By Learning financial accounting you have lots of opportunities in your career like Controller jobs, Tax Accountants, Financial Analysts, Audit Associate, Finance Administrators, etc.
Advantages of Financial Accounting
Management in a business needs lots of information for the efficient running of their business and financial accounting helps them by providing all related information in the following ways.
Provides complete and systematic record: Whenever a business has grown in size there may be lots of transactions in a day and it’s not possible for a person to remember all the transactions. So, financial accounting helps them to keep records of all transactions in a systematic way and summarizes them in order to provide a true picture of the business.
Enables Comparative study: If there is systematic record keeping in a business that it would be very easy for the owners of the business to compare one year’s expenses, sales, cost, and profits with other years. On the basis of such comparison, it would be easy to timely decisions which are important for the business.
Helpful in Assessment of Tax Liability: On the basis of an audit of financial statements tax can be assessed and paid on time.
Helpful in Raising loans: These accounting records would be of great help to getting loans from banks and other financial institutions.
Evidence in Legal Matters: By keeping systematic records of the business which are supported by valid documents can be shown in courts as evidence in case of any legal disputes.
