Business Accounting and Taxation Salary, Career, and Scope
The growing businesses and organizations in the market have also increased the need for accountants. It means the need to evolve as an accountant in the market is also increasing by the day. In today’s competitive world, a commerce student should have a professional degree with specializations. Business Accounting and Taxation are the courses that aim to provide students with fundamental knowledge of accounting concepts, taxations, payroll policies, and the integral discipline of economics.
The article will guide you about the BAT course, the business accounting and taxation salary, its career growth, and its scope in India after completion of the BAT course. This course is specifically for commerce students to help them in improving their necessary skillsets for their career growth.
What is Business Accounting and Taxation?
Accounting has become an important part of businesses and organizations as it helps you track income and expenditure, ensure statutory compliance, and provide investors, management, and government with quantitative financial information to make business decisions.
Business accounting means presenting financial information in systematic recordings with analysis and interpretation. It keeps track of the business’s accounting to take better decisions. It involves financial modeling, forecasting, budgeting, and estimates.
Taxation is a department that concerns everything related to tax authorities and tax laws which means the laws and regulations regarding different forms of taxation. When a tax official, usually a government, levies or imposes a financial obligation on its citizens or residents, it’s called taxation.
It applies to all types of involuntary levies from income to capital gain to estate taxes. The business accounting and taxation course, also known as the BAT course, is designed for those whose core area of interest is finance and taxation. It covers direct and indirect taxation with strong accounting, excel, and reporting skills.
It has become a huge demand in the market as the job opportunities and responsibilities are increasing. It helps you to understand the detailed structure of accounting works in business organizations. The course helps you get in-depth knowledge about accounting and taxation which will improve your skills and help you in your career growth.
Why Business Accounting and Taxation Course Is Important for Career Growth?
The business accounting and taxation course is a certified academic program that aims to make you familiarize yourself with the three essential aspects of Commerce that are Business, Accounting, and Taxation. The benefits of the BAT courses are mentioned below.
- It is one of the short-term certifications courses that is studied after the completion of B.Com. You can also do a PG diploma program which is constructed for commerce as well as non-commerce students.
- After completion of the course, it will give you a chance at better job opportunities with a decent PayScale and secured job designation.
- It will equip you with technical systems of accounting like system application products (SAP).
- You will get detailed structured knowledge of accounting management in the business organization.
- You can also start your freelancing consultations after completion of the course.
- Professional certification will give you added benefits of joining national and international tax firms. Also, you will be fully trained in GST, the Indian Economy, and all areas of accounting.
There are private and government institutions that conduct business accounting and taxation courses in India. These courses are conducted online as well as in offline modes. You can select your mode of learning and the institutions according to your convenience. They are all interactive sessions and give you hands-on practical experiences with live examples.
As it provides deep insight into taxation, accounting, auditing, analysis, etc. Business accounting and taxation create a pathway for students to get high-income profile jobs and boost their career opportunities. The average business accounting and taxation salary of a fresher after completing the BAT course can range from INR 2 to 8 lakhs per annum.
There will be job opportunities in the public as well as private sectors for a BAT-certified candidate. It will help you in learning the necessary skills to work as a tax accountant in a reputed organization with good pay. A career in the finance industry is as demanding as any other industry in India today. So, choosing to become BAT certified will be beneficial for your career growth.
After completing the business accounting and taxation course, you can explore the plethora of job opportunities. You can choose from various career profiles in the public as well as the private sector. A BAT-certified candidate is also equipped with knowledge of the finance sector thus they have versatile skill sets. With the BAT course, business accounting and taxation salary can have a sharp spike.
A few of the career profiles for a business accounting and taxation course graduate is given below:
1. Finance Managers:
Finance managers are accounting professionals with responsibilities for the financial well-being of a company or an organization. They are responsible to monitor and develop the departmental budgets in an organization. Working with other department heads, they prepare future budgets for their company by making financial forecasting. They track the performances of its various departments to determine the organization’s financial requirements.
Job Description of a Finance Manager:
A finance manager has a wide range of responsibilities depending upon the type of organization. In a small-scale organization, a finance manager can be responsible for the entire finance operations. In a large organization, a finance manager can handle a specific aspect of finance such as financial reporting or cash management.
