There is a marathon going on in every field of the employment sector. People want to enhance their skills by learning new techniques to make a promising career out of it. And if we talk about business accounting and taxation as a career for someone then there is a lot you need to learn in this sector that surely can lead you to a rewarding job and a bright future ahead. The following article will briefly describe it and discuss the top 5 trending business accounting and taxation courses in Trichy.
What Exactly is Business Accounting and Taxation?
The business accounting and taxation course is an intensive program designed for commerce graduates with a focus to help them become industry-ready accounting professionals. Through this course, one can master the most in-demand tools for a high-performing career. It gives you practical and experimental learning along with skills training and career services.
How is It Done in India?
In India, financial statements of accounts are prepared according to the accounting standards laid by the Institute of chartered accountants of India (ICAI) in compliance with laws that apply to the particular type of accounts. For E.g. all Indian companies must follow schedule 3 for companies to act. (2013)
ICAI releases various guides to follow to increase clarity and standardize the norms and rules followed. However, the basic accounting principles and rules are expected to be followed universally. In India, the Generally Accepted Accounting Principles (GAAP) act as a basic framework that is the foundation for other area-specific complex accounts practices.
GAAP comprises basic guidelines of accounting, industry-specific guidelines, and practices and standards used in the country. Accrual Basis of Accounting, Full Disclosure Principle, Business Entity Assumption, and Historical Cost Concept are some of the important principles in the practice of GAAP
Reasons to Choose Accountancy and Taxation as a Career Option
- Work in any and (almost) every industry of your choice.
- This career is evergreen, it never gets saturated enough as there is and will be a regular demand.
- There are multiple job profiles to explore and various specializations to pursue.
- With a minimum learning curve, you can start working anywhere around the globe because the core principles of accounting and taxation are common around the world.
- Accountancy and taxation are careers where you can set up your own business and become an entrepreneur after gaining experience in the industry.
Career Opportunities After BAT Courses in Trichy:
- Accounts Executive: Responsible for the creation, organization, and management of financial records, and the generation of periodical reports such as profit and loss statements and balance sheets, computing, calculating, and accounting for every transaction, and assisting the audits (internal) of the company.
- Accounts Assistant: Accounts assistant has similar responsibilities to the accounts executive, he works under the supervision of the accounts executive.
- Tax consultant: Tax consultants help companies in the calculation of proper taxes, they specialize in tax compliance and tax planning, and they help businesses in filing better tax returns. Getting tax exemptions where applicable, and obtaining tax refunds. Build strategies to minimize the tax payable.
- Business Analyst: A Business Analyst does an evaluation of past and current data of the business and company intending to improve the process of decision-making of the particular organization.
- Lecturer: If you are strong in accountancy, commerce, and taxation and have the necessary qualifications, then you can easily apply to become a lecturer in schools and colleges. You can also take home tuitions or teach online on websites like Udemy or Superprof.
- Accounts Manager: An accounting manager is someone who oversees the accounting department and its processes of bookkeeping, payroll, and budgeting. His role is to ensure that all financial transactions are recorded and reported properly and accurately. Responsibilities of an accounting manager include writing and reviewing reports, preparing budgets and forecasts, planning cash management, and ensuring compliance with government regulations.
For someone to become an accounts manager, they must have an advanced degree in accounting or finance as well as several years of experience in a related field. A minimum of five years of experience in the field is usually expected.
- Budget Analyst: A budget analyst is someone who analyzes the budget of a company or organization and makes sure that the businesses are able to stay within their set limits and reach their set goals, ensuring that the funds are being utilized effectively. One of their key roles is forecasting future costs, helping the company stay ready for preparation for any upcoming expenditures. Their reports help in better decision-making for the organizations.
- Finance managers: They are in charge of the overall finances of a company. They closely monitor the financial inflow and outflow and make sure that there is enough money coming in to cover all expenses and to make sure that the company can grow while making an optimal profit. Their role is crucial in a company’s capital management and fund flow, maintaining positive assets to liabilities ratio.
- Taxation Executive: Someone who handles the preparation of documents for filing taxes on behalf of the company. Skills they should possess are good knowledge of Tax laws, computation, and calculation skills. Their responsibilities can include filing GST, Income Tax returns for individuals working in the company and the firms. Knowledge and experience with Income tax, and GST portal.
Skills Required to Be an Accounting and Taxation Professional :
Ability to Make the Financial Statement:
A company or organization’s financial health is maintained by preparing financial statements from time to time. There are three primary financial statements (Income statement, Balance Sheet, and Cash Flow) that you should be able to prepare before entering into the finance profession.
To standardize the accounting practices, GAAP (Generally Accepted Accounting Practices) principles are designed. For making financial reports knowledge of regulatory standards and accounting practices are important.
Should Be Proficient in Accounting Software:
Being an accounting and taxation professional, you must know accounting software. Many upper-level jobs require proficiency in accounting software. Practice and gain working knowledge so that if someone asks you to do anything which needs to be done with that skill, you can do it easily.
