Accountants are dynamic, interesting, highly intelligent, hard-working individuals. -Alexa Loo
Of all the subjects studied and taught, Finance and Accounts remains the priority for those interested in money, trading, statistics and analytics. Hence, not just the school pass outs but also the graduates and professionals working in the field of Commerce and Accounts are seeking accounting classes in Chennai to advance their subject knowledge and accounting acumen.
There has been a curious search by the inquisitive minds to explore varied modes of accounting classes that best suits their needs. In anticipation of changes in technology, computation laws pertaining to taxation, auditory submissions, global trade & commerce activity, they are examining courses that can keep them updated and competitive in the industry.
They just don’t want to be an experienced professional but a qualified professional. This spirit of self-development is in affirmation with the data that highlights the increase in employability for 33% in 2014 to 47% in 2019. The most striking fact about accounting is that it can be undertaken even by a science graduate.
Surging Demand For Accountants In India
Accounting is becoming a lucrative career option. In the year 2017, USD 495 billion was generated from accounting services and India witnessed an increment of 7% in its revenue from the accounts and finance services. Most of the companies are needed to submit their financial audit reports with SEBI and Income Tax authorities. They depend upon Big 4s - PWC, E&Y, Deloitte, KPMG and other consulting firms for auditing their accounts and preparing financial statements.
This justifies the existing and upcoming educational institutes and training centres in and around Chennai to inculcate and develop relevant skills amongst the existing and budding accountants in India in accounting finance.
Obligatory Skills For Thriving Accountants
To become a qualified, successful accounting professional, followings skills if developed can prove highly advantageous-
- Leadership skill: People who are self-motivated and can take accountability of their works and team at any of the hierarchical levels. This can be developed by engaging in real-time projects
- Critical thinking: Training courses should nurture the ability of the aspirant to fairly track and spot any error or miscommunication in the reporting and should be far-sighted to anticipate the ramifications of any action.
- Analytical aptitude: Accounting is a game of numbers regulated by different laws and regulations. It requires an individual who can catch hold of a large chunk of data to come to any conclusive junction while meticulously performing logical correlations.
- Industry knowledge: It requires efforts to study and grasp the concepts of accountancy along with a consistent review of what is happening in the industry. During bachelors such as in Bachelor of Commerce courses, real-time projects can be a blessing.
- Technical proficiency: Getting acquainted and adept in the implementation of various computing tools can work miracles at the workplace. You can eventually become a reliable technical resource who can manage time well and guide others as a leader.
The Government of India has been relentlessly working to attract Foreign Direct Investment (FDI) in India. It has been launching many business-friendly schemes and initiatives such as Digital India, Make in India, demonetisation, RERA, GST, etc. It has allowed for 100% FDI in accounting and financial services through the direct route.
Also, Chennai, the state capital of Tamil Nadu is situated along the coastline of Bay Of Bengal. It is a major import-export hub of India with the presence of seaport, airport and efficient connectivity through rails and roads with the rest of the country.
Multitude Of Roles
Accountants not only play the basic roles of recording transactions in journals, preparing-trial balance, cash flow statement, profit & loss (P&L) statement, balance sheet but also provide confidence to the stakeholders about the financial fairness and transparency in the organization. They work on existing data sets to arrive at fairly conclusive inferences which can influence decision making for a better future of the organization.
As per record, India holds 2nd highest number (i.e. more than 25.3 million) of certified Chartered Accounting professionals in association with the Indian Association of Chartered Accountants of India (ICAI). They can work as auditors, analysts, researcher, trainer, tutor, arbitrator and many more roles as per the demand of our industry.
Education Centres In Chennai
Tamil Nadu’s total export grew to USD 51 billion in 2019-20 since the last century with Chennai having a major share.
