What is BAT Business Accounting and Taxation?

For the past few years, we have been witnessing several small/medium businesses and unicorn start-ups. well, these organizations are incomplete without finance professionals. As the number of entrepreneurs is increasing, the demand for promising tax accountants is spiking up. Do you know why? Because these tax accountants are the backbone of every business, they help in running things smoothly. BAT, Business Accounting, and Taxation are one of the most demanding short-term courses in the field of commerce. This course can make you industry ready in no time. This course provides in-depth knowledge of BAT, business accounting, and taxation with relevant case studies.

What are The BAT Course Details?

BAT, Business Accounting and Taxation is a certification course that helps the candidate to develop multi-level skills and gain a deep understanding of accounting and taxation. This course covers industry-relevant topics like direct taxes, indirect taxes, financial reporting, etc.

Accounting is a systematic process of recording, measuring, and interpreting the financial information of the company it mainly deals with financial transactions. Accounting plays an important role in running a business because it helps track income and expenditure and analyses actions, which helps investors, management, and stakeholders make business decisions.

The financial record of a business or a corporation depicts the position of the business or corporation in the relevant market, it helps the organization to evaluate and compare with its fellow competitors. Small business owners hire accountants for multiple tasks like writing up a business plan, giving advice on the business’s revenue structure, law permits, and licenses that are required, filing taxes, handling all the compliance issues, etc.

BAT, Business Accounting, and taxation focus on business accounting, which includes financial modeling, budget predictions, and their applicability in corporate decision-making. The course’s main goal is to provide students with a comprehensive understanding of the taxation system, payroll rules, auditing accounting methods, and other related economic fundamentals.

These topics are typically not addressed in depth in various graduate-level commerce curriculums like BBA and B Com, therefore you may also need to pursue more education to land a good career in this field. Tax is a type of fee that an individual pays to the government for the development of the country.

Taxes can be collected in many forms state tax, central tax, direct tax, and indirect tax. Mainly taxes are divided into two parts which are direct and indirect taxes. Direct taxes are taxes that are collected directly through a person and indirect taxes are collected through other mediums like goods and services.

Type of Taxes –

Taxes are organized into two primary categories, each of which is further broken into subcategories. There are also a variety of minor cess taxes that are divided into subcategories.

Direct Taxes – Direct taxes are taxes that are paid directly to the government. Direct taxes are overviewed by the Central Board of Direct Taxes CBDT. Subcategories of Direct taxes are- income tax, capital gain, securities gain, and corporate tax.

Corporate Tax- 

It is a type of income tax paid by the company known as corporate tax. There are three types of corporate taxes Dividend distribution, fringe benefits tax, and minimum alternative tax.

Indirect Taxes – Indirect taxes are those that are placed on services and goods. They are collected by the seller of the goods and services. The tax is added to the original price of the goods and services. There is presently only one indirect tax collected by the government. The Goods and Services Tax (GST) is the term for this. Some of the different types of indirect taxes are property tax, professional tax, entertainment tax, road, toll tax, etc.

Goods and Services Tax (GST)– GST is a type of indirect tax which has replaced several taxes like VAT, excise duty, and many more. This has been done to bring uniformity to the economy and to reduce hassle amongst individuals.

Here are the BAT Interview Questions Answers

 These are Different Types of GST:

1. The Central Goods and Services Tax (CGST) is levied on intra-state goods and service sales.
2. SGST (State Goods and Services Tax) is a tax that is imposed on all goods and services within a state, it is added to CGST.
3. The Integrated Goods and Services Tax (IGST) is imposed on interstate goods and services.
4. Union Territory Goods and Services Tax (UTGST) is imposed on goods and services provided in any of the country’s Union Territories, such as the Andaman and Nicobar Islands, Daman and Diu, Lakshadweep, etc. The UTGST is charged in addition to the CGST.

Components of BAT, Business Accounting and Taxation course–

1. Financial Reporting– In this module, you will learn how to make a financial report using ERP 9 software Tally. A tally is accounting software used for micromanaging abundant data which leads to greater efficiency. There are three types of financial statements such as balance sheet, income statement, and cash flow statement. It is important for a company to analyze these statements and create efficient reports for the company so that the management can make informed decisions for their future endeavors.

