Accounting is the process that businesses use to keep track of their finances of day-to-day operations. Collecting, analyzing, and reporting the data is the job of the accountants. Whichever field you are studying in college, taking accounting classes in college can help you immensely in your personal and professional life.
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Here are the top 5 reasons why you should take an accounting class in college:
Developing Analytical and Practical Skills:
Finance is such a sector, where new technologies and thesis are being developed everyday. To get parallel with such a fast moving industry, taking accounting class in college is highly recommended.
Wherever you end up as a professional, managing finances – for your company or yourself – is a top priority. By taking accounting classes in college, you get a headstart.
Practical knowledge like Advanced Excel, SAP, Oracle, and VBA, which is taught thoroughly in college accountancy curriculum, are proved to be of great value for a company of any size and sector.
Accounting is not only about crunching numbers. Whenever you work for someone, you’d be expected to tell them their money story – How their books are being managed, where they can save, what needs to be done to improve the accounts.
You, as an accountant, would be their storyteller. For that, colleges teach communication skills in accounting classes too. For effective communication, being able to limit your use of numbers, analytical tools, and technical jargon is critical. Taking accounting classes can help you to achieve excellent communication skills in other professions too.
You Can be Employed in Any Sector:
Each and every company, how big or small they are, needs at least one accountant in their vicinity. Although small businesses prefer not to have an accountant in their office or business, because they don’t need to manage books all the time, they still take services from freelance accountants.
Any sector you can think of requires accountants to run their day to day operations. You, as an accountant student, have all the opportunities in the world to get yourself employed by any sector that you deem fit.
If you know what you’re doing and can handle huge work. Finance and accounting is quite a secure job. With advancing technologies, you don’t need to calculate or manage your company’s accounts manually anymore. Just get the best program for your needs, and you’re good to go. Miscalculations, missing files, wrong ITR filings are a thing of the past with Excel and Oracle.
Though the programs promote themselves to be user-friendly, they aren’t very forgiving, you’d still need to learn them in accounting class to be effective.
Starting Your Own Business:
Are you inclined to start your own business? Do you have some finances, but don’t know how to manage to its peak effectuality? Try taking an accounting class in college.
When you’re just starting up, you most probably won’t have enough capital to hire an in-house accountant. In these hustling periods, you’d need to manage your own books. As you scale up, the need diminishes, but having the knowledge could go a long way as a CEO.
Startups often need a clear vision of what the future holds for them. Being blind towards your model and letting emotions cloud your judgements can be a formula for failure. Handling the accounting process allows you to visualize your company’s true self and lets you judge on the merits of it.
Financial history is the fundamental to plan the future budget and expenditure. Informed decisions on those components can make you survive and thrive.
Government and banks demand you to submit transparent financial data to them for license, loans, and tax reports. Even though you aren’t someone who would deliberately hide your earnings, miscalculations often cost a lot.
Manage Your Own Finances:
While in college, tuition fees, exam fees, commute, dine-outs, parties can add up pretty quickly. And when you dive into the pits of the professional world, emotional purchases can wreak havoc on your finances.
Studying accounting in college lets you make informed decisions about your own money and helps you to manage them effectively. Creating a monthly budget and spending accordingly, keeping track of savings, paying bills effectively is absolutely possible without an accounting class, but taking one certainly helps.
Investment strategies are another plus. Without a finance education, you might have to consult a broker for your investment solutions. Where you’d have no say. But with technical knowledge of how the market moves and grows, you can manage your own portfolio without paying a hefty fee.
Earning Potential:
Companies would never run out of excuses for an audit. Whether trapped in a growing economy or a recession, they’d always need accounting. While everyone needs to do their taxes, most of us are clueless about what goes where.
IT and computer peripheral manufacturing industries are among the highest payers in the accounting domain. Followed by financial investment companies. An accountant’s yearly salary can reach upto $112,000 in cities.
The Bottom Line:
Even if you aren’t a student of finance, you should take an accounting class while in college. Beyond developing analytical and practical skills, classes in accounting can help you start your own business, manage your own finances, and join any sector as a bookkeeper.
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