Accounting is a lifestyle, which has to be maintained on daily basis to keep a note of all outgoes and incomes or sometimes profits. The net amount we are left with at the end of the day is out-turn of an accounting. If the accounting cannot be resistible to maintain a report of expenditures, incomes and savings, much more contribution it pays to the business organizations. Without having clear idea of business goals and turn-over of a business helps you get nowhere. So it can be any form of business like sole proprietorship or partnership or corporation, very important of having qualified managers dealing with accounting and financing of a business.
The business has been classified into 4 types named as service business, merchandising business, manufacturing business, hybrid business (combination of service, manufacturing and merchandising example: restaurants). In the above categories of businesses financial management is needed in addition to accounting. Finance is a part of accounting, an integrated part of accounts deals with financial planning, financial control and financial management.
Accounting and Financial Managers Need to Execute Functions like
- Managing financial operations, including revenues, expenses, assets, liabilities, and equity.
- Evaluate alternative investments by using time value of money calculations, and understanding their effect on cash flow.
- Financial analysis.
- Strategic management, decision-making and operational problem-solving.
- If companies facing financial challenges need to analyze situations, assess risks, and propose courses of action.
A report by The Hindu states, “Financial accounting, data analytics are growth drivers” . The report from other source says salaries within the finance and accounting industry grew by 10-17%. The average entry level salary of an account or financial manager 2.5 – 3.5 lakh per anum and increases as experience increases.
Some of the best designations in accounts and finance are
- Financial accountant
- Process improvement manager
- Internal auditor
- External reporting accountant
- Financial analyst
The accounting and financial managers are into great number of discrete sectors like
- Data analyst
- Data scientist
- Licensed conveyance
- Management consultant
- Purchasing manager
- Retailed banker
- Tax adviser