What is Accounting?
Accounting is a set of method by which one can collect, record, categorize, and report economic data to make a further business decision.
One can say, accounting is a medium to express business related data. With accounting, one can track all the financial transactions of a business. It helps to illustrate how money is expended and the obligations that have been made. Accounting figures helps the management in many ways including assessing the performance of the organization, choosing optimum business strategy, emphasizing weak points as well as opportunities. Accounting further help managers to look at the organization and predict in which direction the organization should be heading.
Accounting is concerned not only with a big corporate business but also with an individual. Each time, you look into your bank book or ledger, you act as an accountant. You monitor your transactions for the sake of knowing your inflow and outflow of cash. It helps you to manage your money in a better way. If you do not look into your ledger, it would give you an incorrect view of the money position. Hence, it should be balanced correctly.
In a similar way, accounting is applied on a larger scale for a complicated item in the business. An accountant is responsible for managing cash inflow and outflow at the business level. Accounting is a challenging field which deals with balancing the checkbook of a business.
About Accounting Career:
For most of the aspirants, accounting seems to be a dull and tiresome career as compared to investment banking and management consulting.
However, there are some misconceptions about an accounting career. One such misconception is that an accountant only deals with numbers and nothing else. However, nowadays basic accounting methods are being automated, and an accountant also has to concentrate on other activities including analysis, elucidation and corporate policies.
An accounting career is the most attractive career in the recent days. According to survey, an accounting career ranks 'fifth' in terms of low pressure, lots of independence, elevated payment, and incredible employment demand. The accounting service industry tops the list in regards to the number of opportunities offered to aspiring candidates.
Please refer to the following articles regarding an Accounting Career: