How does accounting affect my future endeavors?
Accounting is an important aspect to any business. Accountants are responsible for providing information that is used to determine the current and future economic stability of an organization. It has been proven that companies that use good accounting practices have advantages over their competition. They also have the ability to improve their decision making abilities. Those that do not use these practices are faced with an inability to compete in the market and make their decisions simply on suspicion. Not only is accounting very important in the business world it is also beneficial for ordinary people to know as well. Everyone uses accounting skills in their daily lives when making financial investment decisions and when determining their interest rates in order to pay off their house mortgages, car loans, personal loans, balance their check books and so on.
Basic accounting skills are needed for my future career, as my goal is to become a Human Resource Manager. As a Human resource manager it will be essential that I have an understanding of the economic functions within the organization. It is important for me to be able to analyze and effectively manage cost control. This will be necessary to properly set salaries, pay raises and bonuses and in the unfortunate event the organization needs to downsize. Some examples of specific duties done by some human resource departments include: * Managing the HR operating budget
* Compiling payroll data such as hours worked by employees, sales tax, insurance and union dues to be withheld, and employee identification numbers from time sheets and other records. * Developing, maintaining and updating all associate records and files. * Orders, distributes and maintains Human Resource office supplies. * Prepares computer input forms, entering data into computer files and computing wages and deductions and posting them...