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Accounts Coaching for Graduation and Post-Graduation Level
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Businesses or any organization spend a large amount of time and money to keep their financial records and transactions. However, are these painstaking efforts finally can be managed efficiently by Accounting procedure. Accounting is a key factor that is extremely important in managing financial transactions in a business. Keep it in mind that if there is no Accounting what is the future of all corporates? Without accounting, we cannot manage and show the financial gain and whereabouts of your business to stakeholders. To run any kind of business, whether it is small or big, you need data, records, reports, analysis, correct data of assets, debts, liabilities, profits; and here it is why Accounting is important for any business activities. The accounting information is very necessary for the management to take decisions of an organization.
In simple terms “Accounting is a process of recording, summarizing, analyzing and managing financial transactions of an organization and it is often called as “Language of Business”. Accounting is a root of any business that plays an important role in preparing the compiled financial statements.
1. Accounting helps to create profiles of accounts of all expenditures organizations are making. For example, electricity bill account.
2. Accounting helps to identify profit and revenue for the upcoming time.
3. Accounting helps to clear which decisions and plans are making losses to the business.
4. Accounting helps to decide how much profit businesses are gaining every year.
5. Accounting helps organizations to find out what price to be charged for products.
Why is accounting important in business?
1. Accounting keeps you organized
Why is accounting important, you ask? Without accounting, you wouldn’t know how much money your business has earned. You could easily forget how much money you paid out. And, you wouldn’t remember how your current profit or loss compared to the previous quarters’.
Which customers haven’t paid you? Wait, what debts haven’t you paid yet? If you use accrual accounting, you (should) know exactly how much your accounts receivable and payable are.
In short, accounting shows you exactly what your business has been up to when it comes to finances. It keeps you organized so you can accurately and legally fill out your tax return, which we’ll talk about next…
2. It backs up your tax return claims
Many business owners dread small business tax filing, especially if they have no idea where to start. Here’s where the importance of accounting in business comes in.
Step one of filing your tax return is gathering financial records. Without these records (e.g., financial statements), you won’t be able to enter the correct numbers onto your return.
But because we touched on this above, we’re going to dive into the second part of accounting and filling out tax returns: the dreaded audit. If you get audited by IRS, what happens? You need to show them that you’ve done your due diligence and have the necessary accounting info to back up your return.
3. Accounting holds you accountable
If you have shareholders in your small business, you know how important it is to show rather than tell. Accounting does just that.
Your shareholders hold you accountable for the success of your business. They can observe your business’s growth and success by looking at your accounting records.
On another note, accounting can also help you hold your employees accountable. Keep up-to-date on things like reconciling bank statements and performing trial balances. That way, you can catch fraudulent activity before it takes too much of a toll on your business.
4. It guides decision-making
Should you buy that brand new, top-of-the-line printer for the office? Well, that depends on whether you can afford it.OK, how about your expenses? Is there anything you need to cut to help your business’s bottom line? That depends on how much you’re spending and on what.To answer questions like these, you need to look at data—your accounting records, to be exact. Accounting can help guide the decisions you make so you avoid common business mistakes, like:
5. You can measure new strategies with hard numbers
Before you make a change in your business, you likely conduct a risk analysis for a small business. That way, you can determine whether taking that risk could benefit or damage your business.
But what about after the risk? Don’t you want to analyze the effects of taking a risk (i.e., making a change) after you do it?
Accounting can help. You have the numbers showing your business’s expenses and revenue before the change. And after you make the change, you can compare the numbers. That way, you know whether your strategy helped or hurt your business.
6. It’s necessary for getting investments or loans
Investors and lenders need to learn a little bit about you before they invest or lend you money. And that means poking and prodding into your business’s accounting books.
Generally, you must show investors and lenders your business’s financial statements. That way, they can obtain information about your profitability.
Without organized accounting books, your financial statements, financial forecasts, and profitability claims won’t be accurate or have any backing.
7. Without it, you’re in trouble
Handling accounting for your business isn’t a choice. Although you can choose how you want to do it (e.g., outsource, use the software, etc.), your business must have an accounting system in place.
The IRS requires that you choose a business structure and accounting method. Without it, your small business tax return will be inaccurate. And you know what that means … IRS audit red flags and penalties.
In addition to keeping detailed records, you may need to follow a set rulebook for accounting, known as generally accepted accounting principles (GAAP).
Skills Required for Accountant
- Communication Skill
- Analytic & Interpersonal skills
- Knowledge of accountancy software
- Strong in mathematics
- Understanding of accounting procedure
- Ability to work for a longer duration in an environment of computing area
How Accounting course will boost my career?
Today’s modern technology produces more and more information about a company’s all financial data, businesses need manpower means people who can handle and explain it. Analysts are also needed to help them accounts knowledge experts in core audit and tax businesses as well as in high-demand industries, such as insurance or real estate is very important. Accounts professionals are consistently well paid because of high demand. And when you’re in high demand, you can count on career stability, a competitive salary, and lots of chances to advance. Just how popular will Accountant be in the future? The Department of Labour and Statistics predicts employment of accountants and auditors will grow faster for all organizations, mainly because accounting and auditing organizations are getting stricter and the economy will continue to expand around the globe. The best job opportunities will be for accountants and auditors who have proper knowledge and certification of Accounts and Taxation.
Jobs & Career Scope
A profession in accounting is one of the top career choices marked by the students of India.
Many options open for candidates seeking a career in accounting. The job of accountants exists in the public as well as in the private sector. If you are choosing your career to be an accountant then, the career options in this field are available in numbers. You can go for various jobs under this course. One can do a job outside of India also.
Every organization needs an accountant that manages and maintains the financial records of the companies. It enables the organization to judge its success/failure and plan for the future. There are different positions available in this field. Profitable jobs are available for chartered accountants in India as well as in foreign countries.
One can choose the teaching profession in this field. Job opportunities are available in accountancy firms, insurance companies, and banks. You are also employed in private organizations or companies.
Job profiles in the accounting field are as follows:
- Finance Managers
- Financial Controllers
- Financial Advisors
- Directors (Finance)
- Certified Public Accountant
- Chief Financial Officer
- Chartered Management Accountant
- Company Secretary
- Public Accounting
- Budget Analysis
- Management Accounting
- Real Estate Finance
- Wipro limited
- Bharat Electronics Ltd
- Vedanta Ltd
- Ujjivan Financial Services Ltd
- ITC Limited
- Tata Motors