Optical cable connectivity, vehicles manufacturing, sea-food industry, rising number of Special Economic Zones (SEZ), tourism has favoured the market for accounting jobs in Chennai. They offer courses in B.Com, M.Com, Diploma and PhDs at reasonable course fees. These courses are offered to the students in different specializations of accounting - finance, financial accounting, taxation, banking, marketing, insurance and many more. Some colleges, of high repute, are listed below-
- Loyola College
- Madra Christian College
- PSGR Krishnammal College For Women
- Tamil Nadu Open University
- Ramakrishna Mission Vivekananda College
- Madras Christian College
For those who cannot attend regular courses, options are also available to avail courses via distance learning in selected streams.
Accountant Jobs Online Is Becoming Popular
Because everything is gradually becoming digitized and Chennai is a technical hub of South India, demand for accountant jobs online is also gaining pace. This is because organizations are playing smart to save their capital by hiring some consultants or agencies who can take care of their accounting work which is periodic in nature. This helps them save the cost of permanent employees. Also, the nature of work is becoming complex and it becomes practically unfeasible for many organizations to employ different chartered professionals for other specialized jobs on permanent payroll.
Check for a cost and management accounting course here.
Advantages of outsourcing accounting tasks online are-
- Firms can digitize their financial proceeding which is rather more reliable, available, secure and robust than the traditional non-digitized ones.
- It is less expensive to hire some consultants on a temporary basis to get your tasks accomplished.
- The work done by a third party is fairer and there stand minimum chances of errors or frauds being hidden. The working is non-prejudiced and effective.
- Since the work is complex and involves the investment of precious time and efforts of the management, which can be saved by putting the load upon the outsourced professionals.
- There are a number of such outsourcing agencies and consultancies providing legal and accounting services to their clients which increases competition amongst them. Hence, there will be a minimum probability of them jeopardizing the work.
- It provides flexibility and you can direct your hired partners to work as per the business demands.
- There are greater accuracy and precision in work. In case, any fault creeps into the report your management can mitigate the risk and get compensated by your outsourced partner.
- Management of staff becomes easier and puts an end to unnecessary expenditures- relocation expenses, medical insurance, office expenses, lack of cohesion in the team and a lot from an organizational behaviour point of view.
Tally Accounting And Related Softwares Are The Future
Accounting works are getting digitized and a candidate having knowledge and experience of different online accounting tools and techniques has a better chance of securing a job than his counterpart who does not. They reduce the size of the work and keeps the data accessible and there is lesser dependence upon the workforce.
Tally accounting is the most widely used and versatile software deployed by many small to medium-sized companies. It performs all the basic accounting functions with regards to the record of transactions, preparation of different financial reports, stock and inventory management, payroll, taxation and budgeting.
It offers a robust MIS tool, which enables the users to extract the conclusive data from the given set of data in the most presentable and concise form as per the customizations. There are various tally training institutes offering tally ERP training in Chennai.
Some similar software commonly used are QuickBooks, Xero, ZohoBooks, FreshBooks, ZipBooks, AccountEdge Pro and a lot more. Many bigger organizations have teams that have developed customized accounting software for the organizations in collaboration with major accounting software developers. They help to save time and cost by offering effective business management solutions.
Finding Accounting Courses Online In Chennai?
There are many modes of education available to gain expertise and knowledge in accounting and finance. There is an option to study from YouTube channels of the teachers and professionals, online modules, distance learning, training institute, regular classes and Massive Open Online Courses (MOOCs) like- SWAYAM and NPTEL.
However, none of them could compensate for the luxury of personalized teacher-student attention in logical subjects like accounts. Hence, instead of searching door to door and evaporating your time and energy in search of your ideal tutor or guide, Superprof saves you from the hassles of knocking different doors. It connects you with your favourite tutor directly online. There are numerous teachers with expertise in different fields and different kinds of teaching experience both in duration and topics.
You can simply enter your area and topic of interest you want to learn and surf through related profiles of the teachers in your given locality. You can then avail the facility of a free demo class to confirm the faculty of your choice and go ahead with your happy learning in person from that faculty.