Are you in the mid-year of your finance or commerce graduation? Do you have interests in research, analysis and summarising? Then we have got a fantastic career option for you. Financial accounting, the technical branch of accountancy, is a flourishing industry with unlimited job opportunities. Before discussing how ACCA became the best financial accounting course, let’s first understand financial accounting.
What is Financial Accounting?
Financial accounting course allows you to utilize your natural talents to the maximum and bring out the best in you, ultimately leading to job satisfaction. The job role of a financial accountant involves collecting, processing and summarizing the company’s financial transactions. You will be responsible for preparing financial statements, balance sheets and cash flow for a while. You will also be responsible for outlining the crucial details of the company’s economic achievements. Also, you need to present this vital information after analyzing it in an intelligent and readable manner. You need to use standardized formatting methods to get your work done.
Financial statements prepared annually are an essential document as they represent the company’s financial performance in that particular year. Clients, employees, financial investors, vendors and anyone who wants to know about the company’s financial status will refer to these financial statements. Accountants are in charge of preparing the company’s financial, tax-related and legal documents. Before preparing these documents, there are some points that you need to keep in mind. The company’s assets, income, liabilities, expenses and equity should be mentioned in the financial reports. The records should be arranged in a systematic order and easily understandable.
You can create reports monthly, quarterly or annually based on your company’s requirements. The balance sheet aims to assess the liabilities and assets of the company. The main aim of these financial reports is to make aware the people inside and outside of the company’s net profit. These records play a vital role for a company in creating valuation, applying for loans or raising capital. Almost all organizations, private, public or other financial firms, have financial accounting departments devoted to performing these works.
Types of financial statements
There are three types of financial statements.
Income statement
In the income statement, you will be recording the earnings and expenses of the company within a period. Here you will have to create a record of your profit and losses in a readable manner.
The balance sheet
In the balance sheet, you must mention the assets and liabilities of the organization as well as the owner’s equity.
Cash flow statement
In cash flow statement, accountants create financial statements for the cash-based transactions of the company. Here you will have to look into all the cash flow-related activities of the organization to prepare a suitable financial record.
How to Become a Financial Accountant?
Now that you are determined to become a financial accountant, you need to fulfil some eligibility criteria and acquire some special skills to be part of this branch of accounting.
To become a financial accountant, you need to possess a degree or certification from any recognized institute. Having professional accounting skills like knowledge in Excel, reporting methods and financial tools will ease your journey of becoming a financial accountant. Thorough knowledge of business operations is a plus point for you. You must have the ability to deliver your work before the deadlines. Having excellent speaking and communication skills is an add-on to your resume. And last but not least, a financial accountant should be well aware of statistics and analyze economic data.
How ACCA Became the Best Financial Accounting Course?
By now, you must have become familiarised with the ACCA program. The association of chartered certified association ACCA is a globally recognized organization that has shown its presence in more than 180 countries. The ACCA course in management and financial accounting will enhance your technical skills and provide the required academic qualification to become a financial accountant. After completing the ACCA course, you will have the provision to work as a financial accountant in India and overseas countries. Several MNCs are hiring ACCA-qualified financial accountants.
During the ACCA course, you will remain updated about the latest technological advances and current trends in the market. You will become well-versed in basic accounting principles and their advanced concepts. You will also gain hands-on experience with real case studies through special training programs. This program will also enhance your interpersonal skills while taking care of your technical knowledge.
ACCA Course Details
ACCA course is a power package of technical and soft skills required to become a financial accountant. This course teaches you to create and analyze a company’s financial statements. They will train you to identify the financial errors and eradicate them. You will learn these skills through the ACCA course module.
The ACCA curriculum divides itself into three levels- Applied Knowledge, Applied Skills and Strategic professionals. The Applied Knowledge level covers Business and Technology, Financial Accounting and Management Accounting. Accounting skill level covers corporate and business law, taxation, financial reporting, performance management, financial management and audit and assurance; in Strategic Professional, you will learn strategic business reporting and Strategic Business Leader. You will also learn four optional subjects, Advanced Financial Management, Advanced Taxation, Advanced Audit and Assurance and Advanced Performance Management, in which you can choose only two according to your interests.
You have to clear 13 exams along with three years of working experience to become a reputed ACCA member. ACCA course will upskill your knowledge and help you perform better. Now there is a huge demand for financial accountants across the globe. ACCA qualification will help you get better job prospects inside and outside the country. Join the ACCA course of Finprov learning, India’s number one accounting training institute and become a prestigious ACCA member.
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