Which Is A Better Career: Banking and Sales Or Accounting?
Are you interested in both of the business careers but doesn’t know which of the options is perfect for you? You are not alone. Many people find it difficult to pick a degree program from the overwhelming list of business alternatives. However, there are numerous factors that you need to consider before settling for a particular career.
To help you make a choice between the two, we have presented a side-by-side comparison between banking and sales and accounting. Regardless of whether you are considering majoring on the creative side if banking and sales or analytical accounting, you are in the right place.
Banking and Sales vs. Accounting
Before you can pick any degree as a major, it is essential to consider your passion, job outlook, duration of the study, and earning potential. To perform at your best level, you need to be passionate about what you do. Also, you need a job with a pleasant outlook.
Banking and sales entail introducing and promoting products and services to customers and other businesses. Like marketing, you will be required to use both traditional and digital platforms to promote company products.
On the other hand, accounting involves budgeting money and other company assets. If you pursue a career in accounting, you will be able to manage investment portfolios, analyze financial markets and current trends, and have a deeper understanding of how to manage debt.
Common Job Titles
The most common job titles for banking and sales professionals include:
Sales manager; tasked with creating marketing strategies for the company, promoting business’ products and services, describe product features and help with determining product/service pricing.
Sales representative; he/she is responsible for identifying and following up new leads, explain product features to current and potential customers, and build and sustain a vibrant customer base for the company. Other familiar titles include outside/inside sales representative, sales consultant, teller, and collection agent.
Common Accounting Job Titles Include:
Accountant; responsible for keeping company records comprising profits, taxes, assets, and liabilities, analyze company financial reports and statements and organize tax returns. Other popular job titles include accounting clerk, chief financial officer, auditor, financial controller, or financial analyst.
Skills Required by Employers
While a career in banking or accounting may seem lucrative, they are not for everyone. Either of them requires specific industry skills for one to succeed. However, there are some common skills that employers are looking for before absorbing banking and sales or accounting professionals. In-demand skills for banking and sales professionals include sales, marketing, social media management, business development, market research and strategy, and customer service. For accounting experts, most employers are looking for accounting knowledge, financial analysis and reporting, business administration, GAAP, general ledger, forecasting, and account reconciliation.
Bottom line, both careers require a Bachelor’s degree as the minimum level of education. Therefore, while making up your mind on the best alternative for you, remember that education plays a critical role for a career in either banking and sales or accounting.
From the above comparison, you can now look into your strengths, weaknesses, and personal preferences to make the final decision. No need to rush. Take as much time to arrive at an informed choice.
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In House Accounting the Pros and the Cons
Accounting is part of every business. Every business revolves around numbers. Every transaction carried out in the business has to deal with figures. With this in mind getting necessary help is important for the business. More importantly is the function and the role they play in a business. There are 2 options to choose from while hiring accounting services.
1. Outsource accounting services.
2. Hire an in-house accountant.
Outsource accounting services means you hire services for specific accounting projects and pay in terms of packages. You can choose to hire freelancer services. Services provided are only limited to your agreement with the accounting firm.
In-house accounting simply means having your accountant at your disposal. This involves hiring someone to carry out all functions on matters accounting in your business. You will also enjoy any other function as guided in terms of advice.
The two are quite interesting options to look at. Here are some pro's and con's that will help you make a more clear decision.
Pro's of having an in-house accountant
1. By having an in-house service, value for your money is guaranteed. What every business owner wants to avoid, is having to pay twice for a single service. Outsourcing or in-house services can be tricky. You will get your services provided online hence you cannot monitor or give me specific direction on how you want your financial statements done. Having an accountant around is better as you can give specific guidelines.
2. Get more services than you pay for.
By opting for in-house services gives you more services. Online accounting and outsourced financial services offer a strict framework. They will only do work that is paid for . No extra work . By opting for in-house services you can get more services like advice . You will get this advice at no extra cost as opposed to outsourcing where every service item provided is paid for .
3 . Timely work
It's more preferable to have someone that is stationary. Someone who is accessible . For this, you need to consider an in-house option. Having your services from outsiders or via online platform limits accessibility to timely response . This can end up being a challenge especially when you need urgent work to be done .
4 . Maximum use of the accountant skills
Hiring an individual gives you a position to plan their working schedules and duties . From this point of view you can easily get much more work done . You will not be limited to specific agreements .
Con's
1 . Cost burden
Hiring someone can end up being a burden . This can especially happen if you run a small business . Small businesses may have a lot of duties only during the tax periods or stocktaking periods only. This only means you will be paying someone to sit in the office .
2 . Limited expertise
Two heads are better than one . Hiring someone online means your services in terms of accounting and financial advice is limited to a single individual . Outsourcing would be a better option . You can get more better advice as accounting firm have a number of experienced financial experts . You are simply assured of quality work that will keep you a step ahead of your competitors .
3 . There are different types of financial experts namely ; cost , tax and auditors . You cannot afford the luxury of having all the 3 types of experts especially for a small business . Outsourcing would be the best option you just have to hire their services and they will handle the tasks of delegating according to expertise
Best Company Formation Service Provider in UK
Every human being or thing needs a name before it can be identified in front of world. No business in this world can be started or exist with having any name or legal status. So, in United Kingdom there lots of outsource companies which use to provide company registration services. The best company formation services in UK by WeAccountax gives you a complete solution and support from start till end.
It is difficult for new beginner or a young entrepreneur to understand the rules and regulation for registering a fresh company. Besides that, there is some cost and time involved in formatting a company. It is better for a small business to hire a company formation firm and get them registered by taking any hassle; remained focus on their core business. The companies who are well in experience along with a team that consist of type of professionals such as chartered accountants, legal affair, marketer and researcher can provide client or beginner a best start-up ideas. These companies provide you a proper feasibility report which suits the nature of the business. The Best Company Formation Services for Small Business in UK always helps you in selecting the unique name and adoptive to the product or service you provide.
How A Small Company Gets Formulated
The first step for any company is to select a name which should unique, different and represent the nature of the business. The name should not be copied from any existing company and also does not violate the copyright regulation. The name must have the marketable image by keeping all the laws in mind. Then, the place of the business should be known and mention at the time of registration. The address of business must not be ambiguous or fake. The address represents the existence of the business at specific place. The most difficult things are arranging few legal documents such as memorandum of association and article of association. The outsource companies help in getting all the documents and as per the requirement of companies law 2006 of United Kingdom.
Both the documents consist of all the company related important information. The article of association represents the internal policies of the firm, shareholding pattern and directors, whereas the memorandum is equally important for the company formation. As, this document is important for external stakeholders to understand about the company. The both legal documents should include company name and initial shareholders. These details can vary from at least one share issuance to many. Article of association includes the rules and regulations which are to be followed by the company in order to operate. Changes in article of association are only possible by the shareholders exercising their voting powers.
After the arrangement of the entire above document, the complete company registration case sends to registrar. The registrar checked the whole set of documents and complete the formalities related to them. Afterwards, there will be a meeting held in between registrar and owners of the company.
The role of the formation companies is vital during the whole process. They arrange all the documents, complete the formalities and speed up your registration process. They take care of whole process in a very low cost and save you time. So, it is better to hire a formation company in UK rather to spend you precious time in getting company registered.
