All businesses need to undertake procedures of filing of income tax returns and audited financial statements, conducting government agency audits, renewal of business permits and licenses, etc. Bookkeeping is an important operation for these procedures, which involves maintaining organised financial records of business transactions. This routine also helps the company keep track of its financial status and analyse the expenditure revenue ratio. This further aids in making business decisions such as the process to be improved, identifying areas of unrequited expenditure as well as areas for investment, etc. It is thus imperative for a company or business to have an accounts department.
A CAREER FOR COMMERCE GRADUATES
Accounting and Taxation is a field within the subject of commerce. The multiple job roles in this field that can be taken up in both public and private sectors are-
- Revenue Agent
- Financial Analyst
- Financial Consultant
- Personal Finance Consultant
- Tax Policy Analyst
- Tax Attorney Specialist
- Corporate Tax Officer
While these are the prominent opportunities, commerce graduates with specialization in the field of Accounting and Taxation can venture in various other job types. Students can take up jobs in any industry upon specialising in this domain. This field offers ample space for career growth.
ACCOUNTING AND TAXATION AS AN ELECTIVE
IFIM Business School provides Accounting and Taxation as an elective with its B.Com. program. The elective aims at educating students in the subjects of advanced accounting, business taxation, accounting for business decisions and IFRS(International Financial Reporting Standards) among others. This specialization equips graduates with the necessary knowledge and skill set to venture into the field of commerce.Students with such specialisations attract attention from recruiters, paving way for a long-standing career in this domain.