Common responsibilities of a financial manager can be:
- Producing a factual annual report
- Developing cash flow statement
- Projecting Profit
- Analyze financial data
- Forecasting of future earnings and expenses
- Understanding and applying contract provisions
- Implementing contract compliance policy
- Use and understand the statistical modeling software and spreadsheets
Skills of Finance Manager:
A successful finance manager acquires several skills throughout their education, career, and everyday responsibilities. A finance manager should have the following skills:
- Leadership quality
- Problem-solving ability
- Excellent communication skill
- Excellent analytical skills
- Interpersonal skills
- Proficiency in mathematics
- Attentive for details
- Organization skills
- Technical skills
An Average business accounting and taxation salary of a finance manager with the BAT certification in India can be INR 9.93 lakhs per annum and it can go up to INR 20 lakhs per annum depending upon the experience and skills.
Learn here what is the Role of a Tax Accountant
2. Company Secretary
Company Secretary is considered one of the senior-most positions in public as well as private sectors. They are also known as corporate secretaries or corporate lawyers in western parts of the world. Their work is not only to handle the legal matters but also includes duties like strong administration in the firm, managing compliance, and ensuring all the decisions taken by the board members are implemented thoroughly.
Job Description of a Company Secretary
As a company secretary, you must ensure a company complies with the financial and legal requirements while maintaining its high standards of corporate governance. You must have a thorough knowledge of the laws that affect your area of work. Being a company secretary, the key factor of your job will be to act as a point of communication between the board of directors and company shareholders and in some cases an organization’s executive management.
Some of the responsibilities of a company secretary are:
- Guiding the company’s chairman and board of directors to ensure they are operating by rules and regulations.
- Supporting the chairman by ensuring the board functions efficiently and effectively.
- Maintain good communications between the board, committees, senior management, non-executive directors, and shareholders.
- Taking care of the administration of the company.
- File necessary documents with companies’ houses such as annual tax returns and audit reports.
- Monitor changes in the company’s relevant legislation and the regulatory environment and take appropriate actions.
- Contact external regulators and advisers, such as lawyers and auditors.
These are some of the responsibilities of a company secretary, in some cases, they are depending upon the organization you work for.
Skills of a Company Secretary:
To become a successful company secretary, you must possess some skills. A few of the important skills required for a company secretary are given below:
- Commercial Awareness
- Excellent Verbal and Communication skills
- Interpersonal skills with the ability to work well with people at all levels.
- Strong Administrative Skills.
- Analytical Skills
- Research Skills
- Must have dedication toward work
- Knowledge of corporate governance issues
An average business accounting and taxation salary after the BAT course of a company secretary can range from INR 3-6 lakhs per annum while a senior-level company secretary earns from INR 9-12 lakhs per annum depending upon their experience and skills.
3. Accounting Manager
An Accounting Manager is someone who is good with his or her communications skills. It is a job of an accounting manager to give the best advice for business developments. You need to understand the role of a salesperson as well as a customer service executive to become a successful accounting manager. You are responsible for not only giving ideas to generate sales but also being responsible for the grievances of a customer. An accounting manager needs to act as a representative of a company to their respective clients.
Job Description of an accounting manager
As an accounting manager, you must build up an agency-client relationship, understand the needs of the clients, and make sure the company delivers them successfully. Some of the responsibilities include nurturing client relationships and working with the sales and marketing team.
You need to handle all the communications with clients and develop reports. You also need to create strategies and media proposals for effective marketing. In a career of an accounting manager, you need to monitor the budgets, investments, and revenues generated from investments.
Some responsibilities of an accounting manager are
- You need to manage and oversee the daily operations of the accounting department.
- You will have to monitor and analyze accounting data and produce financial reports.
- You need to establish and enforce proper accounting methods, policies, and principles.
- Coordinate with the internal departments and complete the annual audits.
- You need to provide recommendations
- You need to improve systems and procedures and initiate corrective actions.
- You need to assign projects and direct staff to ensure compliance and accuracy.
- You will have to meet financial accounting objectives.
- You may have to establish and maintain fiscal files and records to document transactions.