Few Objectives of Financial Reports–

1. Tracking cash inflow and cash outflow.
2. Evaluating assets against liabilities.
3. Analyzing shareholder’s equity.
4. Calculate the profitability of the company.

2. Goods and Services Tax – It is also known as GST which is a type of indirect tax. In this module, you will gain in-depth knowledge of GST such as how GST tax varies amongst individuals, its applicability for a business owner, valuation, refund of tax, and E-filing of GST return. There are four types of GST such as CGST, SGST, IGST, and UGST.

Advantages of GST –

1. Uniformity in taxation means a common taxation process in the country.
2. Common portal.
3. Less complexity.
4. The lower tax burden on business owners and traders.
5. Items will be a little cheaper.

3. Direct taxation– A type of tax which paid directly to the government. There are several direct taxes such as income tax, wealth tax, estate tax, corporate tax, capital gains tax, etc.

Advantages of Direct Tax – 

1. Economic balance- An individual must pay taxes according to their income, maintaining the balance in society. All the pay inequalities are balanced out
2. Direct taxes are considered productive because the higher the income gets of an individual higher the direct tax.
3. Taxes are increased during inflation which reduces the demand for goods and services, which leads to inflation compression.

4. Payrolls and Components – Payroll is a significant tool that helps in managing details like the amount paid to employees. In other words, it records the employee’s salary, pay, bonuses, and tax withholdings. As a result, payroll is critical to an organization’s seamless operation. The basic goal of payroll is to guarantee that all employees are paid appropriately and on time after proper withholdings and deductions have been made.

Components of Payroll –

1. Benefits paid to the employee
2. Salaries and variables payment to employees
3. It is important for the company to record and track time off or sick leaves taken by the employee.
4. Organizations must pay overtime allowance to the employees and the ones who do must record such payments.

5. Finalization of Financial Reports- This means finalizing accounts. It is important for an organization to represent efficient financial reports. This helps management to take further decisions and attract promising long-term investors. Accountants finalize financial reports by overviewing and analyzing profit and loss accounts, trading accounts, balancing accounts, etc before finalizing an account.

6. Excel and MIS Reporting- It stands for Management information system. Businesses can implement new practices that result in greater performance by analyzing the variation between the estimated target and the realized outcomes. These reports’ principal contribution is to compress different statistics to give insights into the business model. There is a different type of reports such as sales MIS, budget reports, production reports, HR MIS reports, inventory reports, etc.

Benefits of MIS reporting –

1. Data management and trend analysis
2. Problem Identifying
3. Costs and errors are reduced.
4. Setting goals.

7. BUSY Software- ‘Busy software’ is a company accounting software that can be used by small, medium, and large companies. Busy software aids in financial accounting by documenting and analyzing accounting transactions. Busy accounting software is utilized in a variety of sectors and company verticals, including manufacturing, retail, FMCG, and so on.

Features of Busy Software-

1. Invoicing
2. Payroll Management
3. Customer Management
4. Maintaining taxation
5. Tracking Inventory

8. SAP Module– SAP stands for system application and products. It is one of the most successful software for financial management, logistics distributions, etc. There are basically two types of SAP modules financial modules and technical modules.

Also Read: Entry Level Accounting Jobs

Reasons to Pursue BAT, Business Accounting, and Taxation-

1. BAT, Business Accounting and taxation is considered one of the best short-term courses in the field of finance
2. The course can be pursued by both commerce and non-commerce students.
3. The course provides in-depth knowledge of industrial accounting with the help of software like System Application Product (SAP)
4. This course covers not only just financial accounting but different segments of finance like auditing, risk management, etc.
5. Accounting software, MIS reporting, SAP, QuickBooks, payroll, Goods and Services Tax, and so on are some of the important components of a business, accounting, and taxes course.
6. This course covers taxes both direct and indirect taxes
7. Steps to file taxes
8. This course includes taxation laws and regulations for small/medium enterprises
9. The average salary ranges from 2.5 lakhs to 8 lakhs per annum for an accountant fresher.

