Accounts Course: A Roadmap to Build Your Niche in Finance
Accounts Course provides skills and knowledge of keeping financial accounts which will be applied to a variety of industries and businesses. Further, accounting involves handling real revenues, actual transactions, and observable finance with the first role is to organize and examine financial records
It is thus advisable to accumulate training and certification in accounting to kick-start the career. Moreover, an accountancy certification is usually valuable. It outlines the way to specialize in money management, financial recording, and reporting, and therefore the best processes to save lots of cash for a business or sole traders.
Enumerating the key benefits of undergoing Finance and Accounting course:
What does an Accountant do?
- Generally assigned with responsibilities like preparing the budget of a corporation
- Creating financial backups to secure data
- Finance advisory role where they advise on ways to scale back costs, increase revenues and profits.
- Overseeing tax calculation alongside on-time payment
- Maintenance of certain that records and statements suit the law
- Inspect account books and accounting systems to stay up so far
- Provide auditing services
There are several factors that have added to the increasing demand for accounts courses. These include:
- Reformation in tax laws (since the introduction of GST)
- Ever-changing financial regulatory norms
- A boom in the global commercial business
- Re-evaluation of financial controls
Incidentally, these features continue to drive the demand for skilled accountants in the public, private, and NGO sectors, which eventually translated into the growing need for accounting courses.
Types of Accounts courses
There are different divisions of accounting, each addressing a separate purpose for the accounts course. These areas specifically give a clear idea of various accounting systems which help in gathering and maintaining the records in a proper manner so that those data can be used in multiple reports.
Managerial Accounting: This accounting emphasizes providing information for use by internal users and management. Managerial accounting delves into the needs of the management rather than general concepts of accounting principles. It comprises cost analysis, evaluation of business decisions, financial analysis, etc.
Interestingly, job roles that would be available after completion of the accounts course on Management accounting such as
- Managerial accounting
- Cost controller
- Corporate tax consultant
- Industrial accountants
- Private accounting
Tax Accounting: Tax accounting deals with the rules set by tax authorities and the means to guide the clients. It consists of tax planning and preparation of tax returns. It also offers opinions on income tax and other taxes and evaluation of tax decisions and additional tax-related terms. On completion, one can opt for a job position of a Tax Consultant or Tax accountant.
Forensic Accounting: Forensic Accounting teaches about the nuances of fraud investigation, court and litigation cases, financial claims and dispute resolutions, and other similar issues that include legal matters. This variant of accounts course is one of the popular trends in accounting.
Financial Accounting: This module of accounts courses involves outlining and classifying the details of business transactions and preparing and presenting financial statements to be used by internal and external users.
Cost Management Accountant (CMA): A CMA performs the role of compiling financial documents from all departments of an organization. This certification enables them to competently handle the financial aspects of an organization.
Public Accounting: Public accounting firms comprise accountants who provide financial solutions to businesses, individuals, governments and nonprofits by preparing their financial statements, tax returns and guiding them on transactions. the company finance career roles at public accounting firms include positions in:
- Transaction Advisory
- Due Diligence
Audit: With the completion of training in an Accounts Course, Auditing is an option where one can become an Auditor. Auditing is that the process of analyzing the budget or an unbiased examination and evaluation of a company’s financial statements
How much does an accountant make?
A fresher in the position of Financial Accountant can earn an average total compensation of ₹3 lac per annum. A junior level with 1-4 years of experience gets an average remuneration of ₹3.5 lac per annum. While a mid-level role guarantees a package of ₹5lac per annum, an experienced Financial Accountant can earn ₹6lac and above.
To note the fact that around 10 lakh jobs were created during 2020 with a projected increase of 25 % by 2022. The benefits of doing an accounts course include:
Accountancy careers will never dwindle out till money and business exist. Moreover, there is a steady and assured growth of career progression for an accountant. Experience is directly proportional to an accountant’s salary.
So it can be said accounts course give employment prospects of
- Job Security
- Enhanced Prospects
- Financial Rewards
Some job profiles that could be opted after completion of accounts course are:
Certified Public Accountant
Chief Financial Officer
Chartered Management Accountant
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DISCLAIMER: The content created above is for the readers' knowledge and information only. Before acting on any of the aforementioned article's points, it is advised to get expert advice.
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