Accounting

Career in Accounting

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Making a successful career in his life is the ultimate aim of a student. From the starting of his education, a student starts planning about his career goals and aims he need to achieve. Medical, engineering, doctors, scientists, biotechnologists, etc are the careers which one can opt for post completing his studies in the science field. After science, be it medical or non- medical, commerce is the field which attracts students. Many students have been seen opting for career in accounting or commerce after passing their secondary school examinations.

Career in accounting or finance becomes the goal for the student’s pursuing studies in the field of sciences. The different fields to which the commerce subject is divided are: 1.)Accounting. 2.)Banking. 3.)Finance. 4.)Computers. 5.)Business studies. 6.)Economics.

After completing his senior secondary education, commerce students mainly opt for business management, computers or accountancy courses as their graduation subjects. The most popular course which has become the career goal for almost every commerce students these days is career in accountancy. Accounting Job involves the responsibility of maintaining the accounts of the organisation, analysing it and further adding on to the economic development of the company.

The three different fields or courses available in the field of accountancy are:

1.)CA- Charted Accountancy 2.)ICWAI- Cost Accountancy 3.)CS- Company Secretary

All these courses are provided by special institutes and have their individual regulatory bodies, governing the course structure and further career developments in the respective fields.

Charted Accountancy: Charted accountant is the person responsible for few of the most important functions required to run a smooth functioning of the organisation in term of its monetary funds and finances like accountancy, auditing, taxation, etc. The Institute of Charted Accountants of India (ICAI) is the organisation responsible for the regulation of charted accountancy profession in India. The students for becoming a member of this institute, has to go through a series of examinations, appearing before which, he has to register himself with the statutory body of ICAI. There are three levels of CA examination, i.e. CPT- Common Proficiency Test, PCC- Professional Competence Course, and then is the final exam, which has to be cleared, after which the student becomes a members a member of ICAI and can practise his profession in charted accountancy. The minimum time required to do this entire course is 3.5 to 4 years, which is in very rare cases, because the examination is very tough and it consumes years to pass one level.

Cost Accountancy: In this field the person responsible, is required to manage the cost related functions of the company in an organised way, he needs to collect, analyse and assemble all the cost related departments. He also needs to check, the utilisation of the funds is done in the right manner and in the productive direction. The institute responsible for application of the job responsibilities of cost accountancy in the country is The institute of Cost and Works Accountants of India. For taking admission in this course, students needs to clear three levels of examination, conducted by ICWAI, and registration for examination can be done after passing the senior secondary exam. The students having passed out all the three levels of ICWAI exam, other than working as cost accountant in public and private organisations, can also opt for working as a consultant in the field of finance management.

Company Secretary: This is another field which can be opted by the accounts or commerce students after passing their 12th exams. It is regulated by the Institute of Company Secretaries of India, which takes examination of the students applying for the course of CS, there are three levels for the same, after which the student can apply for CS in different companies and industries. As the name suggests, the job is not of a clerical or secretarial job, the CS is responsible for all the legal, board, trustee, managerial and corporate level decisions are taken with reference to the Company Secretary.

Accounting

Great information on Accounting jobs and Banking jobs

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Businesses are looking for a specific type of employee in their financial recruitment drive. Accounting jobs, banking jobs and other employment opportunities require a particular kind of person in addition to the relevant qualifications. Usually a degree is required for accounting jobs, but other types of financial careers in banking, whether it be a teller at a bank or an administrator, may only require a diploma to meet the criteria for a position.

The more senior the role, the more qualifications are required in addition to experience in the field, whether it be in the same company or a different institution or competitor. Companies have different policies regarding giving internal applicant preference or employment equity. Many jobs require specialist qualifications to perform a specific type of business and many require experience within the working environment such as completion of articles or secondment in addition to a tertiary qualification.

Accounting jobs also require certain characteristics along with a head for figures. Meticulousness, ability to work under pressure and accuracy is required. Accounting jobs require more hard work at certain times of the tax year, but office hours are generally adhered to in an accounts office. Banking jobs are competitive with many banks head hunting their ideal candidates and salaries vary depending on the seniority of the position, specialist roles and the bank’s size, budget, profitability and reputation in the market. Working in finance can be highly pressurized and banking jobs, in particular, have many rules and codes that must be adhered to. Because there is a high risk associated with handling cash, there are more safety procedures than in many companies that use commodities or services.

Workers may be subjected to daily security checks or changing passwords more often than employees in other industries and more employee confidentiality is required which will change the code of conduct. There are all internal policies of banking jobs and they may outsource hiring and recruitment responsibilities. There are many employment agencies that banks and other financial institutions work through instead of using their human resources department to head hunt or identify potential candidates in a recruitment drive. Employment agencies sort the candidates according to the employer’s needs in order to save time in the hiring process. Time is money in the business world and anybody looking for work should upload their CV to an employment site or join an agency as well as responding to suitable job advertisements in the media. Working in banking institutions is specialized and a strong interest in financial planning and the business economy is required. There is no room for error and the ability to work with numbers is crucial. Financial recruitment is all about the numbers and good references from previous employers and a business qualification is important to secure a position in the financial sector. A passion for figures is also useful when working with banks.

If you are thinking about pursuing a career in the world of finance, you can have the benefit of choosing to work for a large well established company or start a company of your own. Most financial planners make the choice of becoming sole proprietors due to the freedom of being your own boss offers; quite clearly, you set your own work hours, and as far as income is concerned, you set the limit.

Accounting

How virtualization benefits tax and accounting practices

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An increasingly popular way of delivering IT services is through virtualization, which comes in several flavors. With server virtualization, a physical server is split into multiple virtual servers. Each virtual server can run its own full-fledged operating system, and these operating systems can be different from one virtual server to the next. The physical server typically runs a hypervisor program to create the virtual servers and manage the resources of the various operating systems. Then each virtual server can be employed as if it were a stand-alone physical server, thus reducing the number of physical servers needed in an IT shop and saving the organization money and space.