Job Profiles After the Course –

1. Accounting Analyst or Senior Analyst– Accounting Analyst is generally an entry-level position followed by a senior accounting analyst.

Day to Day Responsibility of an Analyst –

1. Initiate and analyze accounting systems and procedures
2. Analyze the financial performance of the company
3. Implement quantitative and qualitative practices
4. Initiate strategies for auditing.
5. The senior analyst reviews the work submitted by the accounting analyst.

2. Accounting Assistant– A job auditing assistant is generally an entry-level position for people who are new to the profession or have little expertise. The accounting assistant’s main responsibilities are:

1. Analyzing and evaluating financial statements, balance sheets, and other financial documents.
2. Assisting with all aspects of the auditing process.
3. Reviewing and making suggestions on the company’s policies.

3. Tax Consultant– A tax consultant should have a strong understanding of tax laws and considerable expertise in managing the taxes of rich people or organizations, in addition to a strong understanding of MS Excel and MS Word. A tax accountant’s main responsibilities include:

• There is a specific time limit to filing income tax returns which can be done with a help of a tax consultant.
• minimizing high-net-worth individuals’ or corporations’ tax obligations while remaining consistent with India’s tax regime’s legislative structure
• Representing their customers in front of the appropriate tax authorities and in tax courts to resolve tax conflicts
• Providing tax advice to their clients and representing them in fiscal court proceedings.

4. Auditing Assistant– Audit Assistants are accounting professionals that assist the auditing team with assignment preparation and management. Audit Associates create financial statements, budgets, and financial audits, and check an organization’s financial information.

Some of the Responsibilities Are –

1. Preparing and maintaining audit budgets.
2. Planning and directing financial audits for businesses.
3. Creating an internal auditing system and ensuring that they are performed correctly.
4. Ascertaining that the organization adheres to current regulations and best practices.
5. Providing daily support to the accounting and auditing departments.

5. Lecturer-  A promising candidate can always start their career as an educator. They can join college/ universities or start their own YouTube channel; some candidates choose to freelance as their career working for separate clients.

Here is a Comprehensive Guide to Tally Accounting

Eligibility for Joining This Postgraduate Program –

BAT, Business Accounting and Taxation is a postgraduate certificate course that requires students to have a graduation degree. There is no requirement to have a degree in commerce. however, a degree such as BBA or B. Com may be beneficial since these provide knowledge on fundamental economic, financial, and accounting concepts. A few organizations make a bachelor’s degree in commerce a mandatory eligibility condition for joining BAT courses.

Top Three Institutes for BAT, Business Accounting and Taxation course- 

1. IIM Skills

BAT, Business Accounting, and Taxation courses at IIM Skills are designed to prepare you for the nitty-gritty of business accounting and taxation. By taking this BAT course, you will gain in-depth industrial knowledge, the course is versatile enough for you to become a successful BAT professional.

We all know how vast data can be. It almost becomes impossible to operate without software tools in this industry. Technology promises efficiency and effectiveness. IIM Skills offers real-life case studies with accounting software that not only improves critical thinking but also helps you to understand the relation between tools and finance.

Right tools and software to streamline and speed up processes is always a smart idea. With their tools, they will make sure that you make the most of your efforts. This course includes software like QuickBooks, Tally ERP 9, Advanced Excel, and BUSY.

Eligibility – 

Candidate should have the minimum qualification of 10+2, commerce background or related field with 1-year work experience, and students pursuing CA/CS/ICWA/CFA/BCOM/MCOM/MBA Finance.

Delivery Method – 4 months live Delivery with a thorough explanation of 6 modules

Other Course

• Digital Marketing Course
• Content Writing Course
• Technical Writing Course
• GST Certificate Course
• SEO Course

2. Edupristine –

With 10+ years of expertise, Edupristine is considered one of the most successful financial training institutes, along with the PGP diploma, it offers various global certification courses like CPA, CMA, ACCA, CFA, FRM, etc.

