Course 101: Diploma of Accounting

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Accounting by theory is the organised recording of financial transactions within the business or by an individual. It is the analysing and reporting of these transactions to agencies such as tax collections or regulators for oversight. These are also used to analyse the financial performance of a company’s operations within the quarter or year. These reports are generated through several accounting processes such as cost accounting, cash flow accounting, etc. These all sound highly complex but in reality, these are just considered the essential basics of accounting. No matter how complicated you think there are, it is an inevitable part of your business thus, no matter what industry you choose to take, accounting will always be there to greet you (usually around EOFY).

Granted, an accounting career does not appeal to a lot of people. But it is one of those careers where only a few are called and chosen. It is, after all, a career that requires dedication on top of high logical and analytical skills. A qualification that you can take to get a jumpstart to this career is a diploma of accounting. Here you are taught the basics of accounting including other preparatory accounting tasks to be discussed later on. They will learn to not only record financial transactions and do bookkeeping but also how to apply accounting solutions to several complex business problems and analyse them. The usual career paths of students who finish this course are registered tax agents, accounts payable and receivable officers, payroll providers, or financial controllers. It can also be a course done online and thus it allows for a more flexible learning experience allowing for your existing work and lifestyle habits.

A diploma in accounting is usually broken down into modules to ensure that all of the information is  throughly absorbed by the student, more information about diploma of accounting course structure can be found here.  Generally, you can expect 11 units which will teach you the skills necessary to make you adept in the workplace. Here are some of the modules you may undertake during a diploma of accounting.

Financial reporting

Financial reports are a must for every business. To report their business activities is a tax office requirement that entities need to comply by the end of the financial year. So here, accountants need to finalise the books to ensure that the reports reflect the proper amount the businesses need to pay for tax purposes.

Budgets, management accounting, and economics

Having a vast knowledge of the books means accountants can analyse the numbers to be on top of the operational budget of the firm. They can manage the budget and make forecasts based on the current run of the business. If you are looking to study  a bookkeeping course then you should visit this website to find out what the differences are between book keeping and other courses. You may find some similarities or differences which influence your final decision.

Financial performance and internal control

They also teach how to provide financial and business performance and report this on a quarterly basis. They are also taught how to maintain internal control procedures for auditing and financial reporting purposes

Taxation

Tax filings are one of the most known expertise of accountants. Here they are taught the taxation regulations and laws of Australia and the basics on how to file it depending on whom they are going to represent. 

Upon completion of this course, students can continue to an advanced diploma and further, to a bachelor’s degree in accounting which then allows you to take the board exams to become a Certified Public Accountant.