Moreover, it can be a struggle to stay on top of financial reporting needs, whether due to a lack of in-house SMEs, managing high volumes of transactions, or the challenge of navigating and applying accounting standards.

Companies need to consider positioning their accounting sections for a successful year. By planning and while promising new complexities and nuances.

Challenges For Accounting Departments In 2024

Accountants In 2024, accounting departments may have difficulties in four main areas: not knowing their budgets for sure, making accurate predictions when things are uncertain, following new accounting rules, and dealing with an uncertain job market.

Uncertain Financial Plans

Every year, we can’t know what will happen in the future. Right now, the economy is very unstable. We need to figure out things like interest rates, worries about a recession, and other issues, that are making it hard for accounting departments to make plans. All the unknowns can make the exercise of bringing an annual budget next to impossible. Accounting sections need to have the ability to do strong scenario planning and stress testing to tackle whatever challenges the macroeconomic environment presents

Remarkable Estimates

Predicting how money flows into and out of a company is important. It helps with figuring out the value of things the company owns, like assets, and whether the company can keep operating in the future. The unique path of interest rates and the eventual reality of a recession – or not – will affect how estimates are established. Accounting sections will need to use their cash flow forecasts to assess whether the company will have the cash, revenues, or income in future periods to support its ability to carry on as a going concern and assess if impairment claims are appropriate.

Labour Market Uncertainty

Like in all sections of business, accounting departments will face challenges navigating through the uncertainty in the labor market.

Hiring qualified personnel who comprehend GAAP, know how to close the books, and follow financial reporting regulations is a challenge for accounting departments. Among these top challenges are evolving expectations related to remote and hybrid work collaborations can result in many challenges in the coming days.

New Accounting And Financial Reporting Standards

Some of the more remarkable changes in accounting standards of recent years – revenue validation and lease standards have now fully emerged in most companies’ financial reporting processes. One of the best among the new standards, initially this carries a lot of significance in 2024. Reporting credit losses. The new regulations on reporting credit losses will be a non-event for some companies but quite impactful for those with remarkable lending activities. Looking ahead to 2024 and beyond, we should pay attention to how people report digital assets. In November 2023, we saw how quickly the value of cryptocurrencies can change, so it’s crucial to handle them cautiously. As these aspects continue to attract attention, more rules and regulations dictating their treatment in financial reporting are likely to emerge.

Opportunities For Accounting Departments In 2024

Accountants In 2024, accounting departments may have opportunities in four main areas: Adoption of Technology, Advisory Services, specialization, capitalizing on data and increasing capacity for the future

Adoption of Technology

Accounting companies need to change as technology advances to remain competitive. Most small- to medium-sized accounting businesses, however, are reluctant to implement new technologies.

In 2024, accountants can benefit from One of the most significant tools that accounting firms can use is reach reporting, a financial reporting software that empowers the financial professional to present intricate spreadsheets in a way that is both enlightening and interesting for the accountant’s clients.

Advisory Services

Accounting advisory services are like a toolbox of different tasks that help clients make their accounting work smoother, earn more money, and make better decisions. These services focus on giving clients advice that looks ahead and helps them plan for the future. Accounting advisory services are all about the future and this change is picking up steam as more and more accounting firms use technology to automate tax returns and compliance work. Accountants make more strategic accounting advisory services more profitable which in turn makes more clients.

Specialization

Accounting specialization means using specific accounting rules and methods for a particular kind of accounting job. It involves using generally accepted accounting rules as well as practices that are specific to a particular industry. In 2024, accountants can excel by specializing in areas like forensic accounting (detecting financial wrongdoing), sustainability accounting (tracking environmental and ethical aspects), or blockchain auditing (examining blockchain technology). This specialization helps them meet unique client needs and stand out in the competitive job market.

Capitalizing On Data

Data continues to be a significant theme for businesses across departments, and many companies by financial reporting and accounting in terms of analyzing the customer base and research on different businesses. In Accounting it will take the time to examine the possibilities both in terms of what they could learn and how they could use data to increase system and process efficiencies.

Increasing Capacity For the Future

New technology-based solutions that are playing a growing role in businesses. We know Accounting departments could take advantage of opportunities such as exploring automation, modifying systems, and reporting, or outsourcing some components of workflow. Future accountants will increasingly need knowledge of digital technology (including cloud computing and the use of big data), as well as globalization (outsourcing of accounting services), and evolving regulations (tax regulation, new forms of corporate reporting, integrated reporting regulation, and so on).

