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Tag: Finance and Accounting

Create High Career Impact With Online MBA Courses!

Posted on by Imarticus Learning

Do you want to get a leadership role in your industry? Does the C-suite catch your eyes? If you answered yes to these questions, then getting a master’s degree in business administration would be perfect for you.

Master of Business Administration (or MBA in short) is a postgraduate degree program that teaches you managerial, leadership, and technical skills. It helps you develop business acumen, a necessary quality to succeed in the corporate world.

Moreover, the traditional MBA has evolved and in the current scenario, the demand for distance learning MBA programs has increased significantly.

In the following sections, we’ll cover why taking an online MBA course would be perfect for you right now.

Why take an online MBA course?

Before we begin discussing the various advantages of getting an MBA certificate online, it would be best to understand what distinguishes it from traditional MBA courses. The primary difference between traditional MBA programs and the online variants is the medium. A conventional program requires you to attend lectures physically in a classroom. You will need to go to college and study there.

On the other hand, an online program would offer MBA online classes through a device virtually. You won’t need to go anywhere to participate in MBA online classes, which is one of their biggest advantages at the current time.

online MBA classesHowever, apart from offering you the benefit of studying from anywhere, the best MBA online courses offer a ton of other advantages. Let’s look at all of those benefits in detail:

Benefits of a distance learning MBA program

Safer: Coronavirus is highly contagious and its latest strain is spreading much faster. In such a time, it would be better to limit social interactions. When you study MBA online, you reduce the risk of contracting this disease substantially. You won’t need to go anywhere to complete your degree program as you will be able to study from your home or any place you desire. This is a prominent reason why students are preferring programs that offer MBA certificates online.

Part-time: When you study MBA online, you can complete your degree part-time. What does it mean for you? It says that you can study without leaving your job or disturbing your professional life. It is a huge reason why online MBA programs are increasingly popular among working professionals. No matter which industry you work in, you can participate in an online program without interrupting your job.

Conventional MBA programs require you to leave your job. So, many professionals hesitate in pursuing them. With online programs, you don’t need to worry about such an issue.

Affordable: The cost of the best distance learning MBA programs is much lower than their conventional counterparts. Institutions keep the fees of online programs low as they require fewer resources to conduct.

MBA online classesFurther, the number of students an institute can teach through conventional MBA programs depends on the seats available. The best online MBA courses are scalable and don’t have such restrictions. Hence, you can easily afford the best distance learning MBA programs.

Also, keep in mind that the best online MBA courses would offer you study material. In a conventional MBA program, you will have to buy the study material separately. Such costs add up over time. So, online MBA programs are quite affordable than traditional ones.

You don’t have to put your career plans to a halt because of the pandemic. If you want to study business administration or management, you should start with online MBA programs and begin your learning journey right away.

What does Finance and Accounting do?

Posted on by Imarticus Learning

Every company/business/firm has to take some economic decisions for upcoming strategies and growth. Finance and accounting help in making financial decisions. The records are well managed and all the attributes of a business such as taxation, funding, investor’s record are recorded.

It helps in the classification of different types of financial records. These records are used for forecasting and decision analysis. In this article, let us see the advantages and roles of finance and accounting.

Roles of Finance and Accounting

  •  It gives a complete analysis of the current financial situation of any particular business/firm. if any vulnerability is happening, then we can get to know in advance. It helps in taking decisions according to our financial capacity. There is no need to spend more than you earn.
  • Finance and accounting help in creating a budget and then working accordingly. It is also used for business forecasting.
  • Loopholes and malicious activities can be detected early using finance and accounting. If there is some error in the inflow/outflow of money in any particular firm, one can detect the source and can prevent it from happening again and again.
  • Finance and accounting help in creating financial discipline and will automate many processes like savings, taxation, etc. One will get to know its financial situation in advance and can take decisions accordingly.
  • Finance and accounting are also used for calculating quantitative values like financial ratios. These values are derived from financial statements of any particular company/firm and are used for business forecasting and comparison.
  • Finance and accounting help in maintaining proper records of your financial activities and these records are very useful at times of legal troubles or quarrels. One can show their records and can justify their opinion with proof. Proper records of taxation, cash inflow/outflow help a firm to check whether they are following the legal rules and regulations or not.
  • Easy availability of loan/funding is possible if you have complete documentation.
  • With complete documentation and insights, you will have a lot more control over your assets and you will be plugged into a system that will save your time, money & service.

