Want To Become The Backbone Of Your Organization? Get A BBA in Accounting Degree
Organizations are always in need of accountants; obviously they can’t survive without them, which is why a BBA Degree in Accounting can get you a vital position in the company.
Accountants generally perform various jobs that can be divided into two broad categories: Financial and Managerial Accounting. These two include everything from recording business transactions or dealing with the finances, technical expertise and analytical skills along with supervisory skills which are crucial elements for dealing with the complex issues that arise on a daily basis.
What follows is a brief overview of both the specializations to help you decide which field you should go for:
- Financial Accounting
Financial Accounting is a focused branch of accounting that:
- Keeps account of the financial transactions of a business
- Follows the standard guidelines of accounting
- Records transactions,
- Summarizes them,and
- Reportsthem in the form of financial statements, income statements or balance sheets:
- External reporting:
Financial reports are published daily, and considered external because they are given to people outside the company, while the main destinations are the owners/shareholders and certain lenders.
- Circulation of financial statements:
If the shares of a listed company are traded, its financial statements are widely distributed, and it is likely that information reaches recipients, who are competitors, customers, employees, unions and financial analysts.
- Assessment of ExcessiveInformation for Gauging The Company’s Values:
It is important to note that the objective of financial reporting is not to show the value of a company. Instead, the goal is to provide enough information for others to judge the value of a company.
- Managerial Accounting:
Managerial accounting is the preparation and use of accounting information:
- To measure performance,
- To develop the management and control within an organization.
What Do Managerial Accountants Do?
- Internally ProvideInformation to Managers: management accounting is about providing information to managers, namely those within an organization to manage and control their operations
- Calculate Cost of Goods and Services: The cost information products and services of an organization. For example, administrators can use product costs to control pricing. In addition, the cost of these products are used for inventory valuation and income determination
- Create Budgets: The budget is an expression of quantitave plan
- Make PerformanceReports: These reports often consist of comparing budgets with actual results, called variances.
- Provide Information for Planning and Control: The other information that will help administrators in their planning and control. For instance, data on the income of the organization’s products and services, sales records, and quantities of units.
Salary and Career Prospects:
Accountants learn how to handle financial information of their employers and clients. They are trained to set up and file taxes, keep financial records and evaluate financial information.In U.S, the median salary of an individual holding a BBA Degree in Accounting ranges from $52,189 to 193,580, depending on the job title and experience. Graduates, who meet the criteria, fill entry-level accounting positions in private and public sectors.
Job titles include:
- Public accountant
- Management accountant
- Government auditor
A BBA Degree in Accounting and experience in the field is mandatory.
As you can see, the value of an accountant is undeniable and a BBA Degree in Accounting can make you the backbone of your organization. So, which accounting specializations are you interested in pursuing?