Accountancy

Kamal Kishore | Head, Accounts Department | Summer Valley School

What is Accountancy?

A Career in Accountancy is very interesting. Unfortunately, it is very difficult to find information about What Accountancy actually is. Most pages on the internet just talk about How to get into Accountancy. The most authoritative source of information on Accountancy is someone with real experience in it.

With 29 years & 9 months of professional experience, Head, Accounts Department Kamal Kishore understands Accountancy. According to Head, Accounts Department Kamal Kishore, Accountancy is:

Accountancy is the practice of recording,classifying,and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.

How Head, Accounts Department Kamal Kishore got into Accountancy?

I did B Com and M Com from DAV College, Dehradun. I joined Doon Valley Pipes Ltd as an accounts officer and in 1997 I switched to Summer Valley School, Dehradun. I am Head of Accounts Department.

Head, Accounts Department Kamal Kishore's Talk on Accountancy

Exploring the World of Accountancy: Insightful Perspectives Accountancy is a vital profession that plays a crucial role in the financial health of organizations and individuals alike. As we delve into the world of accountancy, we aim to understand the nuances of this career through the experiences of Kamil Kishore, who has dedicated over three decades of his life to this field. His journey, characterized by challenges and triumphs, provides an authentic reflection of what it means to be an accountant today. What Is Accountancy? Accountancy, in its essence, involves the systematic recording, reporting, and analysis of financial transactions for an individual or organization. It is critical for managing resources and ensuring financial accountability. Kamil defines accountancy as the backbone of any business, asserting that effective management of funds—including payroll, taxes, and other financial obligations—is essential for smooth operations. For example, he mentions that when handling employee wages or managing payments, accountants ensure that every transaction is documented properly, which can significantly affect the overall success of the organization. Education Accountancy A foundational requirement for a successful career in accountancy is a degree in commerce or a related field. Kamil’s journey began with a Bachelor's and later a Master's degree in accounting, which laid the groundwork for his extensive career. Education in this field not only provides the necessary theoretical background but also equips individuals with essential practical skills in finance, auditing, and financial management. Mathematics Mathematics forms a crucial part of accountancy as it provides the tools necessary for financial calculations and reporting. Kamil emphasizes the importance of having strong mathematical skills and understanding calculation procedures, stating that while calculators assist in computations, a solid grasp of math enables accountants to catch errors and make informed decisions. This proficiency can mitigate costly mistakes that could arise from simple miscalculations. Taxation Knowledge of taxation is another vital component of an accountant's education. Understanding different tax regulations, including GST and income tax, is critical for ensuring compliance and maximizing financial efficiency. According to Kamil, familiarity with tax laws helps accountants advise clients or their organization on how to manage liabilities effectively. This knowledge can also play a significant role in strategic financial planning. Banking Banking knowledge is essential for accountants, especially when it comes to managing finances and executing transactions. Kamil notes that an understanding of banking processes allows accountants to perform tasks like reconciliations and manage funds efficiently. This skill also aids in navigating complex banking regulations and procedures, ultimately contributing to smoother financial management. Software Knowledge In today’s technology-driven world, familiarity with accounting software is indispensable. Tools such as Tally help streamline financial operations, allowing accountants to manage transactions with ease. Kamil’s expertise in financial software not only simplifies his workload but significantly enhances accuracy and efficiency. His experience highlights the importance of continual software training as businesses increasingly rely on digital solutions for financial management. Skills Regular Updation of Knowledge A successful accountant must commit to continuous learning. Kamil stresses that staying updated with the financial news and modifications in regulations is paramount. He recalls that reading financial publications daily helps him stay aware of industry changes, enabling him to maintain compliance and offer sound advice to clients. This dedication to learning is what separates an average accountant from a successful one. Communication Skills Effective communication is crucial in accountancy, where clarity can make or break professional relationships. Kamil illustrates that regular interaction with parents and colleagues in his school setting is necessary for understanding financial concerns and addressing them promptly. Strong communication skills foster collaboration and ensure accurate dissemination of information, which is vital in a fast-paced work environment. Situation Handling The ability to handle various situations, especially under pressure, is an invaluable skill for accountants. Kamil