Data Analysis Ability:
Financial data of an organization, company, or business is one of its greatest boons. Analyzed data will provide you with information to make decisions in every aspect of the operations and projects ongoing and upcoming. Data analysis ensures the company’s ongoing success. That’s why being an accounting and taxation professional, you must be able to analyze financial data.
It is considered one of the important skills for accountants. One should get even more advantages if they know data query language while seeking a job in accounting due to their ability to refine specific information from large data.
Being in the accounting and taxation profession, you must have to deal with multiple projects at one time. You should know how to prioritize each according to their deadlines and importance. If you do that accordingly, it will make you a good asset to your organization. Basic time management skills like making a to-do list, journals, and a calendar marked with upcoming projects and reminders on your mobile phone can help you out. Always remember to stay constant and be on track.
No matter in which industry or organization you are working, you must know about it. How to make the financial statements, how to make future decisions etc. can be made only if you are aware of the industry you are working in.
Communication Skills (Both Written and Verbal):
Whether your profession is to deal with numbers and finance, you have to interact with people at your organization to discuss the workflow. There will be chances where you have to collaborate with your colleagues and your team members to analyze data. For this, you must have good communication as well as verbal communication skills.
Analytical Thinking Skills:
Practice and make yourself dependent to make individual decisions so that your organization can count on you to be the researcher, explorer, and solution provider in crisis management. You must have analytical thinking skills.
General Business Knowledge:
Accounting is done in every organization to keep the financial status and records of the capital investments. As an accounting professional, you might end up working in different industries. So you must have basic business knowledge.
Here are a few other best courses available in Trichy
The Salary You Get as Business Accounting and Taxation Professional:
If we talk about India, the average salary of a Business Accounting and Taxation professional is between 60,000 per year to 6.25 lakh per year. Depending on what specific profession you choose under this sector, the payment differs from designation to designation. However, you earn well if you have desired knowledge and skills that today’s industries want.
Subjective Areas You Can After BAT Courses in Trichy:
- Accounting concepts
- GST model
- Direct and indirect taxes
- Different payroll policies
- Financial statements
- IT proficiency and MIS reporting
- Quickbooks SAP module
- Knowledge of advanced excel
Eligibility Criteria for Business Accounting and Taxation Courses in Trichy:
Graduation is required. Whether you are a graduate from a commerce background or non-commerce background, you can opt Business Accounting and Taxation course. As it is considered a PG diploma program due to its 12-month duration. So if you graduated from any field and your interest lies in financing, you can try your hands at learning BAT Courses in Trichy.
Also, find out the top-rated Business Accounting and Taxation Courses in Chennai
Top 5 Trending Business Accounting and Taxation Courses in Trichy:
Rank #1. Business Accounting and Taxation Courses in Trichy
1. IIM SKILLS
IIM SKILLS is one of the top leading online education institutes that offers several courses to students, working professionals, and entrepreneurs, for their skill development. If you are looking for business accounting and taxation courses in Trichy, then IIM SKILLS can be the best option for you.
The business accounting and taxation course offered by IIM SKILLS is government recognized and designed by the leading experts in the finance industry that aims towards providing skills and practical learning, associated with real-life scenarios using accounting software and other tools used in the industry. You must consider IIM Skills for business accounting and taxation courses in Trichy.
Key Features of the BAT Courses in Trichy Provided by IIM SKILLS:
- 120+ hours lectures
- 60+ hours of practical assignments
- Guaranteed Internship opportunities
- Dedicated placement cell
- Lifetime access to LMS, live classes, and class recordings
- 100% guarantee of interviews
- Learning based on tools
Course Name: Master BAT Course
Course Fees: 9,900+ GST
Related Courses Offered by IIM Skills
Rank #2. Business Accounting and Taxation Courses in Trichy
2. NIMB (National Institute of Management & Business Studies)
NIMB is a leading job-oriented professional courses provider institute that offers several courses in finance and accounting, including Business Accounting and Taxation courses in Trichy. This institute is committed to enhancing its student’s skills and knowledge to make them capable of achieving their desired profession in the finance field.
NIMB offers both online and offline classes in Business Accounting and Taxation course. So if you are looking for Business Accounting and Taxation courses in Trichy, then this can be a good option for your learning needs.
Key Features of the BAT Courses in Trichy Offered by NIMB:
- Hybrid mode of classes
- 6-month duration of learning
- Flexible schedule
- Placement assistance
- Lifetime availability of class recordings
- 150+ hrs classes
Don’t miss out on the most-trusted Business Accounting and Taxation Courses in India
Rank #3. Business Accounting and Taxation Courses in Trichy
3. Indian Institute of Skill Development Training
Indian Institute of Skill Development Training is an ISO-certified government-registered training autonomous organization. It offers a Business Accounting and Taxation course named Diploma in Accounting & Taxation. The course duration here is of one year and the module is a bit different.
After you enroll yourself in the course, the organization will provide you with all the study material along with the exam link. After the completion of the study material, you have to appear in the exam. Post the examination result will get declared and you get their government-authorized certificate.
