India witnessed phenomenal progress with its nominal GDP rising to USD 2.94 trillion in the year 2019. Increase in trade and commerce because of exponential population growth, government's regulations, currency exchange, increasing globalization and scope of malpractices has made people realize the need for developing accounting skills and hence are encouraged to pursue accountancy classes. There is a need for industry-specific course development and complementary teaching facilities.
Teachers, professors are meticulously updating themselves with the latest developments in commerce and accounting techniques. They are also coordinating with the industry leaders, government organizations to devise tools, techniques and software for the same. Students can also have an enhanced learning experience. Globalization, liberalization complemented with advancements in Information and Communication technology is making accounting online a new normal.
Education For Accounts In India
From its traditional Munimgiri to organized and optimized record-keeping of monetary transactions has necessitated the rise in demand for qualified and competent accountants for an error-free accounting level management. There are many educational institutes and professional bodies set up to teach accounts to those interested. It is taught at a preliminary level as a completely different domain in classes 11th and 12th in schools across India.
The ‘Make in India’ campaign, ‘Startup India’ and the flow of foreign investments in the Indian startups is a boom for budding talents having an interest in finance, accounts and economics. On the educational front, more practical implementations will be inculcated in the curriculum.
Students after completing their class 10th education are offered to study commerce and accounts as a different stream, others being science and arts in class 11th and 12th. Thereafter, they can pursue graduation in some of the following prominent courses-
- B.Com in Accounting and Finance
- B.Com in Banking and Insurance
- B.Com in Management Accounting and International Finance
- B.Com in Accounting and Taxation
- B.Com in Financial Markets
- B.Com in Statistics
Duration of these courses is 3 years and are offered by many leading universities and colleges in India - Delhi University, Allahabad University, Loyola College, St. Xavier’s College, IGNOU, JNU, etc. They also offer master’s degree courses of 2 years duration.
Reasons For Demand Of Accountants In India
Now, that Japan and other nations are encouraging and incentivising their companies to shift their production bases in India, demand for accountants in India is deemed to arise in coming times. Also, there has been a significant rise in the awareness for the importance of records of transactions.
Hence, even the engineers, doctors, lawyers and businessmen are gearing up to get acquainted with the accounting tools and techniques. In case they are not able to get themselves enrolled in any course, they are taking online courses having the flexibility to decide their online hours and upon successful completion add certificate completion to their profile. Importance of accounting education can’t be neglected.
Need To Become Financially Aware
The success of any venture whether it is a small Kirana shop, a showroom or a factory or some service provider, all depends on how well managed and properly recorded are the transactions that take place daily.
Merely recording of the transactions would not serve the purpose but they must comply with the standard guidelines as laid down by the accounting confederations. This eventually helps an individual to assess the viability of his business activity. The stakeholders are better able to analyse the prospects and anticipate the futuristic trends in order to engage in a healthy competition with their competitors.
Different Nature Of Business Ownerships
The Companies Act, 2013 of India has given recognition to different kinds of business associations in India- Public Limited Company, Private Limited Company, Joint Venture, Sole Proprietorship, One Person Company, Partnership, NGO, Cooperations, Limited Liability Company and others. Thus, the financial liability also varies with respect to the designations and type of incorporations. Moreover, the number of employees and service providers, clients vary in size and number. This necessitates the organization to hire suitable accountants.
The Indian banking system has been reeling under the heavy loads of Non-Performing Assets i.e. NPA tagged loans. Economic offenders, loan defaulters, scams and frauds have the potential to shake the economy and prestige of a nation and bring it under the devilish clutches of recession.
India is a democratic nation governed by various political parties which are elected by the citizens of India via voting. Each of these has different agendas, different priorities on their checklist which influence the economic spectrum of our nation. In order to keep an eye on any unwanted deviations in the economic and financial indicators, many schemes are rolled out or are withdrawn as per the suitability.
Government works in coordination with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and other agencies via well-informed and dexterous accountants. They ensure compliance, clarity and auditory transparency in the system.
Implementation And Auditing Of Financial Schemes
The government frequently announces subsidies, moratoriums, tax benefit schemes to encourage business activities in the nation. Taxes are also levied and their burden is often altered to enable financing of the development work and defence of our country. Goods and Services Tax, Income Tax, Custom and Excise Duties, etc are primary sources of government revenue.
The annual budget is prepared which requires support from people of financial and economic sectors. The intense brainstorming, audits, verifications and compliance with the rules of the land is to be ensured at every level. Leakage at any point can mutate the system into a big economic disaster and a financial tragedy.
Professional Courses For Accountant Jobs In India
The complexity and variation in business today demand specialization of accounting professionals in one or many other branches of accounting. Correspondingly there exists a number of accountant jobs in India. Skilled manpower is the need of the hour.
Online learning received a tremendous boost during the lockdowns and even the currently functioning accountants have started exploring their area of interests in accounting to get themselves specialized. Following are the specialized branches of accounting as discussed below-
- Cost Accounting - To sustain an enterprise, you need to keep strict control over your expenditures and maintain proper recording. The Institute of Cost and Works Account of India (ICWAI) is the main governing body for conducting professional courses with respect to cost accounting, certifications and support exams. It is also known as the management accounting.
- Company Secretary - The Institute of Company Secretaries of India (ICSI) is the governing body entrusted with the course development, examinations and certifications for the company secretaries of India. This is particularly important because the world today is fluxed with many unethical practices. Hence, to ensure the legal ordeals comply with respect to corporate governance, team management and shareholding company secretaries are in demand.
- Chartered Accountant - The Institute of Chartered Accountant of India (ICAI) is the governing body for course development, examination and certification of successful candidates as Chartered Accountant. Being a brainstorming and challenging role it is one of the most popular roles and CAs are in high demand to ensure smooth accounts operations with respect to tax savings and government regulations.
- Actuary - The Institute of Actuaries of India is the regulatory body for actuaries in India. They analyze the existing records to anticipate and predict the likely impacts under a given set of different circumstances in the future.
- Financial Analysts - They perform a variety of financial management tasks- collecting and recording of data. Making models and analyzing different forms of financial risks- credits, inflations, moratoriums, etc. to prepare a financially resilient company. There is AAT- Association of Accounting Technicians that impart practical financial skills.
These technical bodies ensure that the standards are met with at each level and that students don’t fall astray by learning outdated concepts. It trains candidates to make use of their technical and analytical skills to emerge as leaders rather than followers.
Pursuing Accounting Classes Online In India
With the push for the ‘Make In India’ campaign, there is a demand for proficient accountants. However, still, there is a lack of talent because of improper pedagogy, lack of tutor support and poor exposure to real-life situations.
Regular graduate and postgraduate courses in commerce, accounting finance and economics, diploma accounting, advanced diploma accounting, etc. find less appeal because of initial low salary or stipends offered to graduates and demand for further specialization. There is also a lack of attention to sincere students who genuinely want to grab and practise the concepts in a class of 70-80 students.
Focus is now shifting towards online learning- certifications, Massive Open Online Courses (MOOCs) where there are plenty of real-life examples to learn with respect to each module. Industry-specific content makes a participant/ student more competent and fearless in his application of knowledge.
Superprof provides access to accounting classes online where expert teaching faculties with expertise in different domains of finance and accounts can help you to strengthen your subject knowledge. It provides you with the flexibility to take a free class to adjudicate the suitability of your teacher by entering your desired area and subject requirement.
Accounting holds strong potential, whether there is a boom or decline in the economy, accountants are always in demand to analyze, audit and suggest remedies to smoothen the business environment in compliance with the national and international standards.