Course Highlights – 

1. Experiential & Practical Training – Batches are assigned industry experts for nurturing them on the basis of current job requirements such as case study-based learning, project-based practical training, and working on demanding software like Tally, SAP, and Ms-Excel.
2. Soft Skill Training– We all know communication has become an important part of our lives, it is very important for every professional to learn different modes of communication, here they specifically concentrate on effective communication verbally as well as virtually for example business emails.
3. Job Ready – They assist with job placements, Edupristine provides customized career guidance according to your preference, resume preparation assistance, etc.

Eligibility – 

It’s advisable to have a bachelor’s in commerce or prior financial knowledge.

Delivery Method –

The institute will conduct live online classes. A live online training class is required before attending the lab-based physical class, which will explore the principles’ application in practice. As a result, the hands-on experiential classroom training focuses on real-life scenarios and case studies, as well as other tools utilized in the industry.

Recommended Read: Business Accounting and Taxation Courses in India

3. National Institute of Financial Markets (NIFM) – 

NIFM has been India’s foremost accounting education institute for financial accounting and corporate taxation for almost a decade. Many students have proved to be promising candidates and excelling in their respective fields with the help of the NIFM advance accounting course accounting.

It covers everything from the fundamentals of accounting to advanced knowledge of financial accounting, Tally ERP9 with GST, Business Taxation, Income Tax, TDS, TCS, ESI & PF, Company Act, Auditing, and Payroll Management, to prepare you for a job in this competitive market

Course Highlights –

1. They will make you a bookkeeping expert by giving several tips and tricks that every accountant needs.
2. E- filing GST with automation of periodic filling
3. Filling TDS/TCS
4. Working with ERP 9 with GST
5. Coverage of all practical as well as theory classes
6. Placement assistance with CA firms
7. 24 x 7 expertise guidance and assistance

Eligibility –

The candidate should have a minimum qualification of 10+2, an Undergraduate or Graduation degree, and be familiar with computers, MS Office, and the Internet.

Delivery Method – 

The need for E-Accountants or Smart Accountants to compute and process tax assessments is growing by the day. NIFM prepares its students by providing them with hands-on exposure to live projects using software such as Tally ERP9 and Java Utility by Government Schema.

NIFM guarantees that you will receive the finest accounting education and the best facilities. Students gain practical experience under the supervision of industry specialists with 10+ years of accounting expertise, allowing our students to become Professional E-Accountants and stand out from the crowd.

4. APG Learning–

The organization offers several classrooms and online courses in the areas of technology, business, lifestyle, entrepreneurship, the stock market, and agriculture. APG Learning’s certificate training in BAT, business accounting, and taxation course features encompass both the fundamentals of accounting and taxes as well as an understanding of digital technologies, including practical knowledge of excel and MIS.

Course Highlight – 

1. In-depth knowledge of industrial accounting.
2. The professional idea about payroll, GST, and information technology.
3. Students will be hired as Managers, GST, Accounts Managers, Finance Managers, Tax Analyst, Accounts Executive
4. Get hands-on experience with Excel and MIS.

FAQs-

1. Average Salary after BAT, Business Accounting and Taxation course?

The course is a PGD course done after graduation, it is a course that enhances your skills and CV regardless of your career stream. It is a course that dives deep into taxation, financing, auditing, etc. The average salary of a fresher after this course can range from 2.5 to 8 lakh per annum.

2. Is it possible to get into the government sector after BAT, Business accounting, and taxation?

Not directly, but yes it can give you an edge for government organizations, this is a course that will enhance your CV and help you to get a job anywhere you want. Other than this you can also start your career as an educator by applying to colleges or universities or starting your own YouTube channel!

3. Why BAT, Business Accounting, and Taxation is so popular?

In every organization, large, medium, or small, accounting plays a crucial role in decision making and strategic planning. The effectiveness of such actions depends on a precise understanding of an organization’s current financial health, and interpretation thereof.  As the competition is growing in this economy therefore simple graduation might not cut you the edge in an organization but this course completes all the skill requirements you need.

Conclusion – 

Today, BAT, business accounting, and taxation is a vast topic that is gaining a lot of popularity among professionals. It’s an education that prepares students for careers as accountants, tax specialists, and more. If you are interested in advancing professionally and earning more money, whether you own your own business or work for someone else, this training is crucial. Making the right decision when selecting the best online tax and accounting course for your business is crucial, and this article can help you in the process.