Conclusion

In 2024, the accounting profession faces challenges like economic uncertainty and evolving standards. To overcome these, accountants must focus on scenario planning and adapting to changing labor markets. However, opportunities lie in adopting technology for efficiency, specializing in areas like forensic accounting and sustainability, and harnessing data for insights. Staying updated with technology and regulations is essential. The accounting profession is at a transformative juncture, offering challenges and rewards for those who adapt and innovate.

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LP Academy

LP Academy is a professional accounting institute. The institute offers professional accounting courses with a focus on accounting, taxation, and corporate law. In addition to the core courses, the institute provides all students with soft skill training. It also provides practical training, where a few select students receive training opportunities at the offices of CAs, CSs, and tax practitioners.

Google reviews: 5 stars from 19 reviews

Student feedback: Several of the academy’s students share that the institute provided them with practical skills that helped them secure jobs with professional firms.

Horizon Institute of Business Accounting and Tax Training

The Horizon Institute of Business Accounting and Tax Training is quite popular among accounting aspirants. The institute offers three diploma courses. Each of the courses provides an outlook on accounting and taxation principles. According to the official website, the institute aims to impart quality knowledge in the fields of finance and accounting and make students competent for jobs.

Google reviews: 5 stars from 230 reviews

Student feedback: According to students, the classes are easy to understand, even without a background in commerce. This makes the institute a good choice to gain a foundation in accounting.

ATI Skills

ATI Skills promises realia learning through a curriculum designed for the accounting industry. Realia is a way of incorporating real life into teaching. According to ATI Skills, their courses, which cover topics such as business accounting, GST, and SAP FICO, are grounded in real-life applications.

Google reviews: 4.7 stars from 232 reviews

Student feedback: Students share that the institute provides courses that have plenty of hands-on training. A good number of students shared that the training had a positive impact on their careers.

Beat Educations

Beat Educations is an institution that specialises in SAP training. SAP software is used to manage all of a business’s operations, including accounting. Thus, being trained in SAP is useful for accountants. The institute provides seven SAP certification courses. Of these, the SAP FICO course (FICO stands for finance and control) is the most relevant for accountants. 

Google reviews: 4.7 stars from 159 reviews

Student feedback: Multiple students recommended the institute’s SAP courses. The most popular course by far, was the SAP FICO course.

ICAI Bhawan

According to the official website, ICAI Bhawan is a branch of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI). The ICAI is the body in charge of setting the standards for chartered accountants in India. What better place to train for the CA than with the ICAI’s own Calicut branch? Apart from offering training for all three levels of the CA examination, the institute is quite affordable in terms of course fees.

Google reviews: 4.3 stars from 159 reviews

Student feedback: Students approve of the institute’s CA training and affordable fees.

Lakshya

Lakshya is a coaching centre for the CA, ACCA, and CMA USA courses. The centre is on this list because of the enormous brand trust and recognition it enjoys. But the question with popular institutions like Lakshya remains: is it worth the hype? With Lakshya, students can enjoy quality facilities and trust that the training will be of a certain standard. However, keep in mind that you might not receive specialised attention as they have larger batches.

Google reviews: 4 stars from 382 reviews

Student feedback: Several students have positive reviews of the institute.

Elance

Elance is another coaching provider for ACCA, CMA USA,and CA courses. However, their specialisation is clearly ACCA coaching. Many of the instructors are ACCA certified, and several of the institute’s students have performed well in the ACCA examinations. 

Google reviews: 4.8 stars from 113 reviews

Student feedback: Several students shared that the institute provided quality assistance for clearing the ACCA examination.

Chanakya Business School

Chanakya Business School focuses on CMA USA training. This course is best for accountants looking to work in America. The institute boasts an impressively high pass rate of 85%. Many of the institute’s students have been placed with prestigious firms, including IBM, Accenture, and Northern Trust.

Google reviews: 5 stars from 633 reviews

Student feedback: On the whole, students from the institute have great things to say about it. Many students had a positive experience with the institute’s coaching.

Conclusion

There are several amazing accounting institutes in Calicut that can suit your personal journey as an accountant. With the help of this guide, you can make a well informed decision on which one is right for you.

*As of May 27, 2023.

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Duration

In terms of duration, it takes significantly longer to obtain an accounting degree when compared to an accounting course. On average an accounting degree lasts around three years, while an accounting course can be as short as three months. The best candidates for an accounting degree are students who have completed their plus two. They will be able to pursue a program with longer duration. Professionals, and graduates would benefit from a course with shorter duration such as accounting courses.

