Top 4 Financial Accounting and Taxation Course
Finance Accounting and Taxation courses are also known as FAT have become immensely popular among students who aspire to pursue a career in finance. An adequate finance accounting and taxation course provide a comprehensive overview of various disciplines in finance. There are a lot of institutes that offer detailed and certified courses in financial accounting and taxation. Most of them provide training in finance-related aspects such as Tally, GST, payrolls, TDS, shares, debts, ledger, stock market, etc. In this article, we are going to cover top financial accounting courses that will enlighten you on FAT courses, the basics, the syllabus, their benefits, and job opportunities after the compilation of the course successfully.
Why are Financial Accounting and Taxation courses so prevalent in the present times?
The popular reasons for increasing enrollment in finance accounting and taxation courses are plenty.
- Pursuing a financial accounting and taxation course widens the spectrum of career opportunities on various economic platforms
- Students and professionals with a passion for finance and mathematics get more opportunities to hone their skills through any financial accounting training. This proves to be profitable in two ways: provides solutions for all financial needs of various business enterprises, offers lucrative career options
- The economic sector is a very fast-growing industry that offers highly paid jobs to people who understand the field well and promises a bright future to professionals in this niche
What is Finance Accounting and Taxation?
Before enrolling in any financial accounting and taxation course it is important to understand the fundamental definition, objectives, and functions of both simultaneously. The process of recording, analyzing, and reporting a company’s commercial transactions through accounting records is known as financial accounting. The salary statement, balance sheet, money flow statement, and statement of commission earnings are examples of these statements.
How is Finance Accounting different from Accounting?
“ Accounting ” consists of all the company’s transactions. A well-managed accounting department will have policies and protocols for costs, data management, and financial documentation.
“Finance Accounting ” is particularly concerned with the development of financial reports, making sure that they are based on precise information and work in accordance with “Generally Accepted Accounting Principles” (otherwise known as GAAP).
Taxation is the imposition of mandatory levies on individuals or companies by governments in practically every country. Taxation is predominantly used to generate revenue for government expenses, but it can also be used for other purposes.
Must Read: Accounting Interview Question Answers
What are the Classifications of Taxes?
Taxes have been categorized in several categories under the language of finance based on who pays for them, who bears the eventual burden of it, the extent whereby the burden can be transferred, and a multitude of other parameters. Taxes are commonly classified into direct and indirect tax and an example of the former is income tax and sales tax.
Principles of Taxation :
– Distribution of Tax
– Economic Potency
– The convenience of Administration and Compliance
An Overview of Financial Accounting and Taxation Course
The course offers candidates a platform to inculcate some fundamental financial skills and comprehend the subject matter in depth. Applicants receive a detailed overview of the subject wherein they gain a fresh perspective of the current economic situation of the country. Financial accounting courses allow students to gain deep knowledge of various terminologies in this subject.
For example; Fundamentals and principles of accounting, Indian tax regime, Calculation of GST, taxation, VAT system, and other structures under the same topics. Thus, pursuing a career in financial accounting and taxation widens the scope of people with even the slightest interest in economics and commerce to grow in diverse fields regarding finance.
Any financial accounting and taxation course will provide in-depth knowledge and implementation of several terms used during day-to-day financial enterprises and entities, assisting in the proper operation of those entities.
Here is a guide to Cost Management Accounting
Career Options in Finance Accounting
There are several job opportunities that can help any candidate elevate their career encompassing finance marketing and taxation
Chartered Accountants play a very important role in different fields under the financial sector Chartered Accountants play an eminent role in various fields financial and academic advice comes in handy information on any law surrounding commerce, taxation, or legal fields. Chartered accountants analyze and provide information about financial records, with specializations in financial reporting, corporate finance, taxation, insolvency, and business recovery.
Basic Qualifications – Applicants who meet the following criteria can choose a direct entry without going through the CA Foundation:
• A minimum cut-off of 55 % is required in commerce graduation or post-graduation.
