Accounting by: Nathanael

Business finances

The study of business accounting and bookkeeping is, I think, very useful. Not only will it be of value to me when I start my own business, but also this skill is necessary in all small businesses, ministries and other organizations for which I might work. While there is an advantage to adding another profession to my skills base, there is another benefit I see from it. Even if I never keep any organization’s accounts, some of it is applicable to my personal finances. Ability to understand and make a basic analysis of a company's financial health is one aspect of this personal benefit.

In our personal finances, we keep financial records like our check register, receipts, a budget, and tax information. Business finances are similar to personal finances, but usually involve keeping many more records. The goal being an accurate portrayal of the business or a department to the concerned parties, be they the IRS, managers, investors, or bankers.

 

There are many different complete fields of study encompassed in Accounting. Having only studies in the areas of bookkeeping and some basic financial analysis, my knowledge is still very inadequate. Real life experience which my mother has is far more practical. I hope to continue increasing my knowledge in multiple fields of finance far into the future. In addition to the benefits I have already mentioned, accounting and management of finances in general, personally holds my interest. Maybe that is why I enjoy a positive outlook on its benefits. Really, I think that most fields of study have many diverse advantages and real life applicability. In conclusion, I will say, however, that finance in particular is a field into which we must all put significant time throughout our lives. Thus it is worthy of significant study.

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