Key Features of the BAT Courses in Trichy Provided by IISDT:
- Government-authorized assessment agency certification
- Lifetime validity of the course certificate
- Free job assistance according to your area of interest in the finance field
- 1-year duration with proper study material
- Less course and examination fee
- 10th pass is the eligibility criteria
Also, check out the best Business Accounting and Taxation Courses in Kerala
Rank #4. Business Accounting and Taxation Courses in Trichy
FINPROV is another leading learning course provider in the accounting and finance sector. If you are someone looking for Business Accounting and Taxation courses in Trichy then FINPROV can also be a good option for you as they provide one-year PG Diploma BAT Courses in Trichy in both online and offline mode.
As a benefit, you can also gain learning from the comfort of your home. FINPROV’s one-year PGBAT program is a course designed by CA experts for aspiring graduates. Here you will be acquired with accounting software like SAP, FICO, Tally prime, and Quickbooks. Along with this, you will get practical as well as theoretical knowledge and learning of accounting and taxation.
Course Name: PG Diploma in Business Accounting and Taxation [PGBAT]
Duration – 1 YEAR
Course Fee: 60,000
Mode – Hybrid
Rank #5. Business Accounting and Taxation Courses in Trichy
ACTE is also India’s one of the leading online institutes that offer finance-related courses. They offer both online and one-to-one sessions. This course has its focuses on Tally ERP which is a leading accounting software in India. The student will gain experience and expertise in the usage of the tally software, the accounting concepts, and GST on completion of the course. ACTE offers regular batches (five days a week) and weekend fast-track batches.
The course covers the fundamentals of accounting, fundamentals of tally, advanced accounting concepts and practices like bank reconciliation, handling multiple currencies, etc. In addition to this, a separate module discusses different kinds of taxes levied in India and how to account for them using Tally. They have an office in Trichy and other popular cities of India for any inquiry regarding Business Accounting and Taxation Courses in Trichy.
Course Name: Tally with GST Training
Duration – 40 Hours
Course Fee: 12,000
Mode – Hybrid
FAQ About Business Accounting and Taxation Courses in Trichy
1. What are the tools used in business accounting?
There are different tools used for maintaining accounts by different organizations of various levels that you will learn in BAT Courses in Trichy. Some organizations use MS Excel to maintain their accounts and create financial statements. Tally software is a widely accepted software by auditors and accountants of India. It has varieties of features specific to Indian taxation modules. The recent release of tally prime has taken the software package to the next level.
Collaboration between different departments, exporting files to different formats, and web access features of tally make it the perfect choice for many users. In recent years cloud-based software like Zoho books which are tailored specifically to keeping Indians in mind has become a popular choice of small businesses and sole proprietors. SAP for financial accounting is now the go-to option of huge corporates and large-scale companies for its data query and handling capabilities.
2. What are the different kinds of taxation followed in India?
India collects from its citizens both direct and indirect taxes. Under direct taxes come income tax, gift tax, wealth tax, and capital gains tax. In indirect taxes, we have the GST (goods and services tax) which replaced many of the indirect taxes of the past. GST is classified into subcategories based on which government body gets the tax money and how it is shared Integrated Tax on Goods and Services (IGST) – This is levied when entities of two are more states are involved in a particular translation that is being taxed. The objective is to ensure fair distribution of tax money in interstate transactions.
State Goods and Service Tax (SGST)
Central Goods and Services (CGST)
Tax on Goods and Services in the Union Territory (UTGST)
Other indirect taxes include customs duty, toll tax, service tax, value-added tax, and toll tax.
3. Why should I study both business accounting and Taxation?
Though financial accounting and taxation are two different subjects, they are closely aligned. The industry demands that the accounts professional must be proficient in taxation also. Specifically in TDS (tax-deductible on salary) and GST (goods and services tax) as these two taxes must be regularly accounted for and filed by most businesses now. Hiring a separate professional for taxation and filing is not preferred by companies.
Recent changes in the tax policies of the government forced accountancy software to make necessary changes which made the recording of GST percentage mandatory for every individual sale/ purchase transaction. There is no fixed percentage of tax, hence knowledge and understanding of how different products and services are taxed becomes unavoidable. The simplification and digitalization of the tax filing process also made small and medium-scale companies expect the accounts executive to handle the responsibility of preparing the documents for tax on behalf of the company.
4. What is the importance of business accounting and taxation in a business?
Any business, however small or big, needs to perform business accounting and pay its taxes on time. Without proper accounting, businesses can face high risks like losing financial opportunities, it misses out on the best way of keeping track of all business-related finances, and keeping individual income and expenditure distinct from business income and expense becomes hard. In case of nonpayment of taxes, the business can face huge penalties and legal actions by government bodies. Hence business accounting and taxation are two interrelated and inevitable processes that are essential to any business.
Everything can be achieved if you know how to get it right. Similarly, if you have the desire to be a Business Accounting and Taxation professional then you just need to gain skills and knowledge, and you are on your way to successfully getting it. The economy is mostly dependent on the Industrial sector in Trichy. But there are accountants and tax professionals needed in every sector. So to get your career in the field, you need to BAT Courses in Trichy. So, find one of the best Business Accounting and Taxation courses in Trichy mentioned above and pave the way to success.