Accountancy

Kamal Kishore | Head, Accounts Department | Summer Valley School

What is Accountancy?

There are many nuances of a Career in Accountancy. Almost everyone seems to be talking about How to start a Career in Accountancy, while one should first develop an understanding of What is a Career in Accountancy. It is best to learn about Accountancy from a real professional, this is akin to getting it from the horse's mouth.

With 29 years & 9 months of professional experience, Head, Accounts Department Kamal Kishore understands Accountancy. Head, Accounts Department Kamal Kishore describes Accountancy as:

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

The Journey of an Accountant: Kamil K. Shoor's Insights into a Rewarding Career Kamil K. Shoor has dedicated a significant part of his life to the field of accountancy, sharing his unique journey since entering the profession in 1989. His story is not just about numbers and ledgers; it reflects perseverance, respect, and the constant evolution of financial understanding. In this article, we will explore Kamil’s experiences, insights on education, essential skills, positives and challenges within the accounting profession, and what a typical day looks like for an accountant. What Is Accountancy? Accountancy is the systematic recording, reporting, and analysis of financial transactions, a foundational practice for ensuring an organization's financial health. Kamil explains that accountancy encompasses a wide range of activities essential for managing and regulating finances, whether for individuals or organizations. It plays a crucial role in daily transactions, where every monetary interaction—like paying wages, managing provident funds, or handling bank operations—must be meticulously recorded. The profession is vital in executing financial decision-making processes and ensuring compliance with laws and regulations, making accountants indispensable in any corporate structure. Education Accountancy A solid academic foundation in accountancy is paramount for anyone entering this field. Kamil pursued his Bachelor’s and Master’s degrees in accountancy, which equipped him with essential theoretical knowledge crucial for practical application. He emphasizes the importance of understanding core concepts from his studies, particularly as they relate to daily tasks and broader financial strategies. Continuous education, whether through formal degrees or certifications, is essential for thriving as an accountant. Mathematics Kamil stresses the need for proficiency in mathematics as a cornerstone of accountancy. Although modern technology provides various tools and calculators, the ability to perform mental calculations ensures that errors are minimized in financial reporting. An accountant must confidently handle quantitative data, which is critical in assessing profit margins or managing expenses. Strength in mathematics aids in understanding complex financial outcomes and making informed decisions. Taxation A comprehensive understanding of taxation is vital for accountants. Kamil notes that knowledge of tax codes, rates, and compliance is increasingly necessary as financial regulations evolve. Accountants must navigate various elements like GST, TDS, and income tax to effectively advise clients and manage their finances. Staying updated on tax legislation can significantly impact financial planning and business operations. Banking Proficient knowledge of banking practices is another essential factor in accountancy. Kamil mentions that accountants often interact with banks to manage client funds and payments, making it imperative to understand banking processes and regulations. This knowledge assists in ensuring that all transactions are executed efficiently and are compliant with current financial standards. Software Knowledge In today's digital age, Kamil highlights the necessity of being adept in accounting software. Knowledge of such platforms streamlines processes, enabling accountants to manage accounts with greater accuracy and efficiency. As financial technology continues to evolve, familiarizing oneself with the latest accounting software becomes critical for career success. Skills Regular Updation of Knowledge Kamil firmly believes that continuous learning is essential in accountancy due to the fast-paced changes in financial regulations and technologies. Accountants are encouraged to stay informed through reading industry news, articles, and attending workshops. Being proactive in updating knowledge not only enhances efficiency but also prevents potential misstatements in financial reporting. Communication Skills Effective communication skills are vital in the accounting field. Kamil points out that interacting with clients, colleagues, and stakeholders is a daily occurrence. Clear communication ensures that all parties involved understand financial implications and are aware of their responsibilities. This skill is crucial to bridge gaps and prevent misunderstandings, particularly in complex financial discussions. Situation Handling The ability to handle various situations gracefully is crucial for success in accountancy. Kamil mentions that situations can often be stressful, especially during peak times like fiscal year-end. An accountant should maintain composure, making informed decisions despite the pressures of deadlines. This skill enables professionals to navigate challenges effectively, maintaining operational smoothness. Leadership Kamil advocates for strong leadership qualities among accountants, particularly those in supervisory roles. Accountants must lead teams, coordinate tasks, and guide junior staff, fostering a collaborative environment. Effective leadership helps in delegating responsibilities adequately and ensuring that all team members are aligned with organizational goals. Decision Making Possessing solid decision-making abilities can have a significant impact on an accountant's career. Kamil emphasizes the importance of being able to assess situations and make sound judgments, which is particularly vital when individuals are unable to pay fees or are faced with unusual requests. Quick thinking can determine the financial course of action that best serves both the organization and its clients. Positives Respectable Job Kamil highlights that accountancy is regarded as a respected profession, undoubtedly essential for any business's functioning. Being entrusted with financial responsibilities comes with a reputation that is both admirable and rewarding, as the work directly contributes to the organization’s success. Smooth Life Life as an accountant can offer a balanced lifestyle, according to Kamil. He explains that managing time efficiently allows him to maintain a routine that improves work-life balance. This flexibility can often lead to more satisfaction in both professional and personal life. Monetary Potential The financial rewards of being an accountant can be substantial, especially as one gains experience. Kamil notes that an accountant's ability to take on multiple roles can significantly boost income potential. This potential enables accountants to provide for their families and invest in furthering their own educational aspirations. Wide Scope With vast opportunities in various sectors, accountancy offers a wide scope for career growth. Kamil asserts that the skills gained within this profession can lead to establishing one's practice in the future, as many accountants can venture into entrepreneurship after accumulating enough experience. Challenges Meeting Deadlines Kamil acknowledges that one of the most significant challenges in accountancy is managing deadlines, especially as a fiscal year-end approaches. The pressure to finalize accounts can lead to stress if not handled proactively. Diligent planning and time management are critical to ensure that all financial records are accurate and submitted on time. Change in Economic & Financial Policies Accountants must continually adapt to changes in financial and economic policies. Kamil cautions that fluctuations in legislation directly affect accounting practices, requiring constant vigilance and adaptability. Regular updates in laws and procedures are vital to maintaining compliance and offering accurate financial advice. A Day Of Accountancy A typical day for Kamil starts at 9 AM, with him signing in at his school where he works. He coordinates with junior accountants who prepare the daily attendance and manage any payments that need attention. His schedule entails a variety of tasks, from consultations regarding payments to overseeing end-of-day financial reconciliations. Balancing this with an additional role in managing accounts for a nursing home, Kamil maintains a structured approach to ensure all tasks are completed efficiently, typically concluding his office hours by 5 PM. In conclusion, the profession of accountancy is not just about numbers; it is a mix of respect, responsibility, and continuous learning. Kamil K. Shoor’s journey exemplifies how passion and dedication can shape a fulfilling career. As financial landscapes evolve, accountants will continue to play an integral role in ensuring both organizational and individual financial health, making this profession impactful and enduring.

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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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