Accountancy

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             SAVE  MONEY OR  ACCOUNTANCY? 

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What makes you happy? Well, for me it's my salary because finally, I can buy that dress I always wished for, I can bring gifts for my loved ones and whatnot. But it is rightly said, 'money is just like sand, very quickly it falls from your hand'. 

WILL THIS HELP?

So, I decided to maintain a book entry for all the expenses and revenue I incur and earn respectively. Mainly this decision was taken to analyze the way I spend my money and how can I save it. More importantly, I can figure out the unnecessary expenses by myself. 

I was surprised by the increase in my savings because of maintaining a proper record of the financial transactions.

TO THE MAGICAL PROCESS -

The process used in the above-quoted example is the process of ACCOUNTING. 

Accountancy is means of communicating information of any economic entity to different stakeholders or to those affected and interested in knowing the information as to make a good decision. 

Mainly accounting is used in business, due to the significant role it is also known as the language of business. 


KEY TO SUCCESS- 

Accounting is used for various reasons- 

(1)Financial Position- It gives a clear portrayal of the assets, liabilities, and capital of a company. 

☆Assets are the resources which a firm owns such as goods, machine, and plant, debtors, etc. 

☆Liabilities are the debts which a company has to pay. It includes creditors, bank loans, etc. 

☆Capital is the amount of money invested by the owner or stakeholders in a firm.


(2) Results of operations show the profit I.e. the net income earned by the firm. It is calculated by deducting all expenses from the earned income/revenue. The profits are used for further growth of the business. If losses are faced, then steps are taken by the firm to cut out unnecessary expenses. 


(3) True picture of the firm- 

Certain companies have the compulsion to publish their accounting reports to maintain transparency of information between the firm and stakeholders such as investors, customers, banking institutions, etc. Thus, different users by proper analysis make a rational decision. 

DO we need any special skills?

 ☆One has to study the proper syllabus of accounting prescribed by institutions and thus acquire at least a bachelor's degree in accounting. Though the job careers are better exposed for one having the master's degree as well. 

☆You can either become a professor at any university by qualifying for the degree of 'the doctor of philosophy(Ph.D.).

☆ 'The Doctor of Business Administration degree is mainly for business or public careers as it requires a person to possess high research skills and qualifications.

OPPORTUNITY AS A CAREER –

☆Charter Accountant is the best career option as it not only promises a secured future with high returns in terms of salary perks but also unlocks global opportunities along with satisfying a psychological need by achieving the prestigious tag of a CA.

CONCLUSION 

Firms pay a really huge amount for availing the service of accounting due to its vital role. Keep learning. Keep growing. 

                                                                                            BY- ISHITA GUPTA

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