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  FINANCE & ACCOUNTS

WHAT IS ACCOUNTING ?

The system of collecting, organizing and reporting financial data is called Accounting. This data is used for making economic decisions from the accounting reports. Accountants and auditors prepare, analyse and verify financial reports for business and government organisations. The accounting department figures profits for the company, prepares its taxes and keeps track of the cost of running company.

Chartered Accountants are found to be working in private practice or as employees in a firm. The range of work in private practice can vary enormously according to the size and place of practice. If it is a large practicing firm there is greater specialization of individual accounts within the organization. Accounts may specialize in the following disciplines:

-Chartered Accountants
-Cost & Management Accountants
-Financial Managers
-Financial Analysts
-Stock Brokers & Investment Analysts
-Banking, Insurance & Actuarial
-Financial planners

WHAT ACCOUNTANTS DO ?

FINANCIAL ACCOUNTING: The main tasks of the financial accountant are operating accounts, doing internal audits, dealing with wages and salaries, paying accounts and sending invoices, and taking care of the taxes.

AUDITING: Auditing is the process of examining and verifying the Accounts of an Organization, and certifying that those accounts represent a true picture of company’s financial state.
It Includes:
-Statutory Audit
-Internal Audit
-Compulsory Tax Audit
-Certification & Audit

COST ACCOUNTING: It concerns with determining what particular operations, jobs, products include cost, along with all other factors like labor and materials, the overheads and small costs.

TAX MANAGEMENT: Tax managers ensure that the company pays as little as is legal in terms of taxes. They look at the tax implications of new tax structures, changes in company. They work out an ethical, legal way of reducing Organization’s tax liabilities and maximizing profits.

CONSULTANCY: CAs provide effective an updated accounting information to the Organization. The task of Consultancy involves management accounting, formulating policies and assessing resource utilization.

CORPORATE LAW ADVICE: Chartered Accountants perform company audits. Many firms seek CA’s advice on company formation and structure, liquidation and other financial aspects.

PPROJECT PLANNING AND FINANCE: CAs advice an Organization regarding financial sources and prepare project reports.

INVESTIGATION: CAs handle the task of assessing specific aspects of business, e.g. share valuation for takeovers, issue of capital shares, amalgamation with other firms, etc.

BUSINESS ADVICE: Organizations seek help of CAs for advice on profit improvement strategies in case of expansion.

SECRETARIAL WORK: Today, the legal framework has become so complex, and the organization has to comply with many legal regulations. Chartered accountants perform this function of fulfilling the organization’s legal liabilities.

INFORMATION SYSTEM: CAs also undertake the work of Data processing in business enterprises. Chartered accountants specializing in Information Systems Management are in great demand.

MANAGEMENT ACCOUNTING CAREERS

CAs are generally involved with book keeping, ledgers, vouchers, maintaining budgetary controls, depositing excise tax, sales tax and income tax for the industry, payments and collections and bank and financial institutional dealings etc Senior chartered accountants collect and analyse the information from all parts of the organization, including the financial departments. This data helps them to make regular critical analysis of past and present financial performance with projections for the future.

COST AND MANAGEMENT ACCOUNTANTS: The job requires stabilizing budget and standards, evaluating efficiency and effectiveness of production and service managements, formulating the profit planning program, guiding the managerial decisions and identifying accountability for cost and profit variance. The World Trade Organization’s polices and regulations regarding global trade hold the cost structuring procedures as mandatory. Cost Accountant provides a system for effective utilization of money.

FINANCIAL ANALYSTS: Certified Financial Analysts(CFA) are in great demand. The work of financial analysts is to focus on financial analysis, financial services and investment management.

STOCK BROKERS CAREERS

Stock Exchange is the place where Share Brokers buy and sell securities. These sectors have become computerized which requires information management skills. Stock brokers commonly divide their operations between private clients and institutions. Some brokers act only as dealers while others work as advisors.

INVESTMENT ANALYSTS: Investment in shares is increasing rapidly. The money management business needs professionally equipped investment analysts, who can provide accurate information which investors and fund managers. There are two major tasks that investment analysts perform:
-Institutional Analyst
-Stock Broking Analyst

They work with firms which provide advice on buying and selling of shares and also those firms which have funds to be managed.

BANKING CAREERS

Today, Banks offer wide range of services such as exchanging foreign currency, advising on investments and insurance and acting as executors and trustees.

BANK MANAGERS: Bank Managers run the branch, manage the staff and generate profits. Customers expect great services from the Bank. Managers have to give the customer the best possible service to stay in the competition. Managers also take decisions regarding credit to customers by analyzing the risk and ensuring that the money is safe.

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