Report on Academic Skills for Accounting and Finance: Overview

This report provides a comprehensive overview of accounting and finance, tracing its evolution and highlighting its significance in the modern economy. It delves into the objectives and purposes of accounting and finance, including financial administration and budgeting, emphasizing their importanc...Read More

Academic Skills for
Accounting and Finance

INTRODUCTION
Everyone is very well understand about the
accounting and finance it is one of the main
part of the economy, which has become
universally spread in our daily lives today. Its
become impossible to visualise modern
organization and economy without this
element. Accounting is thoroughly knowing
system that consider the movement of various
truths of economic life, doesn't matter how
separate they are and guide them into a same
objective system(Abernethy and Wallis, 2019

Past evolution of accounting
and finance
Accounting took a various kinds of forms, based on the
growth stage of manufacturing relations, efficient teams,
legislation, tradition, etc. with the growth of equipment's of
labour, the part of economic connections, the detail model
returning them also became high experienced, the techniques
and the part of detail procedure were also better(Allen and
et.al., 2020.).

Objectives and purpose of accounting and
finance
 Accounting of finance: In this point it discuss about the main role and function of
this step basically this help to keep the and maintain the transaction of accounts
and utilize the double-entry bookkeeping function and also make the financial
statement of the firm for gathering the various kind of regulatory desires for
statutory reporting, the taxation department and stock exchange
 Financial administration: In the small and large firms company hire a system
accountant. It will analyse the financial results of the company and explain
present administration
 Budgeting: The role and function of budgeting into the small and large
organization is it prepare budget to manage the activities into the organization and
helps in achieving the budgetary goals into the company

Importance of accounting and finance
 Escape legal issues: Maintain a correct financial records
assist to follow main business laws. Manager necessary to
know what type expenses to subtract, how much taxes
company have to pay and when to pay those taxes(Stewart,
2018).
 Analysing the results: This importance of accounting and
finance helps the company to analyse the performance of
the current situation. Basically company analyse the current
business position with its historical records. situation.

Future growth of accounting and finance
To stable the condition of the business in today's highly competitive market is very
difficult. If company want to survive then they need to increase their productivity and if
company objective for expansion, launching new product or want to create a global
business then they have to work harder and need to increase their efficiency in the firm.
 The finance future merge the emotional intelligence of knowledgeable financial
professionals with the correct technologies(Pathrose and Selvaraju, 2021.).
 Future of accounting and finance is outsourcing: Sometimes, advanced technology are
costly and not all organization , basically from start-ups have the money to manage
them
 Change the structure of finance world through technology: Learning through machines,
robotic procedure automation, modern data analytics, artificial intelligence and cloud-
based infrastructure these are some of the technologies that are helps in changing the
infrastructure of accounting and finance

CONCLUSION
As it is concluded from the above report that the evolution and development of
accounting and finance in very efficiently grow from the past historical years till the
current situation. Because it helps in many sectors and it's very important part for
every organization with the help of accounting company manage its fund and
profitable situations in the firm. So, it's assist the business to know the company
current position through the financial statements and it's prepared by the accountant
who report on daily basis to it finance director of the organization.

REFERENCES
 Abernethy, M.A. and Wallis, M.S., 2019. Critique on the “manager effects”
research and implications for management accounting research. Journal of
Management Accounting Research. 31(1). pp.3-40.
 Allen, D.W., et.al., 2020. Blockchain and the evolution of institutional
technologies: Implications for innovation policy. Research Policy. 49(1).
p.103865.
 Daugaard, D., 2020. Emerging new themes in environmental, social and
governance investing: a systematic literature review. Accounting &
Finance. 60(2). pp.1501-1530.