• Non-commerce graduation or post-graduation with a 60 percent minimum cut off
• Intermediate level certification from the Indian Institute of Cost Accountants or the Indian Institute of Company Secretaries
– Any student or candidate interested in pursuing CA intermediate must have passed their high school (10+2) examination, as well as the Common Proficiency Test (CPT) or CA Foundation.
Salary Scope – The average salary of a Chartered Accountant can vary depending on experience from INR 3,00,000 to INR 40,00,000 per annum
- Company Secretary
On completing a financial accounting and taxation course, the candidate can pursue this job role as well. A Company Secretary plays an eminent role in taking responsibility for the methodical administration of a company. A different academic background in finance accounting and taxation for any applicant aspiring to be a Company Secretary can increase a better understanding of the job profile and ensure compliance with the statutory and regulatory needs of a company.
Basic Qualifications- The Candidate must complete foundation program (10+2 pass),finish executive programme – CSEET or Graduation/ foundation program.
Salary Scope – The average salary for a Company Secretary ranges from INR 3,00,000 to INR 15,00,000 per anum in any established organization or company.
- Chief Financial Officer
Pursuing finance accounting training offers several job opportunities and one of them is of chief financial officer. A chief financial officer plays the role of a senior executive in any company. The officer’s responsibility is to manage all the financial actions of the company. The chief financial officer’s duties include keeping a track of cash flow and financial strategies as well as analyzing the economic strengths and weaknesses of a company and proposing helpful actions.
Basic Qualifications- Usually, the position of the chief financial officer is reserved for anyone who has a very good professional experience in the field of finance and tax. Although, there are a few advanced educational qualifications that work as a source in such type of job opportunity.
• Degree in Bachelors in any commerce related field
• An advanced degree in master in finance from any good affiliated university
• An educational designation such as Chartered Financial Analyst (CFA)
• Experience in many professional backgrounds like accounting, investment banking, or financial analysis
Salary Scope- Amongst financial professionals, the chief financial officer is among the most prestigious and highly-paid placement available in any company. A CFO’s salary ranges from INR 20,00,000 to INR 46,00,000 per annum
- Cost Accountant
Cost accountants are very crucial when for any company when it comes to the maintenance of finance. A cost accountant makes sure to implement cost standards for materials and labor and collects cost information and maintains the expense database of the company. Other duties of a cost accountant include determining fixed costs for example rent, salaries, and insurance as well as monitoring unit cost variance.
Basic Qualifications – There are certain preferred skills required to get this position as a cost accountant apart from gaining knowledge through a financial accounting and taxation course.
• Students are required to clear s the entrance examination is known as the ICWAI (Institute of Cost & Works Accountants of India) examination
• Bachelor’s degree in a related field.
• A general understanding of the apparel industry is preferred
• Experience in a manufacturing warehouse or facility would be advantageous.
Salary Scope- A cost accountant receives an average of INR 6,00,000 per annum and that includes bonuses and incentives depending on the work and experience.
- Senior Accounts Executive
Senior account executives are responsible for escalating company revenue by efficiently growing the company’s revenue and participating in company sales. They lead a team of different account executives. A senior account executive monitors different sales targets and negotiates contracts and agreements encompassing a company’s operation.
Basic Qualifications- Prior experience as an account executive is required for a senior account executive. But first and foremost, the candidate must have some other educational credentials.
• BSc degree in Business Administration, sales, or any relatable field
• Having taken a finance accounting and taxation course
Salary Scope- A senior accounts executive receives an average of INR 4.00,000 to INR 6,00,000 per annum initially and that increases with further promotion and experience.
- Financial Controller
A financial controller’s job is to keep track of a company’s accounting operations. A financial controller is in charge of managing the company’s finances and dispersing them among various operations. Many of the financial controller’s responsibilities also include managing accounting records and participating in the production of financial reports for the company.
