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What does Accounting means?

In simple words, we can say that

Accounting is the process of keeping financial records. It estimates the economic activities of an organization and forwards this information to a investors, creditors, management and regulators.

Accounting is one of the important functions of the organization and will always remain in demand as it is the backbone of every business entity. The person who performs the duty of accounting is called an Accountant and is needed in every industry. While it is one of the respected profession in the world, it also is a profession that is high in demand. In India especially Accounting has been been rated as one of top 10 careers in demand.

In today's context of businesses, Accounting is being known in different specialized forms that includes financial accounting, management accounting, auditing and tax accounting. All of these specialized functions are in demand, including the role of generalist accountant.

What does an Accountant do?

  • They manage the payments and receivables on a day to day basis
  • Preparing the financial statement of an organization.
  • Maintain financial records of an organization.
  • They advice/ suggest the ways that reduce costs, increase revenues and profits.
  • They are responsible to ensure that all the taxes are paid on time.
  • Secure financial data by creating backups.

Jobs & Career Scope

A Profession in accounting is one of the most sought after choices marked by the students of India. An individual can seek to enter into the career of Accounting by completing his/ her graduation and acquiring all the relevant industry skills like: knowledge of practical accounting, skills to work on Tally ERP9, Advance excel proficiency, Payroll management, knowledge of taxation and GST, understanding of applied accounting and auditing. Over and above these capabilities one has to have confident communication skills and team working skills as this role encompasses coordinating with various stake holders and departments.
Numerous options open for the candidates seeking career in accounting. The job of accountants exists in public as well as in private sector. If you are choosing your career to be an accountant then, the career options in this field are available in numbers. Every organization, be it a government or private needs an accountant that manages and maintains its financial records. It enables the organization to judge their success/failure and plan for the future. There are different positions available in this field, as a fresher you may land up being an Accounts Executive, Payroll Executive, Taxation Executive, Finance Executive, Accountant, Sr. Accountant and so on

All in all the Career of Accounting and Taxation is one of the growing one with more and more Corporates posting their requirements for candidates with right skills and knowledge, thereby creating plenty of openings for the right candidates.