What is Accounting?
As the process of recording the financial transactions of organizations, accounting is aptly termed the ‘language of business.’ It involves summarizing, analyzing, and reporting the transactions to regulators, oversight agencies, and tax collection departments. Financial statements serve as a concise overview of a company’s financial health, operations, and revenue strength. Two kinds of accounting are key to assessing and improving the overall efficiency of a business: Managerial accounting and cost accounting. The first guides management teams towards prudent business decisions while the latter helps organizations allocate funds and determine the optimum cost of services and services.
Accounting is integral to strategic planning, external compliance, fundraising, and operations management. In view of this, professional accountants employ a set of standards widely known as the Generally Accepted Accounting Principles (GAAP) when it comes to drafting financial statements.
Why is Accounting Important?
As a back-end function, accounting plays a vital role in the growth, strategic planning, and overarching efficiency of an organization. By offering insights into business performance, it facilitates smart decision-making through forecasting. In a similar vein, it is intimately associated with funding and debt financing. External investors, banks, and other lenders are only confident of funding a financially healthy company and accounting helps ensure the same.
In addition to determining best-selling products, profits, and overhead costs, it also manages debt by safeguarding organizations against defaulting on payments. Not only does this pave the way for growth but also helps foster positive, long-term business relationships, ultimately strengthening the company’s market position and brand image. Furthermore, accounting is a prerequisite for mergers and acquisitions as financial statements are involved in such processes. These records, in turn, become the basis for company valuation during cash-outs or mergers.
Can I Learn About Accounting Online?
Accounting is a rapidly growing field that sees a high demand for skilled professionals. Owing to this, many resources to learn accounting online have emerged. Among the most preferred options are online accounting courses that have considerable advantages in terms of budget, enhancing employability, flexibility of schedule, and networking. Offered by some of the most renowned global institutions, such courses often include certification, are typically less expensive than offline courses, and are easy to pursue even while working full-time. Last but not the least, they provide excellent networking opportunities which, in today’s day and age, is indispensable to career advancement.
What Kind of Career Can I Get with a Background in Accounting?
As we go deeper into a globalized economy with complex financial and tax regulations, the job outlook for accounting gets brighter by the day, leading to a growing demand for accountants and auditors. The employment rate for the professions is expected to grow 6% between 2021 and 2031, at a rapid speed similar to nearly all occupations.
Lucrative Careers for Professionals with a Background in Accounting:
- Budget Analyst
- Accounting Manager
- Financial Manager
- Internal Auditor
- Tax Examiner
- Personal Financial Advisor (PFA)
- Corporate Accountant
- Cost Estimator
Why Take an Online Course at Emeritus?
Each Emeritus online course is designed keeping key learning outcomes in mind by a team of experts. We use the backward design methodology to develop instruction for learners of all ages. This enables us to craft unique, interactive, learning experiences that include a combination of assessments, hands-on activities, skill applications, and more.
Emeritus also collaborates with the best universities and faculty around the world to curate the course curriculum that can effectively tackle present challenges in the industry, while preparing you for the trends and risks in the future. Our courses consist of assignments, exams, capstone projects, networking opportunities, a fine balance of practical and theoretical concepts, and the opportunity to learn from top minds in the industry. This adds to the holistic experience we try to provide for each learner.
We are also focused on providing courses that are standardized in quality. This is done by adhering to standards set by a global organization called Quality Matters which is focused on providing quality standards for online and innovative digital teaching and learning environments. The rigorous criteria ensure all our learners invest in quality education that is easily accessible and affordable.