Basic Qualifications- The process of becoming a financial controller requires a lot of experience in financial accounting and taxation. Apart from the experience, other educational qualifications act as a catalyst in pursuing a career as a financial controller.
• A bachelor’s degree in finance, accounting, business administration, or a relevant subject is required for the role of financial controller.
• Some employers also seek a candidate with a Master’s in business administration and finance-related fields
Salary Scope – The average salary of a financial controller ranges from INR 2,00,000 to INR 4,00,000 per annum depending on the experience
- Tax Analyst
A typical tax analyst’s responsibilities include preparing, reviewing, and filing tax forms and returns. They may assist individuals who are filing single or joint returns, as well as business owners who are filing taxes on behalf of their company.
Basic Qualifications – Besides pursuing a financial accounting and taxation course, the candidate must possess another educational background.
• A Bachelor’s degree in accounting, finance, and other related fields
• A tax analyst with at least one year of experience in the field of taxation can also work for the Internal Revenue Service.
Salary Scope – Tax analyst salary varies from INR 3,00,000 to INR 6,00,000 per annum
Here are the Most Important Skills Required for an Accountant
Financial Accounting and Taxation Course Syllabus
The goal of a financial accounting and taxation course is to provide students with a thorough understanding of the subject. The module is organized in such a way that students get a thorough understanding of all of the topics covered.
The Syllabus Followed is as Follows:
– Fundamentals of accounting
– Direct tax
– Cost Management & Auditing
– Payroll compliance with a tally
– Advanced excel
– Office tools
Financial Accounting and Taxation Course – Admission procedure
The college’s official websites have information on Financial Accounting and Taxation course specifications and admission procedures. To apply for the certificate program, candidates need to go to the university’s official admissions page. Aspirants can also apply in person at the various Certificate Courses in Financial Accounting & Taxation colleges’ admissions offices. Fill out the application form completely, including all mandatory fields.
Top Institutions that Provide a Financial Accounting and Taxation Course
The Finance and taxation training programs teach students about the various aspects of the field. Students interested in the curriculum should have a background in commerce and accounting. They should be able to analyze data and have a basic understanding of GST and current tax laws. The course provides a solid foundation for candidates who wish to pursue further education in the field.
The duration of the course can range from one month to six months, depending on the institution. The course generally requires a bachelor’s degree from a recognized university in either the stream Bachelors in Commerce, Bachelors in Accounts and Finance, or an equivalent degree with a minimum aggregate of 50% and above. There are a lot of institutes that provide a certified financial accounting and taxation course
1. IIM Skills
IIM Skills, created by Vaibhav Kakkar has helped a lot of professionals in improving their academic skills and preparing them in grabbing high-paying excellent professions. At IIM Skills, students get an opportunity to learn about different academic fields such as content writing, technical writing, advanced digital marketing, and more. One of the most exceptional Business Accounting and Taxation certification courses around the globe is also offered by IIM Skills.
The Curriculum of the BAT Course
• Business Accounting
• Advance Tally ERP 9 and Tally Prime
• Course Structure
• Advanced Accounting in Tally
• Basics of Tally
• Creation / Setting up of Company in Tally
• Creating Accounting Masters in Tally
• Setting up Accounts Heads
• Group & Ledger Creation
• Voucher Entry
• Debit & Credit Note
• Creating Inventory Masters in Tally
• Recording of Transactions
• Inventory Management
• Bill Wise Details
• Cost Centre and Cost Categories
• Invoice Entry using voucher categories
• Payment vouchers
• Stock Journal
• Adjusting Forex Gain / Loss
• Bank Reconciliation
• Interest Calculation
• Creating a Group Budget
• Order Processing in Tally
• Sale / Purchase order processing
• Display columnar orders & Stock Details
• Reorder Levels
The benefits of the financial accounting and taxation course in India include online sessions for detailed and practical training on Business accounting and taxation, comprehensive teaching techniques, and an academic program that is compatible with current growths in BAT. The learning is delivered by leading field experts, inclusive of case studies that give you a better experience in understanding the field.
