growing economic and commercial activities, has made accounting an integral part of our everyday lives. Any business requires an accountant who would be responsible for maintaining books of accounts. Hence, accounting career opportunities exist almost everywhere, and accountants are in high demand whether it is a new business, big or small, home-based business, corporations and government organisations. The services of accountants are required by all organisations as they must maintain systematic records of all transactions for the purpose of planning activities, managing and furnishing tax returns. Without this department, recording financial transactions, proper maintenance of staff salary and books of account, balance sheets preparation, calculation of various taxes etc is not possible in a firm. Most decisions related to present and future projects are based on the financial records of a concern. Accounting is an important field not only in business but also in every day life of common man. People use accounting skills while making decisions related to finance and investment options.

Accountants assess the present and future economic activities of individuals, businesses, non-profit organizations and governmental bodies. Accountants manage many tasks besides preparing financial statements and recording business transactions. Key areas of accountants work are audit, budget analysis, taxation, management accounting, financial accounting etc. Auditing, an important feature of each and every business, involves checking of books of accounts. Budget analysis is developing and managing the financial plans of an organisation. Taxation involves preparing tax statements for particular individual as well as business concern. Management accounting involves preparing an analysis of the assets. Financial accounting means analyzing and recording the transactions and financial statements.

Career areas like Chartered Accountancy, Company Secretary, Banking, Actuary, Cost and Works Accountants are related to accountancy. These are advanced fields in accounting which require specific qualifications. However to enter a career in accountancy which is an important field of finance, the basic qualification needed is only a bachelors degree in commerce.

Accounting is taught right from the intermediate class. In degree level, the subject is taught with much emphasis. One can take it as a pass subject or an honors subject at the degree level. After completing B.Com one can do M.Com with specialization in accounting and finance.

Professional courses like ICWA, ACS, and CA can be pursued either along with the graduation or after completion of B.Com degree; B.com has many branches like B.Com Accounts & Finance, Bank management, and Corporate Secretaryship.

Note:  Computer accounting courses are popular due to its large employment opportunities. The computer accounting package like Tally is quite useful for doing accounting works in offices. Hence an intermediate or a graduate after pursuing these courses can directly enter a private company as junior accountant.

Almost all the deemed and general universities offer degree in accounting and finance.

Additional Courses:
Additional prior knowledge in accounting software like Tally or ERP can be an added advantage and expands opportunities for freshers in the industry. Certificate courses like NSE capital market will get students skilled jobs in capital market and secondary market in stock exchange/brokers.