Credibility

Academic qualifications increase credibility with employers. However different types of qualifications demonstrate different kinds of expertise. Having completed an accounting degree demonstrates that you are familiar with a wide range of accounting principles. Whereas an accounting course shows that you have expertise in a specific area. For instance a B. Com certificate is proof that you are adept in the theoretical aspects of accounting. While a professional accounting course certification, proves that you are familiar with practical accounting work. 

Syllabus

When it comes to syllabus size, accounting degrees are the clear winner. The B.Com degree covers a vast range of subjects such as Financial Accounting, Business Laws, Economics, Taxation, Auditing and Cost Accounting. Under this degree, students get exposed to a diverse set of ideas and topics. The syllabus of most accounting courses, on the other hand, is focused on practical skills that will be needed in the workplace. Thus students will learn how to put accounting theories into practice. While a wider syllabus can improve understanding, a practically oriented syllabus can be beneficial in the workplace.

Flexibility

In the flexibility category, the trophy goes to accounting courses. Most degree courses have strict attendance requirements, and require students to be physically present for several hours a day. This makes it difficult to have any other personal or work related commitments. Alternatively, accounting courses have plenty of room for flexibility. There are several courses which allow you to move at your own pace and which offer online classes.If you feel like the rigid  requirements of an accounting degree are too restrictive, then accounting courses are a far better option.

Cost

Cost is an important factor while choosing an academic program. Because degree programs are longer in duration, they are more expensive than accounting courses. However while searching for an accounting program, you need to keep the value of the program in mind. This means that you shouldn’t just go for the cheapest course available. Instead, take time to research the program and see what you can gain from it. Whether you choose an accounting course or a degree, make sure that the program provides a valuable return on your investment. 

Career Relevance

Between the two, which program is more career relevant? Since accounting degrees cover such a vast syllabus, students will learn a great deal of information that isn’t relevant to their careers. This is not to say that the course topics aren’t useful. In fact these subjects provide students with a strong foundation. However a good accounting course goes straight to the most relevant topics. Such courses cover GST practices, managing accounts, handling documents, using accounting software and a variety of other practical lessons. Learning these skills is a huge benefit for those looking for a career in the accounting profession. Thus the winner in this category is accounting courses.

Which is Better?

So accounting courses vs accounting degrees, which is better? Upon examining the two programs it is clear that they both have their purposes. Accounting degrees are good for building a strong foundation. They help to gain in depth knowledge about a field. Accounting courses, on the other hand, are better for gaining exposure to a much narrower skillset. They provide knowledge that is suited for practical purposes.  Since both programs serve different purposes and offer unique benefits, choose the program which is a better fit for your needs and requirements.

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These are some of the aspects you should verify before you select an accounting institute.

Courses Offered

Search for accounting institutes that offer courses that are relevant to your area of interest. If Wall Street and the world of finance enchant you, then search for an accounting institute that offers CFA (Certified Financial Analyst) training. Or if you’re old school and want to go for the accounting classic, the CA certification, focus your search on institutions that provide CA coaching.

Seek out institutes that offer the certifications you are interested in or that provide programmes that are aligned with your career interests.

Approved by Certification Bodies

If you take a look at institutes that offer ACCA coaching, you might see this claim: “ACCA Platinum Approved Learning Partner”. Certification bodies such as the ACCA have approved learning partners. Approved learning partners are routinely assessed to ensure course quality, meaning that you will have a better shot at performing well in the exams. Similarly, the CFA Institute has prep providers, whose course material is approved by the CFA.

Keep an eye out to see whether your institute has any links with certification bodies and whether their courses are certification body-approved.

Instructor’s Qualifications

It’s often said that a good teacher can make you love learning, even if the subject itself is a little boring. Qualified and skilled teachers will definitely make your learning journey easier. Find out whether the institute’s teachers have the necessary qualifications. It’s preferable to search for instructors who have industry-specific experience, as they can teach you skills that will be invaluable in your career.

Professional Skills Training

Getting a certification isn’t the only thing that will help you get you a job. There are so many other valuable skills you will need while working. Learning how to build up your resume, how to prepare for interviews and how to communicate in a workspace are a few skills you need to learn. It’s an added benefit if you can learn the practical applications of what the course teaches. Some institutes give you the opportunity to learn with simulations of real life scenarios.

Try to find an institute that will train you in the necessary professional skills. 

Exam Coaching

Every certification exam will require a unique strategy. If you want to optimize your exam performance, look for an institute that teaches you how to prepare for the exam. Find out whether the institute will provide you with the support you need while qualifying for your certification course, such as doubt clearance, question patterns, and question banks.