Course Title – BAT Course
- Digital Marketing Course
- Content Writing Course
- Technical Writing Course
- GST Certification Course
- Investment Banking Course
- SEO Course
Recommended Read: Business Accounting and Taxation Courses in India
2. AKB Institute of Finance and Management
AKB Institue of Finance and Management has always emphasized introducing Bookkeeping and Tax programs to meet company requirements. The institute has continuously highlighted the importance of fresh instructions in Audit, finance, and tax management education through practiced academic patterns inclusive of e-learning and professional session.
AKB Institute of Finance and management is a leading academic organization for Finance Accounting and taxation courses. It provides various finance-oriented Diploma courses in financial accounting, Goods and services tax, and many more.
AKB Institue of Finance and Management aims to provide knowledge in enormous fields of the present-day economy. The foundation of this institute dates back to 1997. Applicants need to have a Bachelor’s degree in a related field from an acknowledged university before enrolling in a one-year full-time advanced diploma program.
Course Title – Advanced Diploma Course
Fee – INR 40,000
3. Nalbari Commerce College
Nalbari Commerce College provides an extensive opportunity to students who are seeking exceptional academic platforms to hone their skills in the finance sector. Nalbari Commerce college focuses on sectors that encompass finance and taxation including audit, GST, Tally, and finance management.
The college came into recognition by the national evaluation and certificate council (NAAC) around 2004 as a ‘ C+’ top-quality academic platform. It offers one of the best financial accounting and taxation courses in India.
Course Title – Certificate in Financial Accounting
Udemy makes it to the list of sponsors of professional academies by the National Association of State Boards of Accountancy (NASBA). Udemy offers a training program in Audit and Finance Analysis. During this course, the student will discover and understand how to maintain and analyze bookkeeping records, develop a balance sheet, study debits and credit history, and financial risk management.
The eligibility criteria of this course require students to have a degree and experience of higher education in the equivalent field and commerce background.
Course Title – Certification in Financial Audit and E-Taxation
1. Why is important to pursue financial accounting and taxation courses together?
Finance accounting combined with taxation offers an ideal platform for professionals who come from different fields of finance to hone their skills even further. The course increases the chances of employment for any student who wishes to engage in diverse economic sectors. Finance accounting supports in understanding various sectors like management, assets, debts, and credits while taxation provides a wide perspective on terms encompassing finance like GST, bookkeeping, levying taxes, and economic development.
2. How is an Online FAT course better than a FAT offline course?
The unprecedented situation of the present times makes it better for students to enroll in online courses in order to continue their academic pursuits. Also, Online academic platforms make it easy for professionals to access the organization at any time of the day. It saves time from commuting and hustle and provides more time and space for every student to learn at their own pace.
3. What are the fundamental duties of financial accounting and tax professionals?
A financial accounting and tax professional’s task can vary from company to company. Although, there are some important duties that come under their expertise.
– Generate important monetary records submit them to the employment they are associated with
– Monitor the company’s tax collection, payroll, costs, and budgeting
– Observe the financial grievances of the company and work towards the resolution of the same
– Closely study the risk evaluation for the business and come up with a research-backed outline for resolution.
– Collaborate with finance experts and cost accountants to add value to their experience and increase the scope of work.
The current global economic crisis necessitates the hiring of more individuals with expertise in all areas of finance and taxation. There are numerous schools that provide specialization in various financial industries. However, academic platforms that include the most fundamental subjects of economics and assist students in improving their skills are uncommon. Gone are the days when a professional’s only option for work was to pursue a degree in higher education. With the passage of time, it has become necessary for any aspirant to select a platform that allows them to stand out from the crowd. This is exactly what a financial accounting and taxation course does. Taking a course in this sector increases your chances of landing a better job and getting more exposure to the corporate world. These academic courses include a variety of financial terms and add to a person’s expertise.