Accounting and finance play an essential role in the management of every business. However, when it comes to small business owners, the importance of accounting and finance is often ignored. Apparently, when they understand their significance, they can convert their failures into success.

Money is very important for every business regardless of the size to meet end to end needs. Apparently, this is not the task that is difficult to accomplish, when you have a better understanding and extensive knowledge of financial accounting, management of money becomes easy.

The importance of finance and accounting in Business

Before understanding the importance of accounting and finance, first, you need to understand the exact definition of what an accounting or financial accounting is?

Although there is a common misconception that these both terms are same or inter-related, however in reality, they are two different processes. Accounting is the study of classifying and recording transactions of events in the form of money. For instance, XYZ is doing business with health care products and they procure items from a supplier.  The purchased inventories are stocked in the warehouse and they sell to the customer. This process is a very good example of accounting because the retailer is buying from the supplier and the money is transacted with goods. This should be obviously recorded because there is a financial transaction happening with the company and it impacts the finance. Assets, liabilities, income, and expenses are typical terms often used in accounting.

The representation of these transactions in the form of the statement is referred to as financial statements (basically the end product of accounting processes). These statements represent the financial standing of the company.  Finance is apparently a broader concept when compared to accounting that involves accounting, taxation, business and other fields that obtains and make use of the investment for the growth and development of the business.

Accounting and finance courses have a lucrative career option in UAE. If you are looking for great career improvement then you should consider taking up courses in accounting and finance

Reasons why accounting and finance course have a rewarding career in the UAE

Countries like UAE have continuous business developments, especially with the newly introduced VAT legislation, there is a growing demand for these professionals. There are some top reasons that justify why accounting and finance courses can be helpful for your career

• There are many short-term and long-term courses in financial accounting– Generally high school students before entering the university often look for courses that are more rewarding to their career to pursue along with their graduation program. Apparently, accounting and finance courses require less time and have a wide variant of courses
• You can have a career on a global level– Programs done on accredited university and institutions have esteemed value. Even when you migrate to different countries, a good solid accounting qualification ensures the best job for you irrespective of the place you live.
• UAE is a great place for freelancing– UAE is a wonderful place to do freelancing services provided you have the right knowledge, expertise and required skills to offer to the clients. When you have solid accounting knowledge in auditing and finance, you can even run a consultancy business, a high revenue earning business.

But what are the things you need to do to accounting and finance jobs in UAE?

Qualifications you need to boost to get accounting and finance jobs in UAE

Accounting professionals are the ones who are the highest paid in UAE and in the Middle East Countries. So many graduates and post-graduates are more intended to pursue a career in accounting and finance to earn more and have a prospectus career.

According to a survey conducted by the Institute of Management of Accounts, the annual salary earned by an accounting professional in UAE is roughly about 226,000 Dh which is about 19,000 Dh a month.

Let us see some of the qualifications you require to boost your career in the accounting and finance industry

Chartered Account – There are various streams under chartered accounting. You can choose one of the streams among them and get specialized into. However, before getting a chartered accountant certification, it is often important to complete yours under graduation program at the same time in subjects pertaining to accounting. When you have good experience in this chartered accountancy, you will get greater opportunities with high pay

Certified Management Accounts – It is a professional credential in the field of management accounting and financial management. These professionals are the key people in determining the status and success of a company. Having a certification with this accounting and finance courses will give you a wealth of career opportunities. They can play key roles like cost accountant, budget analysts, auditor or financial analysts.

Chartered Certified Accountant from the Association of Chartered Certified Accountants (UK)

These professionals take care of a variety of accounts and finance services and are also responsible for developing and managing financial accounting systems. One of the primary difference between the chartered account and chartered certified accountant is, the form is certified by the governing body of the world whereas the latter certified ACCA from the UK. They also differ by the subjects tackled and difficulty levels. Due to substantial growth and expansion of existing & new client bases in many businesses across UAE, CCA is in high demand.

Bottom Line

When you have solid qualifications and certifications in accounting, you obviously are ready to give a head start to your career in accounting and finance jobs in UAE. Although it requires time, effort and money, yet the chances of prospective career are much higher in this industry.

So nurture your accounting skills, develop a good network, keep yourself updated with technologies developments and have a successful job in accounting and finance.