Skills of an Accounting Manager:
An accounting manager comes with various responsibilities and to carry out these duties, an accounting manager needs to have the right set of skills and qualities. Some of them are mentioned below:
- Time Management
- Listening skills
- Relationship or Trust building skills
- Communication skills
- Organizational skills
- Advanced Computer skills
- Business Sense
An accounting manager with a BAT certification can have a business accounting and taxation salary in India ranging from INR 3.9 LPA to INR 22.5 LPA with an average annual business accounting and taxation salary of INR 8.1 LPA. These PayScale depend upon the experience and skills required for the given job description.
Find the top-rated Business Accounting and Taxation Courses in India
4. Finance Controller
A finance controller is responsible for analyzing and preparing financial reports and budgets in an organization. It can be a satisfying career with a high pay scale and immense career growth scope.
Job Description of a Finance Controller
Here are a few major responsibilities of a finance controller
- A finance controller prepares and analyses financial reports and budgets.
- They manage accounting operations and accounting for income and expenditure.
- They need to prepare monthly or yearly financial statements.
- They need to develop financial policies and processes for the healthy functioning of the organization.
- They have to coordinate with the other departments and manage the auditing process.
- They have to identify and fix the accounting issues.
- They hire and train the different members of the accounts team.
- They evaluate budgets and find ways to reduce costs.
Skills of a Finance Controller
Some of the important skills needed for a finance controller post are given below:
- Organizational Skills
- Mathematical Skills
- Accounting skills
- Attention to detail
- Communication Skills
- Problem Solving Skills
- Financial Reporting Skills
- Management Skills
- Knowledge of digital tools
A finance controller earns an average business accounting and taxation salary with A BAT certification of INR 9.7 LPA depending upon the location, skills, and experience described for the vacant position. Also, there are different levels for a finance controller depending on the organization and their salaries may also vary from level and seniority.
5. Auditing Assistant
A key factor of an audit assistant’s job is to monitor and analyze the financial reports of a business enterprise. They need to prepare financial reports and ensure compliance with the tax regulations. Audit assistants identify both the strengths and weaknesses of the finances of an organization.
Their job is to check the accuracy of the accounting procedures and systems. They also have to make a review, assessment, and recommendations for changes in business unit accounting systems and controls.
Job Description of Auditing Assistant
Here are some of the responsibilities of an audit assistant:
- Audit assistants have to develop and manage several continuous monitoring tools and metrics using an ACL scripting language to proactively detect potential issues and frauds.
- They have to audit with the team and work with clients to collect data that they already have prepared and passed out to each CPA.
- They have to submit payroll information an all associates weekly.
- They have to participate in a SOX compliance audit for an international medical manufacturing company.
- They also have to review corporate policy and procedures for inconsistency in the SOX compliance documentation.
- They need to evaluate the operating effectiveness of internal controls over financial reporting by Sarbanes-Oxley.
- They have to assign a proper classification to payroll, recognize exclusions and elect coverage and allow overtime reductions when permit.
Skills of Audit Assistant:
Some of the important skills required for an audit assistant position are given below:
- Strong research skills
- Analytical skills
- Advanced knowledge in accounting and auditing procedures.
- Team player
- Communication skills
- Time management skills
- Skills to handle confidential and sensitive information
- Understanding of accounting and office software.
With a BAT certificate, an average business accounting and taxation salary of an audit assistant range from INR 1 Lakhs to INR 6 Lakhs with an average annual business accounting and taxation salary of INR 2.5 LPA depending upon the skills and experience.
Also Read: Income Tax Return Filing
6. Revenue Agent
The job of a revenue agent is to make sure governments get their tax money from corporations and people. Revenue agents audit tax returns, carry out audits, assess taxes owed and collect delinquent tax payments. They have to work for the state, regional and local administrations. Most of the time revenue agents spend considerable time performing field audits in taxpayer homes or company locations.
Job Description of a Revenue Agent
- A revenue agent conducts independent field audits and investigations of federal income tax returns to verify or amend tax liabilities.
- They examine selected tax returns to determine the nature and extent of audits to be performed.
- They have to analyze accounting books and records to determine the appropriateness of accounting methods employed and compliance with statutory provisions.