Is there any difference between Finance & Accounting?
Accounting is used to maintain the record of each financial activity taking place. It is a day to day process and we often backtrack. It keeps the data of spending, earnings, taxation, etc. whereas, Finance is used for forecasting and using these records maintained by accounting to generate capital and choose ways which can increase return on investments. Finance is more of an analyzing job. When they both work together, they benefit a lot as aforementioned.

Key insights

  • There are a lot of tools/applications which are used for finance and accounting such as Sage 300, Xero, WagePoint, TSheets, etc. If you are planning to focus more on financial accounting then you will need fluency on these tools as they help in better analyzing of financial statements/decisions.
  • An accountant is generally backward-looking as he has to look into details of financial activities of past to date but when we talk about finance, it generally focuses on forecasting and analysis. If any firm combines these two things then only a lot of activities like risk management, cost optimization, business forecasting, etc. can be done.

Conclusion
A lot of businesses, banks, corporate companies, insurance companies, etc. use finance and accounting to run their business smoothly and free of anomalies. There is a lot of demand for individuals who can dig into details and can forecast the financial situation of any particular firm/business. This article was all about the roles and advantages of finance and accounting. I hope it helps!

Functions of Accounting

Posted on by Imarticus Learning

A lot of transactions take place daily in all kinds of businesses. Therefore, it is really important to keep a tab on all of these exchanges and transactions. This makes recording and keeping a track of transactions important. Accounting helps in keeping a tap on all of these transactions.

What is Accounting?

Accounting is a comprehensive process of recording transactions that goes on in a business. Accounting is done by all kinds of businesses: be it a large company or a person running a small store in his colony. It is primarily concerned with keeping a record of all the transactions but it serves various other purposes too.

It includes analyzing, summarising, and classifying the information recorded in the form of different types of transactions. Accounting process can be done both online and offline. Keeping a tract of transactions by maintain a register and writing things down is a conventional way of doing things. A lot of companies have now switched to an online system of accounting which is much more convenient and easier to use. A lot of software like Tally, Oracle, SAP, etc. are now dominating the market and have made accounting process a cakewalk. To become an accounting professional, you can take up an accounting course which will give you a better understanding of how things work.
An accountant has to prepare different financial statements. These financial statements form the basis of a lot of major and minor business decisions. These financial statements include income and expense statements, cash flow statements, Profit and Loss account, balance sheet etc. Documents like balance sheet are very important as they give you a picture of your financial standing at the end of the year specifying the value of assets you hold and the liabilities you owe. You can enrol in an accounting course to understand all of this in a better way.

What are the functions of accounting?

Accounting plays a major role in all kinds of businesses. It has different functions:

  1. Accounting serves as a basis of financial planning: All the statements prepared by an accountant give you an understanding of your financial position. You also get to know about the profits earned and losses incurred from these statements. Therefore, with the help of this information, you take different business decisions. In the case of profits, you formulate ways to utilise it and reinvest in your business. In case of a loss, you find ways to get back on track
  2. Prepare budgets: Accounting acts as a base for budget formulation. Budgets are made in line with the accounting statements. These statements give an overview of the sources of income and the areas of expenses. These can be helpful while you are planning or preparing a budget for your company.
  3. Controlling cost: With the regular recording of transactions, you can keep your costs in check. You can avoid wasteful expenditures and spend money wisely keeping these statements in your mind.
  4. Prevents errors and frauds: A lot of things might not come in your radar or slip off your mind in case you are not recording all the transactions. Therefore, accounting is important. With accounting, you can eliminate the errors which can be caused due to negligence or forgetting of transactions. Also, if you keep a record of all the transactions, you can easily detect any fraud which is going around in the business.

Accounting serves a lot of other purposes like evaluating the performance of the company, providing data of past performances for performance evaluation, etc. With an accounting course, you will be in a position to understand all of this better. You can build up the required skills and become a successful accountant.