Financial accounting involves research and study of company's status and preparing financial statements based on this information, along with various essential documents. Book keeping and accountancy are important in every organization. There is always a need of accountants, irrespective of the type of company or organization.
There is a misconception among people that creativity is not required in this field but one needs to think out of the box, and cogitate the financial status of an organization. It requires detailed scrutiny and research of necessary documents, vouchers, financial statements, and all the details related to finance in an organization.
An accountant needs to present the income and expenditure of an organization in such a way that, the tax liability of the organization is decreased. A person pursuing this degree should be well-organized, have a strong foundation of all accounting basics and techniques, and should be well versed with numbers.
It is recommended to take admission in an institute, which also offers courses in business and economics. Bachelor's degree is also considered to be a stepping stone to become a Certified Public Accountant (CPA).
The first semester of the course deals with basics, which are quite simple to understand. Then comes the advanced part, where one needs to show his skills. It not only consists of numbers but also the balance sheet, which is a fundamental financial statement of a company.
It requires balancing of debit side and credit side, i.e., both the figures should be same. One also needs to be careful and logical while working with these figures. This degree consists of arithmetic and you might have to train your brain with probability and statistics.
Enrollment procedure is very simple, and it varies with institutes. Commonly, one needs to have a high school diploma and basic accounting knowledge to enroll for this course.
The universities offer a number of courses related to accounting. Here are some of them.
- Bachelor of Science in Business Administration/Corporate Finance
- Bachelor of Science in Business/Finance
- Bachelor of Science in Business Administration - Finance
- Bachelor of Business Administration (BBA) - Accounting and Finance
You need to have strong communication skills in order to present the financial condition of the company to the management and shareholders. It is bound to open up many avenues for you in a sector, that is fast growing and interesting too, with many opportunities. It helps a person grow and attain a good position in the world of business and finance.