Accounting is a field most of us consider as a decent career option. However, if we look into our daily lives we will realize that accounting is actually an essential part of our everyday lives.
Most people like to keep a track of the money they earn, how much they spent and how much they saved. They create a monthly budget based on their income to ensure that their expenses haven’t exceeded their capacity to spend. If the expenses exceed more than what they make, accounting helps them to understand that they need to manage their spending by cutting down some of their expenses. The key objective of accounting is to maintain a systematic record of financial transactions.
Taxation on the other hand is the means by which the government generates funds for development of the nation. The tax proceeds are used to render many necessary functions like setting up of good roads, looking after law and order, security against external violence, regulation of business and trade to ensure economic and social maintenance.
Relationship between Accounts and Taxation
It is important for us to know that Accounting and Taxation exist for not the same reasons. Accounting includes the planning of data for the purposes of decision-maki
Course ng and for control and requires understanding and interpretation to basically record factual data. The fundamental purpose behind tax assessment is primarily to raise income. Taxation is also used as an instrument of government budgetary and social strategy. For a tax framework to work effectively, abiding to the laws might not always be suitable for commercial accounting. However, there are some alternative strategies for planning accounts that are acceptable as far as accounting standards go.
A certified accountant is capable of giving clients advice on effective tax management and knows ways to lower the tax payments. Accounting and Taxation are two things no businesses can avoid. There are many training institutes that offer Accounting and Taxation Certification Courses for aspirants to get a better understanding of this subject. Students benefit by enrolling in Accounting and Taxation courses as they are taught concepts of income tax, GST, TDS, TCS and more. Most training institutes ensure that their students get a chance to work on live projects and case studies too so as to get an idea of the real accounting world.
Purpose and Importance of Accounting
The key purpose behind accounting is to convey to significant stakeholders, updated data about the financial performance and current status of a business, to help them make decisions about the assets under their control.
Accounting therefore plays an imperative part in running a business because it assists with tracking earnings and expenditure, guarantees statutory compliance and provides investors, management executives, and government with quantitative monetary data which can be utilized in making business decisions.
Accounting is the way toward consolidating financial data to make it understood and justifiable for all stakeholders and investors. The fundamental objective of accounting is to record and report an organization's financial exchanges, financial performance and incomes.
To run a business one needs to track data and records, do reports and analysis, and gather accurate information about a company's profits, assets, liabilities and debts. Having a systematic and proper tracking system for business' assets, liabilities, and income helps to also expand the business. That is why Accounting is important for business. Doing an accounting and taxation course will give you a better understanding of accounting theories.
Purpose and Importance of Taxation
Government requires funds to discharge its various responsibilities for the country’s development, for the betterment of the society and for many other non-developmental yet essential commitments. Tax collection has been the essential source of income for states across the world for quite a long time. Taxes can be divided under two categories, Direct taxes and Indirect taxes based on how local bodies and the government collects and uses them for the nation’s development. Direct taxes are directly paid to the government and levied on earnings of the individual or business profits. Indirect taxes on the other hand are collected directly from the end-customers by being charged to products and services.
Every country has an organized tax system that utilizes both progressive and proportional tax collection dependent on earning of the citizens and different factors and is controlled by the central and state governments. The revenue received by the government is called tax revenue and is used for an expansive range of purposes, for example, development of streets and roads, rail lines, bridges, dams and more, public medical care and schooling, defense services and administrations etc. Assisting the government to achieve the nation’s development and improvement goals is the principal significance of taxes. An accounting and taxation course will help to figure out tax related concepts better.
Careers in Accounting and Taxation
If you like working with numbers and enjoy hard work, an Accounting and Taxation certification course might be very rewarding. The job satisfaction rate in this field is high and job stability is quite secured. This field is flourishing and offers dozens of career opportunities to choose from.
Proper and accurate accounting is the need of every organization. There are many lucrative job prospects available in the field of Accounting and Taxation. Employment growth in this field is tied to economic growth and is therefore promising for those in this industry.
After getting a degree or certification in this field, one can explore opportunities in both the government and private sector. One can choose to work as an Accountant, a Tax Policy Analyst, a Tax Collector, a Wealth Manager, a Financial Analyst, a Financial Controller, an Internal Auditors, an External Auditors, an Employment Tax Specialist or a Personal Finance Consultant and more. If interested in the academic field, one can also go for becoming a teacher’s / professor’s profession in colleges and universities.
Conclusion
Both accounting and taxation are a part of our regular lives. This field tends to offer aspirants a very stable profession with numerous opportunities. It also offers job security and openings for advancement. However, to have a successful career in this field, one requires to have proper training in accounting and taxation. This can be done by doing an accounting and taxation course from any reputed institute.
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