Do you dream to become a successful accountant in London Uk? If your answer is yes, then congratulations! Because you have made the right decision. If you are interested in becoming an accountant, then you are at the right place.
You need to start a career in accounting as soon as possible if you want to become successful in your future. So, let us understand what is the difference between accountancy and other careers.
What is accountancy
Accounting is the name of the profession, which is also known as bookkeeping. Accounting is the practice of recording and classifying financial transactions.
The word ‘account’ means record. So, accountants are those who maintain the records of a company. They need to manage all the financial data, such as sales, purchase, and payment details.
Accountant in London Uk also check the cash flow, expenses, and other business transactions. This is the reason why accountants are known as the “CFO” of any company.
The first step in the accounting profession is called as entry-level accounting. So, this is the first step where you learn how to keep records of a company and how to prepare tax return. This is also the first step where you learn the basics of accounting.
After completing the first level, you need to take a course in the second level of accounting. After completing this course, you need to complete the third level. After completing the third level, you will become a chartered accountant.
In the UK, there are different kinds of degrees available for those who want to become an accountant. These are Chartered Certified Accountant (ACA), Chartered Accountant (ACCA), and Chartered Institute of Management Accountants (CIMA).
What is the difference between these courses
The difference between these three courses is that ACA is for private companies. ACCA is for public companies. And CIMA is for management of the company.
ACA and ACCA are for those people who are interested in working in the private sector. So, they can work as an accountant in a small company. But, the CIMA is for the people who work in the public sector.
Accountant in London Uk who work in the public sector are mostly related to government organizations. They need to follow the financial policies and rules of the government.
Accountants who work in the private accounting firm in London are usually related to the banks, insurance firms, and the manufacturing industry. They need to work on all the financial transactions, which involve cash and also non-cash transactions.
Accountancy is one of the most demanding professions. However, if you have a passion for money, then you will love to become an accountant. So, this is the right profession for you.