Why Study Accounting?
The world needs accountants. Money is needed to go around the world to run so having professional accountants will help the world move as well as being able to work in any industry of choice.
In the UK, it is said that as a graduate you can be employed by financial firms within six months of leaving university. From retail to business, you name it, you can see yourself within an industry in no time.
It should be no surprise to hear that over 55,000 of the UK’s students come from overseas. The UK is seen as having an empowering public sector which ensures these students can make the most out of studying accounting. The UK is a hub for diversity and if you are born in the UK why not take advantage of the diverse environment we’re in and be influential to people through financial accounting?
What is the importance of Accounting?
The role of an accountant is fundamental and without them, banks would not run sufficiently. This is one example which is enough to rock the world unbalanced. From tax collection to financial transactions, they will always remain to be important no matter which sector they’re in.
Here are many reasons as to why accounting is very important:
Budgeting is a core factor for every business. If there were no budget in place, every business would struggle to have a good margin of profit and could even end up in debt due to overpaying in expenses or paying for products which are not needed.
Planning budgets involve making strategies which aim to save money and notice any expenditures which exceed a certain amount. To plan you need to have previous statements and records which you can document and collate together to come up with a maintained account which gives an idea of the budget you have. This brings us up to our next point.
Reporting any profits tends to be the primary objective for most businesses if it’s big or small. Therefore having someone in place who can maintain records and pay off transactions on your behalf can make a difference, especially when looking for any investments to make or any investors to come in.
Accountants can see how a business is doing and are capable of meeting standards which can influence potential investors. If a company lacks financial records to present then it shows that the company is lacking. A certified accountant can change as you can bring in a system that will benefit the company.
They can keep records and file them accordingly which would not only meet your standards but also potential investors. All records that are collected would be organised for you in order can ensure that a company has all the leads to make a vital decision which can lead to positive productivity for the business.
Adding onto the important point above, they would be involved in any economic decision regarding the business that is or would be made depending on the finances of the company.
Without proper accountancy, business executives would not be able to make a clear decision as records would not suffice their needs. It could alter the direction the company goes in and going in blind for judgement is impossible to meet objectives. Again, the business can end up going backwards if you are not careful. You want to avoid this as much as possible.
The Benefits of Accounting
Accounting has always been a great course to study and there are many reasons to have a degree in accounting. Taking a course in finance and accounting provides you with the knowledge that you can implement in your daily life to save you money.
As a career, you can apply your learning in nearly every industry as many people are always looking out for accountants. Without them, businesses see themselves as not being financially steady. In time you can become accounting management and that is something to put on your portfolio.
You can do a joint honour of accounting and finance with business studies. Both together can ensure you get real-life opportunities that you can work in. In addition to this, if you’re able to learn a second language or you already know one, you can find yourself in a global marketplace with another passion of yours.
If you’re into creating software, creating accounting software would be just as beneficial. You can be the one to change how accounting is done today with state-of-the-art software that makes everything 10% efficient.
There are so many opportunities that you can undertake. For those who want to travel then this sector is the one for you. You can go abroad for a year for work experience and obtain accounting principles. You may have a case study that you need to work on and this would give you a better understanding of the global economy as well as being elsewhere in the world experiencing other cultures and languages.
What is the scope of Accounting?
Accounting is a vast area and it does not only just involve business or trades. It also extends in sectors such as government, financial institutions for families or individuals and most commonly accountancy firms. You can even expect to be accounting and bookkeeping sometime in your career.
This field of study is not limited. Accounting can even consist of having to keep accounts of financial statements of local businesses within your area. The central objective is to maximise profit.
What to expect when studying accountancy?
First and foremost you are expected to be good with numbers. Being able to perform quick calculations without needing any resources is a skill many employers value and look for. Many courses require you to have an A-Level in Maths or have a GCSE grade of 5 or above in Maths. In accounting terms, you need to have good accounting practices such as time management skills, being able to plan essentially, work practically when needed and be good at financial reporting.
You could even be asked several times what cash flows mean and you could be expected to know the answer.
Is accounting right for you?
Accounting has a good job prospect and no matter what you’re thinking of doing there is always somewhere to go in this sector. You cannot go wrong with a diploma in accountancy. Even if you switch careers, you’ll have good core knowledge of finance which is a good thing for personal life.
If you’re still not sure what to do that’s completely normal, talking to a student adviser can be the first step that you can take. They can help open your eyes to areas you may not have had any thoughts on.