Accounting is a profession and task that many find scary and overwhelming. It requires a great attention to detail. You will find accounting is lucrative and demanding but can be extremely rewarding. You will need a strong attention to detail and great focusing abilities. Not to mention, you’ll need to be good with numbers and know your way around a calculator. Whether you own your own business or you’re looking for a job in accounting, an online course is a great way to perfect your skills and get to grips with the accounting practices you will need day to day.
Bookkeeping or accounting? Firstly, this may seem like an obvious one to experienced accountant, but any novice might not know the difference. Put simply, bookkeeping is more of a profession to track and record expenses, where accountants take a more analytical approach, tracking why and where expenses go, how profits are made and who is causing unnecessary expenditures. Bookkeeping is a more of a what is being spent and where. Some accountants will take on bookkeeping responsibilities to understand the business more or to save the company time and man-hours. Generally, the idea of both professions is to keep an eye on expenses of a business to make sure nothing is out of order or unusual. They are also vital to providing yearly tax returns, creating financial audits and helping to create realistic financial budgets.
All of these tasks may seem difficult and impossible with no experience. An online course will help make these projects tangible. It will also help you to establish the differences between the sectors of accounting, such as accounting for small businesses versus huge corporations. Moreover, another key aspect you will learn to understand is the professional reporting needed; such as creating audits and analysing financial data. This usually takes lots of practice and experience to complete, but an online course will help you to work through practical examples to improve your skillset when it comes to completing these important documents. These documents will be completed within relevant legislation too, so you can know what to expect when you enter the accounting world.
The things you will learn in the duration of your course will be extremely valuable to your career or business, and many can even be implemented into your personal life to help you manage your finances. You will learn about different financial markets, investment and tax, among other accounting disciplines. These skills will help you into accountancy careers, financial auditing or even insurance jobs. For example, understanding stock markets and financial sectors is extremely useful knowledge, regardless of your industry or current career. If you plan on becoming a financial adviser, you must have expert knowledge of all realms of accountancy, especially, taxation and investment, in order to assist your clients appropriately with the best advice.
Learning to read all of the business environments is important when running your own business. You can use this to your advantage when marketing your business and understand which markets to focus on and where to invest your money. Marketing is increasingly intertwined with financing and accountants can create adequate budgets for marketing campaigns. Not to mention, the skills you will gain from these types of courses are transferrable into many different career paths.
What are the pros and cons of working as an accountant? Well, as with any career, you will find there are positives and negatives. Accounting as a career is generally a stable job which is continuously required by professionals and individuals. Moreover, accountancy positions are often well paid, and can reach six figures with experience and hard work. This is also dependent on the location of your role, which can be remote or office-based, relative to the company. Accounting is a transferrable role, there will be positions available anywhere in the world, however it is important to know the financial markets and legalities of the country in which you intend to practice.
Some disadvantages of working as an accountant includes long hours and stressful days, along with days of little variation and repetitive tasks. It will, of course, include lots of numerical sums and elements of mathematics, so if it’s not your strong subject, maybe accountancy isn’t the best role for you. However, it will be beneficial to continue learning even when you have completed training, since you may need to refresh your memory. Some people may choose to take a degree programme in Accounting, however this is not viable for everybody. The benefits of choosing an online study course means the terms of studying are much more flexible than a university degree. You can still gain a Higher National Diploma which will still allow you to work as an accountant after completion. When completed, you will have a strong understanding of accounting and financial processes without the large debts caused by university fees.
It is a very rewarding and challenging career if you choose to pursue accounting. It will require personal determination and enthusiasm to train as a professional accountant or financial adviser and it’s important to keep trying if there are elements you don’t understand. There are many different types of accounting, so if you establish early on which type of accounting you want to specialise in, you can focus on the most important aspects. For example, forensic accounting will require excellent attention to detail with the ability to scrutinise data with exert precision.
Finally, in order to make the most of your online course, you will need to focus on your career goals after course completion. This means you can tailor your learning and ask your online lecturer any questions about specific elements. Extra reading is always helpful too, especially if you know where you want to specialise. You can even get an internship or voluntary work while you study too, in order to put your knowledge into practice. Studies show that practical application of skills is the best way to learn, so you’ll focus on practical examples that you might use in your career. Have you ever considered a career in accounting?