- They have to investigate documents, financial transactions, operation methods, industry practices, and legal instruments such as vouchers, leases, contracts, and wills to develop information regarding the inclusiveness of accounting records and tax returns.
- They have to arrange conferences with taxpayers or representatives to explain the issues involved and the applicability of pertinent tax laws and regulations.
- A revenue agent may have to participate in informal appeals hearings on controversial cases from other agents.
Skills of a Revenue Agent
To become a successful revenue agent, you need to have the following essential skills:
- Decision maker
- Analytical Skills
A revenue agent, who is Business accounting and taxation certified earns an average business accounting and taxation salary in India is INR 6,79,750 LPA. Based on the salary survey the estimated average business accounting and taxation salary of an entry-level revenue agent with 1-3 years of experience are INR 4,98,556 LPA and a senior-level revenue agent with 8+ years of experience earns INR 8.48,951 LPA.
Also, look at the most opted Online Business Accounting and Taxation Courses
7. Income Tax Officer
Starting a career as an income tax officer is a very popular and prestigious job role offered through UPSC (Union Public Service Commission) and SSC CGL (Staff Selection Commission – Combined Graduate Level) examination. The income tax officers assess your financial documents, assets, and liabilities to get an idea of your accurate income when you file your ITR. The income tax department is a central agency that collects and monitors taxes and administrates the direct taxation acts passed by the Indian Parliament.
Job Description of Income Tax Officer
Using the income tax act, the government of India has imposed a tax on income that says the person under the section or subsection must calculate their total income and submit their income detail to a particular department. An IT officer’s job is to examine these documents of an individual. To pursue a career as an IT officer in India, the candidate must clear the departmental exam or get direct recruitment after completing their civil service exam, i.e., UPSC-IAS.
The roles and responsibilities of an IT offer are:
- Determine tax liabilities, investigate work to tax evasion, and individual and business audits.
- Deals with the Central Board of Direct Taxes that holds responsibilities for tax-related matters also called tax specialists.
- Examining and analyzing business and personal accounts to know the correct amount of tax is being paid to India’s government.
- An IT officer needs to send notices and conduct periodic checks for fraud and other illegal activities.
Skills of an Income Tax Officer
Following are the most important skills required to become a successful IT officer:
- Communication Skills
- Numerical Ability
- Time Management
- Attention To detail
The average business accounting and taxation salary of an income tax officer with a BAT course certification range from INR 1 to 15 lakhs per year for employees with 1- 31 years of experience.
Q1. What are business accounting and taxation courses?
The business accounting and taxation course is a certified academic course offered by many private and government institutes for commerce students or those who want to start their career in finance. It is a combination of all the key essential aspects of accounting and taxation with a mix of theoretical and industry training in accounting, auditing, taxes, bookkeeping, etc.
Q2. What can be the business accounting and taxation salary after completing the BAT course?
The one who has completed the certified BAT course can get an average business accounting and taxation salary range between INR 2 to 8 lakhs per annum.
Q3. Which institutes offer online BAT courses in India?
Institutes like IIM Skills, APG learning, and EduPristine are some of the institutes that offer online BAT courses.
Q4. Is business accounting and taxation a good course?
BAT course or business accounting and taxation course are one of the best short-termed courses after B.com. Not only commerce background students can pursue this course but non-commerce background students can also do this course.
In this corporate world, if you are someone who desires to create their niche in the business or climb up the success ladder in your job then it is a must upgrade your skillsets to put your best foot forward. Your career growth needs to have as much knowledge as you can get about accounting and taxation in any business be it big or small. BAT courses are available online as well as offline with detailed information according to the latest industry requirements which helps the individuals to make important decisions and solve real-life business problems.
These courses help you to understand the varied concepts such as taxes, filing returns, the concepts of goods and services taxes, how the Indian economy functions, and what guidance can be provided to improve the financial position of a particular company. After completing the business accounting and taxation course, you become a certified expert in the accounting and finance sector which opens doors to new opportunities for you. You can also secure a high business accounting and taxation salary in the corporate world. Even if commerce graduates with basic knowledge of accounting are preferred, the course can be pursued by anyone with an interest in the finance industry.