Month: April 2018
There are challenges and rewards in being part of the non-profit industry. As an organization that gives its profits away, you are part of the greater good, and that is very rewarding. However, you are still a business, and as such have to deal with the logistics of standard business practices and accounting. Non-profit accounting can be exceptionally challenging because of the public scrutiny that all non-profit organizations face.
Staffing
Accounting is most certainly a challenge for non-profit organizations because of the impetus on them to save as much money on operating costs as they possibly can. This usually means making do with a low number of staff and then asking those few staff members to do jobs at which they are not experienced. Accounting is usually one of these jobs. Non-profit accounting is left to a single member of a small staff who, even if knowledgeable, becomes quickly overwhelmed and misses important things. In an organization where transparency is key, this is a huge issue.
Taxation
One of the biggest challenges within non-profit accounting is taxation. Taxation must be done, even by those non-profits with special tax-exempt status, or charitable organizations. The fact of the exemptions just makes the processes more complicated and full of different regulations that also make the job of your account more difficult. Any problems with reporting and the special status, as well as the credibility of the organization, is lost.
Outsourcing
The best solution is to consider the money spent on hiring an accounting firm specializing in non-profit accounting as an investment. It is a good idea to leave this important aspect in the hands of professionals because of the two reasons mentioned above. Non-profits and charities are responsible for public money and so must be transparent, and mistakes are very likely to be made when something this important is left with inexperienced or overwhelmed staff.
Experience
Experience is another reason to hire an accounting firm that specializes in non-profit accounting. You want an expert helping you. Accountants understand the ins and outs of financial reporting, taxation, and audits better than anyone. They can see that you are in compliance with every regulation, and they are prepared for changes when they come. Look carefully at the accounting firm that you hire to see that they work regularly with non-profit organizations and will work for you. They should know specifically about issues affecting you, and they should work with you. A firm that knows non-profits can also help and advise you on all the financial and non-financial concerns that will affect your bottom-line, such as hiring senior staff and choosing board members.
You may think that, as a non-profit organization, it would be irresponsible to outsource your accounting, but in fact, it is a very profitable thing to do. The non-profit accounting specialists understand how to make your organization more cost-effective, and become better managed, which will result in greater compliance, less problems, stronger confidence and therefore more donations.
Account is always an important part for every organization either it is modern or an old company every business maintain its account to understand the profit or loss obtained by the business operations. An account manager reflects the true position of the company in financial terms. Favorable account position means more profits in business and strong position of the firm is depicting by the same. An accountant will maintain the records of financial company, analysis of accounts, implementation of new methods of accountings, and preparing all the accounts of the company.
Students interested in accounting management can take admission in MBA colleges. Here students can take professional account management which is very much essential for modern firms. Students holding an MBA degree get more opportunities as compared to others. Top MBA colleges in India are offering Accounting management courses where students can improve their skills.
Best MBA colleges in India offer professional education of account management after bachelor degree. At post graduate level students can take admission in top MBA colleges in India. Undergraduate students can also take admissions in this course but only few of the recognized board are offering this program.
Students need 50% aggregate marks in commerce stream to take admission in this course. Students must have commerce stream because accounts is the main subject of that stream. Only few of the MBA colleges in India are offering this program. Students will go through an entrance examination and many times MBA institutes conduct their own tests and interview.
Students pursuing MBA in it will improve their interpersonal skills, analysis skills; and knowledge in cost accounting will be improved. Get become perfect account manager MBA in it is must. Students who have vast knowledge in subjects like accounts, finance, law, taxation, insurance will perform better in MBA courses & colleges.
Business scenario in India is changing rapidly and many account managers are needed to complete the demands of new upcoming companies in India. Accounting management is bright career for students who have interest in accounts and sharp skills in management.
Few MBA colleges you can select for this course are:
Wigan & Leigh College, New Delhi
FMS – Faculty of Management Studies, University of Delhi
Management Development Institute, Gurgaon (MDI)
Indian Institute of Management, Lucknow (IIM L)
Students studied in MBA colleges in India are working on high packages with multinational firms and it all depends on your skills and knowledge in accounts.