By desktop virtualization, whatever user sees on his/her desktop is completely isolated from the physical machine and accessed through a client/server computing model. This virtualized desktop environment is stored on a server, rather than on the local storage of the desktop device; when the user works from his or her desktop device, all the programs, applications, and data are kept on the server and all programs and applications are run on the server. In this kind of practice, the server does almost all the work and a thin client can be a normal desktop or it can be even notebook, smartphones.

The above virtualization model can serve ideally to the tax and accounting professional. For a general accountant or CPAs, the desktop consists of tax and accounting applications as well as many other supportive tools to process their operations. These applications require heavy system resources to function and there is even desperate need of any expert technician to manage their setup. Having separate desktop setup for each individual in the office not only costs in the term of licensing but also gives us huge burden of resource setup and management. A centralized server helps us to address these concerns.

Tax and accounting professionals can opt to use cloud computing to host their resources. Cloud computing is the latest form of the virtualization technology. By implementing cloud for tax and accounting practices, all the benefits of cloud computing get inherited to the operations of tax and accounting jobs. The major benefits of cloud computing are: increased performance, high availability, anywhere and anytime access and reduced expenses which can be very helpful to boost the performance of accounting firms or departments.

It is not necessary to have our own cloud computing or virtualization infrastructure to share the benefits of these technologies. We can choose any hosting provider to host our tax and accounting applications to get these features of technology. We even get full technical support on our resources. The hosting provider becomes responsible for setup, management and to fix the issues.

Accounting

Top 3 Accounting Mba Tips For You

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One of the most lucrative management careers in today’s corporate world is in the field of accounting. Students who have the aptitude are increasingly opting for Accounting MBA programs to further their career prospects. Those who are already employed in this field enroll in this post graduate program to develop their skills further.

1.Purpose And Function Of Accounting MBAs In Business Organizations

After completing this course you can find jobs in related fields such as accounting administration and financial management. Accounting MBA degrees will qualify you to serve as accounting executive. In this capacity, you can provide vital information that helps with informed decision making. Different purpose is served by different branches of accounting.

Financial accounting for example is related to processing information on summarization, recording, interpretation, communication and classification of businesses.

Management accounting on the other hand is related to dealing with classified information accessible only to the top brass.

Managing accounts of the company in keeping with compliance of tax regulations is done by tax accountants.

2.Accounting MBA Career Prospects

Today, there is a strong demand for trained, skilled accounting MBA graduates. After completing the course, you will find numerous opportunities to grow in this field using the skills and knowledge acquired. MBA degrees will make you eligible to work as a manager.

As accounting is an intrinsic part of each and every business, you can be sure of bright job prospects in this field even during recession. The degree will open up avenues and make you eligible to become corporate controller, accounting manager, management consultant, cash manager and chief financial officer.

3.Ways In Which An Accounting MBA Programs Help You

In the corporate world, functions such as development of income statements, tax management and reporting are the responsibility of accounting managers. Job of tax consultants or independent audit consultants in public accounting companies are performed by professional accountants.

After completing the accounting MBA program that offers a comprehensive coursework, you will be highly proficient in handling all accounting needs of an organization. Needs of organizations in different industries are taken care of by strategically developed programs.

Reputed online or on-campus accounting MBA programs cover a wide range of topics including planning and implementation, financial reporting and assessment, risk management and tax management.

There is a great demand for dynamic accounting managers today who are comfortable working in areas like management, finance and marketing. Enhance your resume and open up extensive opportunities by completing the accounting MBA degree.

Accounting

Accounting Software Solutions The Sizes Of Packages On Offer

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Business accounting software solutions provide the most convenient way of keeping track of your companys financial information. However, finding the best accounting software program for your business can be a challenge. To choose an up to the mark accounting system solution package, there must be consideration on points like business accounting basics, the size and the structure of a business and its relevant accounting needs.

Below are the different kinds of accounting software categorized according to business types:

Small sized Companies

Affordable accounting software solutions in smaller ranges do exist. They start with minimal charges. Some of the popular options include QuickBooks, which is one of the big names in entry level accounting solutions. QuickBooks is tailor made for small sized businesses without extensive experience in accounting. The system installation takes few hassles and the running too is pretty easy that saves on the costs incurred by small business establishments.

Similar to QuickBooks, the popularly Peachtree is available in a number of variously priced forms. It is to be noted, Peachtree has a higher degree of flexibility in comparison to QuickBooks, thus reports and pie charts come much more easily– creating a lot of ease for accounting firms.

Fund E-Z is intended particularly for non profit set ups and has more flexible terms than either QuickBooks or Peachtree in the tracking of restricted funds and creation of nonprofit-specific report sheets.

For Midsized Companies

If you have an offshore based business or require monitoring of multiple programs, choose over and above entry level systems. Such packages, including those from Dubai IT solutions cost more than those discussed earlier. There are discounts available on bulk deals for deals that go long term. Understand the accounting volume and decide on the requirements before going in for a particular package.

For Large and International Non Profits

The software solution discussed above support the requirements of most non profit unitsunless there are a lot of funds available for use, multiple accounting users or an international level infrastructure. If that is the case, you will need enterprise Accounting Software Solutions custom made for your companys requirements. The prices of these packages tend to start with six figures. Dubai IT Solutions also offer plenty of choices in this category.

Therefore, it is ultimately the type of business that dictates the choice of the right type of accounting software. Choose your plans, based on the budget you have. Research and check the advantages of each system before going in for one. There are ample choices available for each separate company set up. Choose wisely!

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