When it comes to career choices, Finance or Accounting has always been one of the top considerations of the masses.
Since every industry needs an Accountant or a financier, these are the kinds of jobs, which will never go out of demand, and at the same are very high paying jobs also. Discover this info here: Best account hiring Dubai.
Accounting and finance are critical components of any company’s management. Companies run on money, and if you don’t have control over that money, you don’t have control over your company.
On the other hand, you may regulate the flow of funds and, hence, direct your business’s path by correctly accounting for your company’s income and expenses.
In business, the importance of finance and accounting cannot be overstated
Before appreciating the significance of accounting and finance, you must first comprehend the precise meaning of accounting and financial accounting.
Although there is a widespread misperception that these two phrases are synonymous or intertwined, they are two distinct processes.
Accounting is the science of identifying and recording monetary transactions of occurrences. For example, XYZ is a company that sells healthcare products and buys them from a vendor.
The acquired inventory is stocked in the warehouse and sold to the customer. This procedure is an excellent example of accounting because the retailer buys from the supplier, exchanging the money for goods.
This should be noted because the organization is through a financial transaction that influences the finances. Assets, liabilities, income, and costs are all common accounting terminology.
Financial statements depict these transactions in the form of a word (basically the end product of accounting processes). These financial statements show the company’s current financial situation.
When compared to accounting, finance appears to be a broader notion that encompasses accounting, taxation, business, and other fields that receive and employ investment for the growth and development of a company.
Accounting and financial degrees can lead to a prosperous profession in the United Arab Emirates. So if you want to advance your career, accounting and finance courses are an excellent place to start.
Here’s how accounting and money affect your business’s operations. Discover this info here best account hiring Dubai.
How to find Accountanting jobs in Dubai
Respecting the Law:
Good accounting practices offer a practical benefit: they ensure that your company follows the law. You could break any variety of rules if you don’t keep good records, such as not paying the correct amount of taxes.
Poor accounting might also cause you to ignore numerous tiny issues that keep a firm running well, such as making facility changes to meet safety regulations.
Furthermore, maintaining inadequate financial records can cause a lot of extra trouble if you ever find yourself under legal investigation, which many firms do.
Budgeting and Keeping Financial Records:
You may start budgeting by understanding the movement of money through your organization and using basic accounting processes. Budgeting involves forecasting revenue and using that information to decide how to keep and develop your firm.
Budgets are the result of meticulous financial record-keeping. They’re similar to blueprints in that they require a lot of time and effort to construct, but they ultimately help you build your firm to more excellent stability and success.
Financial Performance Analysis:
It isn’t easy to improve a business if you don’t have a way to comprehend and learn from the past. That is what good accounting entails. You may examine not just where the money went, but also what good it did in the long term by analyzing your company’s financial records.
After that, you may start evaluating how much value your company’s various expenses add to the overall operation. Based on this information, you may decide which processes to cut and expand.
You’ll also be able to spot fresh opportunities where a small investment upfront might pay off large in the long run.
Creating a Business Plan:
Most businesses want to generate a profit, but the path to get there is one you must pave yourself. Therefore, one of the essential tools you have for analyzing the business’s economic environment is financial data from within your firm.
Your records can tell if your clients purchase more widgets and fewer gizmos. If your data show that an outside advertising firm isn’t providing adequate results, you can decide to bring advertising in-house, creating a new department and substantially changing your organization.
An effective strategy will lead your company to more lucrative locations, but a good approach necessitates good data.
Communication with the public:
It is vital to share financial information while working with third parties.
Transparent accounting and financial management might benefit when applying for a bank loan or enticing potential investors.
It is easier to present financial statements to external stakeholders when you have adequate financial management. External users will evaluate these reports to determine how they should proceed with their participation with your company.
Communication inside the company:
Financial reporting can also help internal stakeholders communicate information more effectively.
Employees interested in profit-sharing and stock-based pay may find this helpful material. Owners can also use these statistics to speak with their teams about their company’s strengths and weaknesses.
Accounting and finance courses have a profitable career in the UAE for various reasons.
Countries like the UAE are experiencing rapid economic growth, and there is a growing demand for these specialists, especially with the recently implemented VAT legislation. There are several compelling reasons why accounting and finance courses can benefit your career.
- There are many short-term and long-term financial accounting courses available– High school students generally opt for systems that are more rewarding to their profession to pursue and their graduation program before joining university. In addition, accounting and finance courses appear to take less time and offer a wide range of options.
- You can have a global career– Programs completed at authorized universities and institutions are valued highly. Even if you travel to other countries, a solid accounting qualification ensures that you get the most acceptable job possible regardless of where you live.
- UAE is an excellent place for freelancing – If you have the proper knowledge, expertise, and required abilities to provide to clients, the UAE is a fantastic area to do so. You can even run a consultancy business, which generates a lot of money if you have excellent accounting skills in auditing and finance.
To gain accounting and financial jobs in the UAE, you’ll need to improve your qualifications.
Accounting experts are the highest paid in the United Arab Emirates and the Middle East. As a result, many graduates and postgraduates desire to pursue a profession in accounting and finance to make more money and have a more promising future.
According to a poll performed by the Institute of Management Accounts, an accounting professional in the UAE earns over 226,000 Dh per year or around 19,000 Dh per month.
Let’s look at some of the credentials you’ll need to advance your accounting and finance profession.
Obtaining a chartered accountant qualification may appear time-consuming and challenging, but it will provide you with a significant and long-term professional boost if you live in the UAE.
Certified Management Accountant (CMA):
Obtaining certification as a certified management accountant is typically used to advance one’s accounting career and is thus highly valued by those in mid-level jobs.
Working professionals will like the course study and exam formats, which will appeal to those who do not wish to stop their jobs to pursue a degree.
The Association of Chartered Certified Accountants (UK)
In terms of courses covered and difficulty levels, the ACCA is equivalent to the CA. It is also pretty similar in terms of professional breadth and job prospects in the Middle East.
However, unlike CA, this allows for more excellent part-time study, making it a good option for working professionals.
Business Administration Master’s Degree (Finance)
MBA has become a requirement for employees in the accounting and financial industries. So much so that MBAs are being pursued by mid-level executives and managers with bachelor’s degrees in commerce to offer them a professional edge.
While there are many distance and correspondence MBA programs available, be sure your degree is from an approved university. You might also take a year off to pursue an executive.
MBA from a reputable university geared at working professionals offers a one-year intense curriculum.
When you have good accounting skills and certifications, you are prepared to jumpstart your career in accounting and financial positions in the UAE. Although it takes time, effort, and money, the possibilities of a future career in this area are substantially better.
So, hone your accounting abilities, build a strong network, stay current on technological advancements, and have a great career in accounting and finance.
Lastly, in the field of Finance and Accounting, a degree, of course, plays a crucial role but it is the knowledge and skills-set which are also essential.
This comes with practice and years of relevant experience in the industry, and by having relevant hands-on ‘On-The-Job Training’.