Business accounting and taxation are two pillars of a successful business. If being an entrepreneur or owning a business is what you seek for the future, then having an understanding of how accounts and taxes work becomes useful. So, whether you are a seasoned business owner or a new entrepreneur, taking business accounting and taxation courses in Thrissur can provide you with the required knowledge and skills to manage your business finances efficiently.
One should understand the principles of accounting and tax laws to make informed decisions that could impact the financial health of your company. This blog highlights the top business accounting and taxation courses that you can consider taking to sharpen your business skills!
Business Accounting and Taxation: 101 Guide
As the name suggests, business accounting and taxation cover aspects of 2 fields, i.e. accounting and taxation. Accounting refers to the structured process of measuring, recording, and interpreting various financial aspects involved in operating a business. In layman’s terms, it deals with all sorts of financial transactions taking place with respect to the working of a business.
Maintaining full-fledged proper accounts of the business helps in keeping a proper track of expenses, income, profit, and loss made by the business. This information, in turn, helps the stakeholders, investors, and management to make business plans in the right direction.
Similarly, taxation refers to the process of collecting revenue (in the form of taxes) from the government from individuals/businesses/companies to meet the expenses of a country. It is levied from entities and individuals in form of capital tax gains, income tax, VAT, etc.
Also, taxation is broadly categorized as Direct and Indirect Tax (like income tax and VAT, respectively). Tax accounting entails entities to be tax compliant, and it refers to a set of rules/policies used to estimate the tax obligation. When a business has fit financial health, it is able to have a strong hold on the market and among its competitors.
The basic parameters of Business Accounting and Taxation include the prediction of budget, financial modeling, and application of these parameters for making sound financial decisions. Even if you do not own a business right now or are not an entrepreneur even then opting for a business accounting and taxation in Thrissur is lucrative as you will have a host of career opportunities to opt for.
Pillars of Business Accounting:
In order to make and maintain a company’s financial record, including expenses and revenues, there are a few core pillars of business accounting and taxation. You will be introduced to the following topics while doing the business accounting and taxation courses in Thrissur:
1) Financial Statements
The first and foremost pillar is the Financial Statement. There are some primary tools of financial statements which are used to communicate a company’s financial performance and position in marketing. Business accounting and taxation courses in Thrissur would teach you how to prepare and analyze balance sheets, income statements, and cash flow statements. These statements provide a clear picture of a business’s financial health and help the management to make informed decisions about the future.
Next in line is Bookkeeping, which refers to the process of recording financial transactions and keeping accurate records of your business’s financial data. Bookkeeping is like big data for companies, and since it is maintained in a structured way, it is useful for the future.
The business accounting and taxation course will teach you how to set up and maintain a bookkeeping system, including how to record transactions, track expenses, and the process to manage accounts payable and receivable.
3) Cost Accounting
The third pillar is Cost accounting, which refers to the process of determining the cost of producing and selling products and services. Deciding the right cost of a product (from its production to selling) is pivotal for any company as it tells the profit or loss margin the company may bear and how it can upscale.
The business accounting and taxation courses in Thrissur will teach you how to analyze the costs of producing and selling your products, determine the break-even point for your business, and manage your business’s profit margins.
4) Financial Analysis
Once the process of bookkeeping is done, utilizing that information for making decisions is the next step. And, Financial analysis refers to that process. It means evaluating a company’s financial performance and making informed decisions based on the data.
While studying business accounting and taxation, you will be taught how to use financial ratios, trend analysis, and other financial tools to analyze the financial performance of a business. Ultimately, it helps to make informed decisions about future investments and business strategies.
5) MIS Reporting and Excel Preparation
The term MIS refers to Management Information System. Companies and businesses often apply different practices or policies to enhance their performance by analyzing the difference between the forecasted targets and the actual outcomes. Such detailed reports help in churning out various statistics in order to give insights into business models. Different types of detailed reports include – inventory reports, production reports, budget reports, MIS, HR MIS reports, etc.
Pillars of Taxation:
Taxation is an umbrella term used to refer to a pool of tax laws or policies. It requires an in-depth understanding of tax laws, regulations, and the tax preparation process. When you enroll for business accounting and taxation:
1) Tax Laws and Regulations
If you opt for the BAT courses in Thrissur, then you will be introduced to different central and state tax laws that are related to a business or its working. You will learn how to identify tax obligations, understand tax implications, and avoid penalties and fines.
2) Tax Preparation
Knowledge of tax preparation is important in order to file tax returns, including personal and business tax returns. While studying business accounting and taxation courses you will be taught to gather and organize financial data, calculate taxable income, and prepare and file tax returns accurately and efficiently.
3) Tax Planning
Once tax preparation is done, tax planning is the next step, and it refers to the process of minimizing your tax liability through careful planning and decision-making. The course would teach you about tax-saving strategies, including tax-deductible expenses, tax-free investments, and tax credits.
Why is Knowledge of Business Accounting and Taxation Important?
