More to a Specialized Accounting Degree Than Mere Bookkeeping
Description:
Bookkeeping is a term that is thrown about carelessly in business circles, though the primary responsibility of a bookkeeper is balance the company ledger. In the modern business world, doing so can require a lot more than simply deciding between single entry and double entry accounting methods. For example, tax liabilities for even the smallest of retail and wholesale companies can be substantially reduced or offset to provide maximum cash flow depending on how inventory is recorded and managed.
Content:
Bookkeeping is a term that is thrown about carelessly in business circles, though the primary responsibility of a bookkeeper is balance the company ledger. In the modern business world, doing so can require a lot more than simply deciding between single entry and double entry accounting methods. For example, tax liabilities for even the smallest of retail and wholesale companies can be substantially reduced or offset to provide maximum cash flow depending on how inventory is recorded and managed.
Some educational institutions have, in recent years, recognized the need for more finite and niche oriented accounting programs at the bachelor level. Where once accounting majors had to enroll in a postgraduate degree program in order to specialize, many are now able to do so in the first for years of postsecondary education. The positives of this shift lie in the ability to prepare for industry specific accounting jobs, while the consequent negatives are in reduced employment opportunities across the broad spectrum of business. Still, it is the graduates from these types of degree programs that are highly sought by businesses in many different industries, and for good reason.
Bookkeeping is an essential function of any business’ accounting department, which is why bookkeepers will always be in demand. No matter what type of business one is involved in, there are protocol commonalities that are shared with every other company in existence, from the smallest family owned local company to the largest corporations in the world. For those businesses who require specialized accounting knowledge to maintain their daily operations at maximum efficiency and limit their tax liability in the process, accounting degree holders with an understanding of the processes unique to the industry in question are required as well.
Regulation of industries in terms of accounting methods isn’t universal across the board. What is considered best practices in the manufacturing industry may be unsuitable for service based companies. When it comes to an accounting education, students who take the time to consider the possibilities of specializing are more likely to be rewarded, provided they can find employment in their area of interest. For students who choose a generalized account degree, there is always the option of specializing through a master’s level program or postgraduate certification.
Author: Shay Rosen
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For more information about online and campus based degree programs and educational resources, visit 866MyMajor.com. For more on online bookkeeping courses,, visit our bookkeeping diploma section. For more information on online accounting courses and programs, visit our accounting degree section.
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