Accounting- Why Should You Learn It?
Accounting teaches a Business student how they can present financial statements that can be used to assist business planning and decision making in an organization. What actually Accounting does is- it gathers financial transactions and does recording, summarizing, reporting and analyzing the financial data for providing information to the required parties.
Learning accounting, offers the students a great long-term potential career opportunity for employment. Accounting opens many doors for a promising professional career. He can apply their knowledge in any company, field or any industrial sectors. They can also be Finance Manager, Business analyst, Business Manager, Investment advisor, Risk management specialist etc. So they have no need to end their career as a traditional accountant.
Possible careers for accounting degree holders these days-
→Public Accountant records and manages all financial document that companies and individuals are required by law to publicly disclose, such as taxes and balance statements.
→Chartered Accountant is an expert public accountant who works in all fields of business and finance, including audit, taxation, financial and general management.
→Management Accountant prepares and manages all internal business financial documentation, or that which companies are not required to make publicly available.
→Government accountant is responsible for all the financial paperwork either produced by government or subject to government oversight.
→Loan Accountant reviews and evaluates loan applications within a bank, credit union, mortgage company or other service provider.They also recommend acceptance or rejection of the applications they review.
→Accounting clerk record-keeper performs large amounts of data entry and related calculations. Accounting clerks often specialize in certain areas, such as accounts payable, expenditures or payroll.
In your regular life you will need accounting too, such as-
♦Use in Personal Finance
Learning accounting will help you to understand your everyday financial tasks such as depositing money into a bank account or how interest rates are calculated on a loan or mortgage.
♦Calculating Tax Account
A business uses tax account to budget for expenses and plan a business strategy that minimizes its tax liability. An individual can use tax account to understand how factors such as wages, investments and dependents affect her income taxes. The knowledge of accounting can help anyone to file their own taxes or effectively communicate with an accountant who files for them.
A person who manages a business or makes financial decisions about a company’s operations can benefit from learning accounting. Accounting information is important to making decisions about a company’s costs, production volumes and department operations.
Well, Accounting is known as “The Language of Business”. The strongest knowledge about accounting can have a highly positive impact on business performance & poor knowledge can lead to heavy losses, prosecution or even the collapse of the business.
Contributor: Mahmuda Jaman
From Mawlana Bhashani Science & Technology University