If you plan to own or are owning a business, entrepreneurship, or even working in the finance division of any enterprise, then having Knowledge of business accounting and taxation helps businesses and companies in several ways:
1) Managing the Finances: A clear understanding of accounting principles and tax regulations allows companies to manage their finances effectively and in a structured manner. It includes recording of transactions accurately, creating financial statements of different financial years, and managing the cash flow of the company operations.
2) Tax compliance: Companies/businesses must comply with tax laws and regulations to avoid penalties and legal issues while conducting business operations. Having a knowledge of business accounting and taxation enables companies to understand the tax implications of their business decisions. Furthermore, it allows them to make informed decisions that minimize or mitigate all sorts of tax liabilities.
3) Budgeting and forecasting: Having an understanding of accounting and tax principles helps companies to create comprehensive budgets. It helps to make accurate forecasts and estimates for the future financial performance of the companies. Ultimately, this allows companies to make informed decisions about resource allocation as well as all future investments.
4) Decisions about investments and financing: Companies can use financial statements and tax returns to make informed decisions about investments and financing. This includes decisions about acquiring other companies, issuing bonds, and securing loans.
5) Improved profitability: All the companies operate with the aim to make maximum sales of their products or services and ultimately make a profit. By managing finances effectively and minimizing tax liabilities, companies can improve their overall profitability and their competitiveness in the market. This allows the companies to reinvest in their business, expand their operations, and improve their overall financial performance.
In a nutshell, knowledge of business accounting and taxation is essential for businesses and companies to effectively manage their finances, comply with tax laws and regulations, and improve their financial performance.
Career Options Available After Completing the Business Accounting & Taxation Course in Thrissur:
- Accountant: This is one of the most common career paths for individuals who have completed a business accounting and taxation course. An accountant is responsible for maintaining financial records, preparing financial statements, and providing advice on financial matters. They may work in various industries such as public accounting firms, private companies, or government agencies.
- Tax Accountant: Tax accountants specialize in preparing tax returns and ensuring that clients are compliant with tax laws and regulations. They may also provide advice on tax planning and strategies to minimize tax liabilities.
- Bookkeeper: Bookkeepers are responsible for recording financial transactions and maintaining accurate records of a company’s financial activities. They work closely with accountants to provide financial information used in preparing financial statements.
- Finance Analyst: Financial analysts are responsible for analyzing and interpreting financial data to help companies make informed business decisions. They may specialize in areas such as investment analysis, budget analysis, or risk management.
- Auditor: Auditors are responsible for examining a company’s financial records and operations to ensure that they comply with accounting standards and regulations. They may work for public accounting firms or be employed by private companies to perform internal audits.
- Payroll Specialist: Payroll specialists are responsible for processing payroll for a company’s employees. This includes calculating paychecks, taxes, and deductions and ensuring that all payroll records are accurate and up-to-date.
- Financial Manager: Financial managers are responsible for overseeing a company’s financial operations and developing financial strategies to help the company meet its goals. They may work in a variety of industries, such as banking, insurance, or healthcare.
These are some of the most common career options available to individuals who have completed a business accounting and taxation course. With the increasing demand for financial expertise, there are many opportunities for individuals to pursue rewarding and challenging careers in this field.
Why Pursue Business Accounting and Taxation Courses?
1) Career Opportunities
The accounting and taxation industry/sector offers a wide range of lucrative job opportunities for those who have the right skill set, knowledge, and training. Therefore, if you decide to do BAT courses in Thrissur, you can choose any of the career options mentioned above.
2) Understanding of Business Operations:
Once you enrolled for BAT courses in Thrissur, you will be taught how business operations take place, and you will develop a deeper understanding of how to properly track the finances of the company, ultimately helping them to scale up.
3) Financial Planning
The BAT course will help you to develop a strong understanding of how to prepare, analyze and maintain financial statements. At the same time, you will also know how to plan effectively for tax compliance.
4) Problem-Solving Skills
Problem-solving skills are useful and important not only in your daily life but your professional career too. Learning about business accounting and taxation helps you to develop as well as sharpen your problem-solving skills. Furthermore, you also develop critical thinking abilities, which are valuable in any business setting.
5) Relevance to Daily Life
In today’s time, having a decent knowledge of finances and accounts is important. Apart from your work, it helps you to effectively handle your personal finances. Whether you own your own business, work for a corporation, or simply manage your personal finances, understanding accounting and taxation concepts is relevant and useful in your daily life.
6) In-demand Skills
As the world becomes increasingly globalized and businesses continue to grow and evolve, there is a high demand for individuals who have a strong understanding of business accounting and taxation, especially if you wish to own a business or company!
