Accounting

Aarti Bisht | Accountant | Vkj Private Ltd

What is Accounting?

A Career in Accounting is very intriguing. Unfortunately, it is very difficult to find information about What Accounting actually is. Most pages on the internet just talk about How to get into Accounting. Just like you would normally not trust a non Doctor with names of medicines, you should also not trust opinions about Accounting from non professionals.

Accountant Aarti Bisht has 5 years of professional experience in Accounting. Here is how Accountant Aarti Bisht detailed Accounting:

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 Accountant Aarti Bisht got into Accounting?

I did my B Com from DAV PG College, Dehradun. After that, I worked as an Accountant at Vkj Private Ltd.

Accountant Aarti Bisht's Talk on Accounting

The Journey of an Accountant: Aarti's Insights into the World of Accountancy Aarti is not just an accountant; she is a guide through the intricate world of numbers and financial management. Growing up in a small town, her educational journey began at NSM Winter College, followed by further studies at Dory EG College. With over five years of experience in accounting, Aarti has navigated the complex realms of both profitable and non-profitable organizations. In this article, she shares her knowledge about the essentials of accountancy, including education, skills, challenges, and what a typical day in her life looks like. What Is Accountancy? Accountancy is a crucial profession that involves managing and maintaining financial records for individuals, businesses, and organizations. It encompasses tracking income, expenses, and ensuring compliance with regulations while providing insights into financial performance. As Aarti explains, accounting is not just about number crunching; it's about understanding where money comes from, how it is spent, and how to optimize the financial health of an entity. Whether for a small shop or a large corporation, accountants play a vital role in ensuring that financial goals are met and that accurate records are maintained. Education Financial Management To become a proficient accountant, one must grasp the principles of financial management, which involve identifying sources of income and strategizing on cost-effective methods to generate revenue. As Aarti emphasizes, understanding where and how to maximize financial returns is foundational for any accountant. The knowledge gained here allows accountants to advise their clients on the best financial practices. Laws & Policies Accountants must stay informed about various laws and policies that govern financial operations. Aarti notes that while some of this knowledge is acquired through textbooks, daily practice in the field reveals the rapidly changing nature of regulations. An accountant must continually educate themselves to remain compliant with governmental rules affecting financial practices. Business Administration Understanding the basics of business administration is also vital for accountants. Aarti mentions that knowledge of how businesses operate—from small startups to large enterprises—helps accountants align their financial practices with organizational goals and objectives, enabling them to provide comprehensive support. Banking Knowledge Proficiency in banking knowledge is essential for effective financial management. Aarti highlights the importance of understanding payment processes, investment timelines, and how to manage transactions with clients. This expertise aids in ensuring smooth financial operations for businesses. Security Market Accountants often advise businesses on how to allocate excess funds for optimal returns. Understanding the security market allows accountants to guide their clients in making informed decisions about investments, potentially increasing profitability while minimizing risks. Accounting A solid foundation in accounting principles is crucial, as remarked by Aarti. Basic skills like general entries and trial balance preparation are essential tasks for every accountant, establishing the groundwork upon which sophisticated financial analyses are built. Taxation Taxation is a significant aspect of accountancy that affects individuals and organizations alike. Aarti points out that accountants must be knowledgeable about tax regulations and ensure timely submissions to avoid penalties, which highlights the importance of diligent tax management. Mathematics Fundamental math skills are indispensable for accountants. Aarti underscores the need for accuracy in calculations, as even minor errors can lead to significant discrepancies in financial reports. Quick and precise math skills contribute to the reliability of financial data. Skills Analytical Skills Accountants must possess strong analytical skills to evaluate financial data critically. Aarti illustrates that after preparing general entries and trial balances, analyzing these figures is essential to determine whether financial targets are being met. Communication Skills Effective communication is a key skill for accountants. Aarti notes that interacting with clients about payments and financial obligations requires clear communication to ensure both parties understand their responsibilities. Accuracy In accounting, accuracy is paramount. Aarti emphasizes that even the smallest mistake can lead to significant errors in financial reporting, making it crucial for accountants to maintain precise records. Latest Updation Keeping abreast of financial regulations and industry changes is vital for accountants. Aarti mentions that staying updated through various channels, including news, reports, and official publications, ensures compliance and informed decision-making. Time Management Skills Time management is critical in accountancy, as deadlines for tax payments and financial reports must be met without fail. Aarti highlights that good time management can prevent last-minute rushes and the potential for costly errors. Interpersonal Skills Strong interpersonal skills are essential for accountants, who often work collaboratively with teams and clients. Aarti shares that understanding and empathizing with colleagues and clients can foster a supportive work environment. Report Writing Skills Accountants need to communicate their findings clearly through reports. Aarti notes that report writing skills are important not just for internal documentation but also for external communication with clients, ensuring that financial data is presented accurately. Positives Comfortable Working Style One of the advantages of a career in accountancy is its comfortable working style. Aarti explains that accountants often enjoy a stable work environment where they can build long-term relationships with clients and companies. Monetary Benefits The profession offers lucrative monetary benefits. Aarti points out that as accountants gain experience and additional qualifications, their earning potential increases significantly, making it a financially rewarding career. Build Reputation Working in accountancy allows professionals to build a strong reputation in their field. Aarti mentions that maintaining accuracy and reliability fosters trust, which can lead to future career opportunities, including consultancy roles. Growth Opportunities The field of accountancy offers numerous growth opportunities. Aarti highlights that with additional certifications and continued education, accountants can transition into higher roles such as chartered accountants and financial consultants. Challenges Meeting Deadlines One of the primary challenges faced by accountants is meeting tight deadlines. Aarti details that timely submission of tax reports and financial statements is critical, and any delays can lead to penalties or loss of credibility. Keeping Confidentiality Accountants often handle sensitive financial data that requires strict confidentiality. Aarti underscores the importance of maintaining privacy as any breach can lead to severe repercussions for both the accountant and their clients. Yearly Pressure The annual pressure of end-of-year financial reporting and tax season can be daunting. Aarti reflects on the immense responsibility that accountants bear, as they must ensure everything is reported accurately within a limited timeframe. A Day Of Accountancy A typical day for Aarti begins around 9 AM, where she dives into routine tasks like entering general entries, which consumes a few hours. Following this, she prepares various financial reports to analyze expenditures and assess necessary tax payments. This process is crucial for ensuring the accuracy and reliability of financial records, and requires Aarti to stay focused and organized throughout her workday. In conclusion, Aarti's journey as an accountant reveals a profession filled with opportunities for growth, continuous learning, and significant contributions to the financial health of various organizations. The duality of challenges and rewards illustrates the profound impact that skilled accountants have in the business world, making this career not only valuable but also deeply fulfilling.

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How to get into

Accounting?

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Links for this Talk

Accountant Aarti Bisht's LifePage:

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

LifePage Career Talk on Accounting

[Career]
https://www.lifepage.in/careers/accounting

[Full Talk]
https://lifepage.app.link/20190918-0001

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

(Accountancy, Aarti Bisht, Vkj Private Ltd, Laws & Policies, Financial Management, Business, Administration, Accounting, Accountant, Finance)

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