Reviews from Previous Students

Students who have firsthand experience with the institute can tell you their personal views about it. They can give  you their honest feedback about the institute and the course. Oftentimes, institutes make grand claims, but if you want to know the real deal, approach someone who has actually attended the programme. Their feedback might save you a world of regret.

Job Placement Statistics

Keep in mind that you are joining the course to improve your career prospects. Check out what sort of jobs the institute’s students are getting. Consider whether joining the institute will open you up to well-paying jobs. You should also try to find out what percentage of the students get placed. Try to look for an institute that offers placement assistance after the course and helps you get a job.

Course Fees

Expensive doesn’t mean quality. Don’t fall into the trap of enrolling in an overpriced course. Find out the standard rates for the course and avoid courses that will drain your bank account. Price shouldn’t be considered in isolation but in the context of the institute’s facilities, syllabus, faculty, and job placement. In this manner, you should be able to identify the best course for your budget.

Do Your Research

A certification course from a reputable institute can be useful for your accounting career. But make sure that you have properly researched all your options before you make your choice. Find out all the information you can about the institute and talk to previous students prior to making your decision. If you do your research, you can find an institute that offers you the skills and knowledge you need.

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Financial Literacy:

Accounting courses impart a solid understanding of financial concepts and principles. You’ll learn how to interpret financial statements, analyze data, and make informed decisions based on financial information. This financial literacy is invaluable in both personal and professional contexts, enabling you to make sound financial choices.

Numerical Proficiency:

Accounting is a numbers-driven discipline, and accounting courses sharpen your numerical proficiency. You’ll learn how to work with complex calculations, handle large datasets, and apply mathematical concepts to financial analysis. These skills enhance your ability to manipulate numbers and extract meaningful insights from financial data.

Attention to Detail:

Accuracy is crucial in accounting, and accounting courses emphasize the importance of attention to detail. From recording transactions to preparing financial reports, you’ll develop a keen eye for spotting errors and discrepancies. Cultivating this meticulousness ensures that financial records are accurate and reliable.

Analytical Thinking:

Accounting courses foster analytical thinking skills, enabling you to dissect financial information and derive meaningful conclusions. You’ll learn how to analyze trends, identify patterns, and evaluate the financial health of individuals and organizations. These analytical abilities are essential for making informed business decisions and offering strategic insights.

Problem-Solving Abilities:

Accountants are often tasked with solving complex financial problems. Accounting courses equip you with problem-solving techniques specific to the field. You’ll learn to identify financial challenges, develop alternative solutions, and evaluate their potential outcomes. These problem-solving skills are transferable to various professional domains, enhancing your overall problem-solving acumen.

Communication Skills:

Effective communication is crucial in accounting, as financial information needs to be conveyed accurately and clearly. Accounting courses focus on developing your written and verbal communication skills. You’ll learn how to articulate financial information to both financial and non-financial stakeholders, fostering effective communication across diverse audiences.

Technological Proficiency:

In today’s digital era, accounting courses integrate technological tools and software to streamline financial processes. You’ll gain hands-on experience with accounting software, spreadsheets, and other financial management tools. This technological proficiency enhances your efficiency and enables you to leverage technology for accurate financial reporting and analysis.

Ethical Awareness:

Accounting courses emphasize the importance of ethics and integrity in financial practices. You’ll learn about professional codes of conduct, ethical decision-making frameworks, and the significance of maintaining confidentiality. These lessons foster a strong ethical foundation, ensuring that you approach financial matters with honesty and integrity.

In conclusion, accounting courses provide a robust platform for developing core skills that are essential in the world of finance and beyond. From financial literacy and numerical proficiency to problem-solving abilities and ethical awareness, these courses equip you with the tools necessary for a successful career in accounting. Embracing these skills will not only open doors in the finance industry but also enable you to make informed financial decisions in your personal and professional life.

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Understanding Financial Statements:

Accounting courses teach individuals how to read and interpret financial statements such as the balance sheet, income statement, and cash flow statement. This knowledge enables individuals to understand the financial health and performance of a company, evaluate its profitability, solvency, and liquidity, and make informed financial decisions.

Budgeting and Financial Planning:

Accounting courses emphasize the importance of budgeting and financial planning. Students learn how to create and manage budgets, forecast future expenses and revenues, and analyze variances between actual and planned financial outcomes. These skills are crucial for individuals to effectively manage their personal finances and make informed decisions about spending, saving, and investing.

Basic Accounting Principles:

Accounting courses introduce individuals to fundamental accounting principles and concepts, such as accrual accounting, matching principle, and revenue recognition. Understanding these principles helps individuals develop a solid foundation in financial reporting and ensures they have the knowledge to analyze and interpret financial information accurately.

