The operation, operations, and growth of a corporation are very much dependent on finance. It is one of the four key operational pillars of a firm, together with marketing and sales, operations, and human resources. One of the various divisions of a company’s financial department is corporate accounting.
The scope of modern accounting has expanded significantly over time, covering topics ranging from straightforward bookkeeping to more intricate tax reporting, regulatory compliance, and chartered accounting.
Education in India is increasingly evolving toward preparing students to become better professionals as a result of changes in educational policy and institutions. Universities and colleges are now trying to offer more practical courses and include experiential learning into their overall curricula.
One of many such courses that is undergoing significant transformation and offering excellent employment choices is corporate accounting. Corporate Accounting is a branch of finance, which is a more comprehensive functional category. It deals with the numbers behind a company’s or business’s finances and provides a summary of its health.
There are many options available to students and professionals who are interested in the larger field of finance, and one significant stream that enhances both a student’s résumé and a professional’s work experience is corporate accounting.
What is Corporate Accounting?
Creating final financial statements and cash flow forecasts for businesses, analysing and interpreting their financial data, and accounting for specific events like mergers and acquisitions (M&A), amalgamations, absorptions, and the creation of consolidated balance sheets are all part of corporate accounting, a subset of accounting that deals with accounting for businesses.
Why is a job in corporate accounting a good choice?
One field that offers several employment choices, both in India and overseas, is accounting. In that it is based on certain financial facts and norms, accounting is quite technical. Accounting is a key element of the business side of things and concentrates more on the behind-the-scenes responsibilities of a company’s finance functions. There are many accounting institutes in Ernakulam that provides corporate accounting courses to accounting aspirants.
Let’s examine the benefits of a career in corporate accounting.
Varied Curriculum:
One of the more unusual benefits of studying corporate accounting is that it offers opportunities to master a wide range of abilities and information. A few of the specialties that can be investigated through the programme include financial accounting, cost accounting, managerial accounting, forensic accounting, fiduciary accounting, tax accounting, and auditing. Understanding the aforementioned topics enables a healthy career and advancement. Students and professionals can advance into many accounting and financial responsibilities thanks to the diversified curriculum.
Clear career path:
A certain set of skills are needed for the highly technical position of corporate accounting. It is all about costing, analysing, and crunching numbers. Professionals with these talents have a wide range of job alternatives, and the choices get better as corporate accountants gain experience. Professionals are often assigned to the Accounting Executive position when they begin their careers in accounting. The most popular early-stage employment options include Accounts Payable/Receivable, Junior Accountant, Staff Accountant, Finance Accountant, Audit Associate, etc.
Stable job opportunities:
One of the few professions that won’t be obsolete any time soon is accounting, or corporate accounting. Accountants are required as long as there are commercial transactions. There is a huge reliance on accountants, especially when you consider that taxes need to be filed and the company’s financial accounts need to be managed. According to US Bureau of Labor Statistics (BLS) predictions, the number of accountants working will increase by 10% between 2016 and 2026. Technically speaking, corporate accounting experts are a must for every business firm.
Steady growth:
After gaining some experience, an accountant can climb the corporate ladder and supervise a team of other accountants as the accounting manager. Professionals have more opportunities thanks to the accounting manager position since they gain expertise in people management and financial analysis. The CFO (Chief Financial Officer), who is in charge of all a company’s financial activities, is the highest position that accounting experts can achieve with additional education. It is crucial to remember that the road to leading any functional department—in this example, finance—is long and needs a significant amount of planning and hard work.
Sector-agnostic career:
One subject that is uniform across different business sectors is accounting. Accountants will continue to be in demand, whether it’s in the software industry, retail, hospitality, governmental agencies, or manufacturing. Professional corporate accountants can work in any industry area and at any organisation because the fundamentals of accounting are constant.
Entrepreneurial opportunities:
Although not all professionals will have the choice to become entrepreneurs, those with a variety of skill sets and expertise likely to have excellent growth potential. One of the few professions that offers so much room for entrepreneurship is corporate accounting. Accountants have the option to go it alone and start their own business. Regarding the accounting industry, it is also quite simple to conduct business. One sector of company that is simpler to launch and slowly expand through established networks and teamwork is accounting.
Many accountants start their organisations in collaboration with other accountants and experts in tax and auditing, which makes it simple to expand their clientele and increase their profitability.
Career Options in Accounting
For those seeking to advance their knowledge and expertise, both students and professionals can choose from a variety of career paths in corporate accounting. There are numerous professional paths available for accountants. The following career categories are available:
Auditing:
Auditing is a fantastic career choice for any individuals with a keen eye for detail and a desire to comprehend how the financial system functions as a whole. Auditors carry out a financial assessment of a business and make sure the financial information is presented honestly. In order to determine the company’s financial situation and representation, auditors evaluate the balance sheets, cash flow statements, and income statements. Auditing is one of the most difficult but also one of the most respected and lucrative job profiles.
Financial Analyst:
This is a fascinating career option for people studying corporate accounting. Budget analysts spend a lot of time analysing the funds that a business allots for different objectives. A budget analyst’s primary responsibility is to supervise budgets and assist upper management in streamlining their spending. Budget analysts assist businesses by highlighting areas of wasteful spending and encouraging savings for increased profitability. They examine the various budget expenditures and their effects on the economy.
Tax Accountant:
A tax accountant is one of the most in-demand and well-liked careers across all functional areas. To file taxes correctly and on time, each individual and business organisation requires the assistance of a tax accountant. Tax accountants make ensuring that the relevant information is accurately and properly given. Additionally, they assist people and businesses in getting the government-owned tax refunds. Tax accounting is a demanding but consistent line of work that is a wonderful place for accountants to start as freelancers or business owners.
CA & CS:
Accounting will create openings for higher-level professions like company secretary and chartered accountant (CA) (CS). These two professions are highly recognised job profiles and in high demand. The CA is a well-known position and one of the most technically sophisticated job descriptions. The CS profile is that of a “conscience seeker” who is charged with making sure the business complies with all legal requirements.
Corporate Accounting experience will give professionals the fundamental information and skills needed to study for and pass the CA & CS competitive exams.
Forensic Accounting:
The art and science of discovering criminal and civil illegal acts involving money and investments is known as forensic accounting. Financial theft, fraud, and embezzlement are all prevented by forensic accountants. The accountants working here use both their investigation and accounting expertise to trace the course of events in a financial fraud case.
Technical knowledge and a specific set of abilities are needed for the subject of corporate accounting. Under the appropriate direction, students enrolled in a corporate accounting course stand to gain greatly. In addition to being financially lucrative, a career in corporate accounting offers a wealth of learning possibilities and opens doors to a variety of professional and entrepreneurial prospects. There are many Income Tax Practitioner courses in Kochi like Brainz, Kaloor that provides the best professional accounting courses in Kerala.