emphasizes that situations are not always straightforward; challenges arise that require calm and strategic thinking. He shares an example where he had to calmly explain fee structures to concerned parents, turning a potentially negative interaction into a constructive dialogue. This capacity to manage stress is essential for maintaining professionalism in challenging scenarios. Leadership An accountant often finds themselves in positions requiring leadership, particularly when overseeing junior staff or collaborating on larger projects. Kamil mentions that without leadership skills, it becomes difficult to guide a team effectively. He reflects on his experience leading fellow accountants during peak financial periods, ensuring that tasks were distributed efficiently and on time, which is critical for maintaining workflow. Decision Making Decision-making is fundamental in accountancy, particularly when addressing financial queries or managing pricing structures. Kamil describes situations where he has had to make quick decisions regarding fee waivers for students again emphasizing the need for context. This ability to assess situations critically allows accountants to manage financial resources better and provides a basis for ethical financial practices. Positives Respectable Job One of the significant positives highlighted by Kamil about a career in accountancy is the respect that comes with the profession. Accountants hold esteemed positions in society, and their contributions are valued across industries. The respect earned through diligence and integrity not only enhances professional reputations but also fosters trust among clients and stakeholders. Smooth Life Accountants often enjoy a balanced work-life environment due to the structured nature of their tasks. Kamil expresses that with effective time management, he can balance his professional responsibilities while still having time for personal pursuits. This “smooth” lifestyle—where work does not overshadow personal commitments—is a coveted aspect of the profession. Monetary Potential The potential for a lucrative career in accountancy cannot be overlooked. Kamil shares that through years of experience, he has built a financially rewarding career that allows him to provide well for his family. The opportunity for additional income through consultancy work also increases the financial prospects, making this profession attractive for those looking for economic stability. Wide Scope Finally, the diverse opportunities within accountancy make it an appealing career. Kamil highlights that over his extensive career, he has worked in various areas—from school accountancy to managing finances for nursing homes. This versatility allows accountants to pivot across sectors, making them resilient professionals in a constantly evolving job market. Challenges Meeting Deadlines Accountants often face the challenge of strict deadlines, particularly when it comes to fiscal year closings. Kamil notes the intense pressure that builds as March 31 approaches, requiring meticulous attention to detail and time management. Failing to meet these deadlines can lead to financial discrepancies and stress, highlighting the importance of proactive planning and organization in the profession. Change in Economic & Financial Policies The financial landscape is continually changing, posing a challenge for accountants who must stay informed about new regulations. Kamil encourages daily news consumption and awareness of current affairs to navigate these changes effectively. This adaptability is crucial for accountants who need to remain compliant and provide accurate guidance amidst fluctuating economic conditions. A Day Of Accountancy Kamil’s typical day as an accountant begins with his arrival at school by 9 AM. After signing in, he consults with his junior colleagues to take attendance and discuss the day’s financial tasks. The routine continues with managing payments and consultations, leading to a structured workday that allows for efficient division of responsibilities. Kamil also takes on additional work at a nursing home, but maintains a balanced schedule that ensures he meets both his professional and personal obligations. He shares that the variety in his role contributes to his job satisfaction and keeps him engaged. In conclusion, a career in accountancy offers a unique blend of challenges and benefits. With the right education, skills, and the drive to succeed, individuals can build rewarding careers that contribute significantly to organizations and the economy. Kamil’s journey exemplifies the fulfilling nature of accountancy, reflecting a profession that is not only essential but also deeply respected in society. Whether one is drawn to it for the stability, respect, or economic potential, accountancy is indeed a profession worth considering for those starting their career or contemplating a shift in focus.

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How to get into

Accountancy?

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Links for this Talk

Head, Accounts Department Kamal Kishore's LifePage:

[LifePage]
https://www.lifepage.in/page/kamalkishore

LifePage Career Talk on Accountancy

[Career]
https://www.lifepage.in/careers/accountancy-3

[Full Talk]
https://lifepage.app.link/20180621-0002

[Trailer]
https://www.youtube.com/watch?v=hlj8YbUJg4k

(Accountancy, Kamal Kishor, Summer Valley School, Head, Accounts Department, Accountant, Tax)

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