Financial Analysis and Decision-Making:

Accounting courses provide individuals with analytical tools and techniques to evaluate financial data and make informed decisions. Students learn how to calculate and interpret financial ratios, assess the financial health of a business, and determine its profitability, efficiency, and liquidity. These skills are valuable for individuals when making investment decisions, evaluating loan options, or assessing the financial viability of a business venture.

Taxation Knowledge:

Accounting courses often cover basic principles of taxation, helping individuals understand tax laws, regulations, and their impact on personal and business finances. Knowledge of tax planning strategies and deductions can empower individuals to optimize their tax liabilities and make informed decisions regarding investments, business structures, and financial transactions.

Ethical Considerations:

Accounting courses typically emphasize ethical standards and professional conduct. Students learn about the importance of transparency, integrity, and accuracy in financial reporting. This knowledge fosters responsible financial behavior, such as avoiding fraudulent activities, adhering to legal and ethical standards, and promoting financial transparency and accountability.

Overall, accounting courses provide individuals with the necessary knowledge and skills to navigate the complex world of finance and make informed financial decisions. By understanding financial statements, budgeting, financial planning, and ethical considerations, individuals can enhance their financial literacy and improve their ability to manage personal finances effectively.

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— Justice Sandra Day O’Connor

WHAT IS ARBITRATION 

Arbitration is one of the most popular, widely recognized and practiced forms of Alternative Dispute Resolution. Arbitration is generally the most effective and efficient mechanism for settling disputes among the parties. This is because it does not require any lengthy procedures, unlike the other judicial processes, hence making it cost-effective and less time-consuming. Since it is a consensual mode of dispute resolution by a private tribunal, parties are free to structure and customize the procedure to be followed to their transaction, eliminate the technicalities of court proceedings, while maintaining due process in the proceedings. Arbitration Law in India is primarily contained in the Arbitration and Conciliation Act of 1996, which was passed to consolidate the laws relating to domestic, international arbitration and its enforcement.

ARBITRATION AGREEMENT

The consent of parties for arbitration is contained within an arbitration agreement. An arbitration agreement is a written agreement between the parties to submit their existing or future disputes or differences to arbitration. In other words, the parties clearly note that in the event of a dispute between them they would not go to court, instead, they will proceed to arbitrate their dispute. This agreement takes the form of a binding contract. As per section 7 of the Act, “arbitration agreement” means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. The Arbitration agreement may be contained in the form of a separate agreement or in the form of an arbitration clause in the substantive contract which creates the rights and obligations for the parties who signed it. The two most essential features of an arbitration agreement is that, (i) it should be in writing, (ii) it should show the clear intention of the parties to resolve their disputes through arbitration.

ARBITRATION TRIBUNAL

The Authority adjudicating the dispute is better known as the arbitral tribunal. It is similar to a judge that presides over a court of law. The presiding authority is known as the arbitrator, who is in charge of deciding the disputes between the parties. Just like the judge an arbitrator also has several responsibilities set out and has the obligation to perform their duties. According to the nature of the case, the parties have an option to choose their own arbitrator depending upon the abilities to decide the case as per their expertise. The jurisdiction of the arbitrator will depend upon the construction of the arbitration clause and acts as a legislative clause. It may be an unconditional one with the clause worded to include all disputes, controversies or differences arising from the agreement and also exclude certain disputes. While parties cannot by contract oust the jurisdiction of the courts, they can agree that no right of action shall accrue in respect of any differences, which may arise between them until an arbitrator has adjudicated upon such differences. Such a provision is often termed a Scott v. Avery clause.

SEAT OF ARBITRATION

Through the arbitration agreement the parties are free to choose the seat of arbitration, which determines the courts, which would exercise jurisdiction over the arbitration proceedings. The parties have the autonomy to choose the applicable law, which is rather important in an international commercial arbitration. Moreover, the parties may tailor-make the procedure that shall be applicable for their disputes. The Rules of the arbitration can be self-governed; however, the said rules have to be in the spirit of Public Interest of India and Natural Justice.

CONCLUSION

There are many misconceptions regarding the finality of the outcome of arbitration proceedings. It has to be noted that no appeal lies against an arbitral award; however, an arbitral award can only be set aside if the said award suffers from as invalid arbitration agreement, party’s incapacity to enter into an agreement, independence and impartiality of an arbitrator, unfair procedure, etc., the grounds of which is clearly set forth in the Act of 1996. Thus, from a business point of view, an arbitration clause in commercial contracts can save one from unnecessary loss of time and money.

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