- Business Accounting and Taxation Courses in India
- Business Accounting and Taxation Courses in Kerala
- Business Accounting and Taxation Courses in Chennai
- Business Accounting and Taxation Courses in Coimbatore
- Business Accounting and Taxation Courses in Kochi
- Business Accounting and Taxation Courses in Tamil Nadu
Top 5 Business Accounting and Taxation Courses in Thrissur:
# Rank 1 Business Accounting and Taxation Courses in Thrissur
1) IIM SKILLS
The ed-tech sector in India has been interrupted by IIM SKILLS, an ed-tech institute that offers skill-based courses and has trained thousands of individuals in India and overseas. Apart from Content Writing, Digital Marketing, GST, Technical Writing, and SEO Courses, it also offers Business Accounting and Taxation courses in Thrissur and the rest parts of India.
The BAT Course offered by the IIM SKILLS is created to cater to both students, and working professionals wherein classes are totally online and offer flexible timings. It teaches industry-specific skills to students and trains them to enter the accounting and finance field with the prospect of getting hired by good companies or starting something of their own.
The course goes by the name – Business Accounting and Taxation last for a duration of 3 months and is worth INR 49,900. Specifications of the course are highlighted below:
- The course is a comprehensive collection of 120+ hours of live lectures, practical assignments, live doubt-clearing, and hands-on learning.
- You get to work with tools such as Tally, Advanced Excel, and GST.
- Then ed-tech also offers paid internships to individuals willing to do the same.
- Certification is provided after successful completion of the course, and you get lifetime access to the course material.
# Rank 2 Business Accounting and Taxation Courses in Thrissur
EduPristine is yet another leading institution that offers business accounting and taxation courses in Thrissur. Founded in the year 2008, the course is a combination of knowledge of case studies, accounting tools, and training students to provide real-world solutions through the right learning.
However, there is one catch with the EduPristine course, i.e, in order to enroll for their course, you need to have a commerce background (in terms of school or higher education).
The specifications of the Company Development and Taxes Course offered by the institute include:
- The Business Accounting and Taxation Courses in Trissur provide Comprehensive training to the students along with self-paced learning content
- You get to learn about business accounting and taxes through real-life practical case studies
- Placement assistance is provided with 24*7 access to the learning management system
- Dedicated discussion forum for doubt-clearing
# Rank 3 Business Accounting and Taxation Courses in Thrissur
3) APJ Learning Institute
Next in line is APJ Learning Institute which also offers business accounting and taxation courses in Thrissur along with a range of short-term courses. One of the highlights of APJ’s BAT course is that the classes are backed by seminars and workshops and until now they have trained more than 1,00,000 students from all over the world. The specification of the course are
- The course duration is of 3 months along with approximately 120 hours of learning.
- Classes are conducted by professionals and the fee is around INR 16,500 (including taxes).
- The mode of teaching is online, making it flexible.
- A gist of topics covered under this course is Payroll, MIS Reporting, Excel, Direct Taxation, etc.
# Rank 4 Business Accounting and Taxation Courses in Thrissur
4) The Institute of Practical Accountancy and Taxation
The Institute of Practical Accountancy and Taxation is a gem and renowned organization that offers a handful of courses to individuals who wish to make a lucrative career in accountancy or human resource management, Marketing, Finance, etc. The Business Accounting and Taxation courses in Thrissur offered by this institute covers topics such as tax payable, business income, Income Tax Act, Advance Tax Computation Mechanism, Allowances, and Disallowances (under Income Tax). The specification of this course includes:
- Printed materials are provided for classroom training whereas a soft copy of the course content is provided to students who attend online classes.
- You will be provided with a clear and descriptive Powerpoint Presentation for each topic
- Downloadables are available for some chapters.
# Rank 5 Business Accounting and Taxation Courses in Thrissur
5) Oxford Home Study Centre
The Oxford Home Study Centre is yet another institute that offers online business accounting and Taxation courses in Thrissur. The course is suitable for freshers as well as working professionals (from any field). The center offers a range of BAT-related courses from basic to advanced levels and you may choose the one that serves your interest.
Furthermore, it is a leading institute based in the UK but known for providing the best distance learning courses and it is looked after by a team of professionals who have a decade of expertise in distance learning. The specification of course includes the:
- Along With course material, you will be provided with tutor support.
- Regular assessments are accessible easily from any corner of the world.
- Flexibility to finish the course at your own pace
- 24*7 access to online classes of the course and you get the opportunity to earn certificates from recognized bodies of the institutes.
Frequently Asked Questions About BAT Courses in Thrissur:
1) What is Business Accounting and Taxation Course?
Business Accounting and Taxation Course that covers the basic principles and practices of accounting, as well as the laws and regulations related to the taxation of businesses. It teaches students how to record, report, and analyze financial transactions, prepare financial statements, and manage taxes.
2) What are the career options available after doing BAT courses in Thrissur?
Different career options available after completing the BAT courses include – Accountant, Bookkeeper, Finance Analyst, Auditor, etc.
3) Why opt for BAT courses in Thrissur?
When you get trained through a Business Accounting and Taxation course which helps in career advancement as you gain the necessary set of skills and training to grow your career either in a job or as a business owner. It helps you to learn the ability to make better financial decisions, and the skills you gain help in streamlining the business operations as well.