1. Conforming to the law
Effective practices of accounting principals have empirical advantages. One of the most important ones includes keeping a business or company in compliance with the regulation and law. If a company does not follow good accounting principles, several laws and regulations of conducting business practice could be violated. Not taking care of accounting and finance of a company can cause the company management to overlook several details that, at a holistic level, keep the business running smoothly and effectively. Moreover, if the management is ever scrutinized legally, having a poorly kept financial record will cause unforeseen trouble.
Proper accounting and finance principles help businesses understand the flow of money and funds, inside and outside the company. This can also help the management in budgeting for the company. In budgeting, the management of the organization is able to anticipate and predict potential revenues. This knowledge can be used to make informed and effective decisions about the maintenance and growth of the business model. Budgets can be put into practice only if good accounting and financial records are kept by the relevant department of an organization. These may be referred to as the blueprints because they take a considerable amount of effort and time to develop and maintain, but are ultimately for the greater good of the company.
3. Analysis of performance
It is a challenging task to make improvement in a business if the management does not have the resources to understand the mistakes in the past and learn from them. Good accounting practices are included in these resources. By reviewing the company’s financial records, the management can fathom where the funds went and what effect this is going to have on the operations of the company in the future. In this manner, the management of a company can assess the value of the different expenses that they have to incur for the company’s overall operations. Moreover, this information can be used to make informed decisions regarding downsizing and growth of the company. New areas of growth and development will also be revealed with good finance and accounting practices in place.
4. Strategy development
The ultimate aim of all organizations and businesses is to make profits. However, the highway to success is built by everyone who is part of the organization. Accounting and finance data of the company is one of the most important tools that the management has to understand in order to gauge the economic conditions of the industry. Effective business strategies will help businesses in their growth aspirations. It must be noted that in order to build the business, accounting and finance information is a prerequisite in the strategy formulation.
STUDYING ACCOUNTING AND FINANCE IN THE UK
Pursuing education in the United Kingdom can be considered one of the most enriching and enlightening experiences of a student’s life. UK is a welcoming, varied and popular destination for local as well as international students. Attending a university or college in the UK ensures top notch teaching and help students develop the skills they need to succeed in the global workforce. There are many advantages of studying and pursuing education in the United Kingdom. Some of these advantages include:
a. Shorter degree programs
b. Well recognized and respected degrees all around the globe
c. A plethora of individuals from different cultures which leads to an ultimate multicultural experience
d. Some of the top universities of the world are located in the united kingdom
e. A wide range of undergraduate and graduate degree programs are available in the UK
f. Studying in the UK is considered cost effective
g. Travelling is more affordable than the united states of America
It is easy to find universities in the UK which offer accounting and finance majors. There are hundreds of universities in the UK which offer degrees in accounting and finance as a combined major as well as separate degree programs.
Acquiring a degree in accounting and finance is a good idea for individuals who are aspiring to go into the financial sector. Banks, financial institutions and brokerage firms are only some of the places where accounting and finance students can build successful careers and grow exponentially.
While a route in financial professions is quite common with accounting and finance majors, acquired skills that may be used in other sectors include law, journalism, advertising, marketing, sales and information technology.
According to statistics, about two thirds of accounting and finance graduates get employed within six months of graduating. Moreover, a fifth of these individuals are chartered and certified accountants, while the others work in finance related administrative roles. The further fifth part of these graduates pursue further studies either full time or part time.
There are many study options in the United Kingdom. These can include part time study, full time study, professional certifications, online degrees and distance learning programs.
Universities in the United Kingdom for accounting and finance
Securing a career in accounting and finance requires a degree which can put candidates on the path towards a number of high ranking positions. Careers in accounting and finance often result in high salaries for professionals. Chartered accountancy is considered one of the most lucrative career options that are available on the job market. Accounting and finance opens up the options to a wide selection of areas a professional can opt for once the degree is complete. Some of these include being a financial advisor, investment analyst, retail banker etc. by studying accounting and finance at a top university in the United Kingdom gives the candidates access to the best quality of education that is available. UK universities have been ranked in the world’s top 100. The following is a list of the top ten universities for accounting and finance:
1. University of Bath
2. London School of Economics and Political Science
3. University of Warwick
4. University of Strathclyde
5. University of Leeds
6. University of Glasgow
7. Loughborough University
8. University of Exter
9. Cardiff University
10. Newcastle University
Online education has also become a popular choice for professionals all around the world. With the growing competition and a continuous race to bag the best salary package at the best organizations, it is understandable for graduates to take a, plunge into the job market as soon as possible. However, for some people who are already in their mid-careers, or even have steady day jobs, going back to school and enhancing their education is a difficult task. For this reason, the advent of online education is becoming more and more popular all over the world.
It is true that opting for an online degree can be risky business. However, there are many advantages of acquiring a degree or enrolling into a professional certification that is based on online study time. Some of these advantages include:
1. Online learning will grow with time
2. Online degree programs are quite widespread and common nowadays
3. It is convenient and cost effective
4. It is a global class with a multitude of students from different cultures in a local classroom
5. Creativity in instruction and new methods of teaching
Referring back to accounting and finance, there are many universities in the UK that are offering online education which is effective as well as cost efficient. Moreover, many universities are offering finance and accounting degrees online as well. Some of these universities which offer online accounting and finance degrees and courses include:
M.Sc. International Accounting & Finance (Online)
M.Sc. International Accounting & Finance (International Financial Reporting) (Online)
M.Sc. Forensic Accounting (Distance Learning)
M.Sc. Accounting and Finance (top-up From AIA, ACA, ACCA, CIMA and CPA Australia)
Graduate diploma in accounting