Accounting: AN INTRODUCTION
All businesses are required to keep track of their income and assets over a period of time. Accounting thereby, emerges as a critical component of any business operation.
Accounting offers varied career choices and the span of work includes preparation of financial statements, computing costs, strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and benefits management.
Careers in accounting offer tremendous potential. Most importantly, at any managerial level, they offer an insight into how business works as accountants truly work under the hoods of business to evaluate costs and profits to the company. The field of accounting offers stimulating and challenging work that is constantly evolving The area also leads to career progression and has enormous growth prospects. An accountant is perfectly positioned to become a CFO because he or she probably has the best understanding of what drives business and profits in a company.
Fields in Accounting
Audit: A career in audit involves checking and taking stock of accounting ledgers and financial statements within corporations and government. This work is becoming increasingly computerized and significant with increasing emphasis on corporate governance and change in legal compliance. Audit is the bread and butter work of accounting.
Budget Analysis: Budget analysts are responsible for developing and managing an organization’s financial plans. This profile requires an optimum mix of financial and people skills.
Financial Accountants: Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers & acquisitions, benefits/ERISA planning and long-term financial projections. This work requires a good understanding of both accounting and finance.
Management Accounting: Management accountants influence decisions about capital budgeting and line of business analysis. Major functions include cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently.
Tax accountants prepare corporate and personal income tax statements and formulate tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like.
Future of Accounting in India
Indian economy is estimated to exceed US$5 trillion by 2020 with the service sector share likely to increase to over 60 percent in that time period. This economic growth will fuel demand for industry ready professionals across disciplines and sectors and according to a report, the financial service * sector alone will employ over 7.4 million people by 2020.
Accounting is growing field with a huge range of opportunities. One of the key factors about a career in accountancy is that, regardless of size and scale, all organisations are required to keep track of their finances, transactions and budgets, as well as maintain and issuing accounts, all of which require accountants. The issuance of a new set of Accounting and Reporting standards (Ind AS & XBRL) by the Ministry of Corporate Affairs has made the role of Accountant even more significant in the corporate world.
Many new certificate programs and short term courses are available to help budding accountants hone themselves as per the demands of the workplace.
KPMG in India has partnered with Centum Learning to offer a 6 month certificate course in Accounting called ‘KPMG Course for Accounting Professionals’.
The course offers hybrid learning through mixed use of live sessions and LMS enabled virtual classrooms, relies heavily on developing an industry perspective through practical , hand-on training and is delivered by KPMG experts. The curriculum has been modified to increase employability as a key component and additionally offers placement facilitation with leading corporates.
The KCAP course is currently being offered at Delhi and Pune locations where regular orientation sessions are conducted on Saturdays to help prospects gauge the suitability of the course as an excellent aid in developing the right perspective for a industry career in accounting.