Accounts is one of the most lucrative careers that have fetched handsome pay to the specialists who have read professional courses. The scope of accounting is very vast and there are a variety of sub-fields that constitute this branch of study requiring brains as well as expertise.
Some of the sub-fields that are quite interesting to explore are:
Tax accounting: This branch of accounting, first of all, guarantees good job as a tax consultant. Salaried as well as business class has to deal with tax and they are able to make lot of savings if they get the correct picture of their tax liability. Tax accounting deals with the principles of income tax, corporate tax, sales tax and many others and students who specialize in particular category are able to provide corresponding help to their clients with regards to understanding the tax implications.
Funds accounting: If you strive to become a promising mutual funds specialist, you will come across this term quite often. Funds need to be accounted for the aspects of profitability, administrative costs involved and various others, and all these activities are best performed if a substantial portion of academic career is devoted to fund accounting.
Cost accounting: This is one of the most employed disciplines in the accounting world. An organization requires to involve a variety of costs pertaining to production, processes, marketing, IT support, warehousing, sales and many more.
Understanding the cost implications of each of the departments makes way for better cost control and the managers are able to make each corner of their organization a promising revenue center if they are able to employ conservative methods of managing cost.
Management accounting: This is all about understanding the cost structure of organization to make better management decisions. Managers need accounting information to make decisions for the betterment of the organization. And therefore, management accounting mostly involves gathering that information in the form of figures, which proves to be a helping aid in making management decisions.
Inventory accounting: Management of raw materials, jobs-in-progress, warehousing costs, etc. need proper maintenance and control so that neither the process is hindered nor the costs shoot up much. So, this accounting type is of great interest to those specialists who work on maximizing the bottom line of the organization.
So, if you have accounting assignment in the bucket-list of your academic endeavors, then give these sub-fields your requisite attention; may be you are able to develop a bright career by gaining expertise in any of these!