The world of accounting and finance is very interesting from different perspectives: first, accounting and finance help to develop new services and improve people’s living conditions; second, these two concepts are the major needs for decision makers; and finally, these current studies may be stimulating and rewarding at the same time, because accounting and finance are the key elements in many organizations.
Accounting and finance play a significant role in today’s society, as they deal with economics and information science and provide rather strong background for professional careers in the sphere of business.
The importance of these current studies is obvious, because accounting and finance are much more than just simple gathering and analyzing information and control of markets; these studies are the centers of many organizational systems, the support for many decision making practices, and their understanding is considered to be an important step in carrying out all possible management tasks.
First, in order to comprehend why these current studies are important for today’s society, it is necessary to clear up the essence of each of these terms. Accounting is regarded as “a part of the business’s total information system, whose role is to provide information to ‘clients’” (Atrill and McLaney, 9).
Finance, in its turn, helps people make proper decisions and provides them with a chance to achieve success in numerous business activities. Lots of people, both who are involved and even who have little in common with business, admit that accounting is some kind of business language, awareness of which provides communication between organizations.
Finance focuses on possible risks and returns: individuals realize the essence of money and capital, are aware of different forms of finance, and are able to evaluate and overcome the risks, which are inherent finance. It is considered to be a good start for those, who want to become important figures in the sphere of business.
The major point of finance and accounting is that people face these two concepts very often nowadays. People read newspapers and watch numerous TV-programs about the chances in economy, money problems, and business competitions. The vast majority of people do not actually understand that finance and accounting are not similar, and have absolutely different purposes. This is why comprehension of information from media may be wrong because of poor knowledge about finance and accounting. This is the reason number one, why the current studies are important in today’s society.
Another significant issue concerning the importance of the studies is the constant changes, which happens on the field of finance and accounting. Financial markets offer more and more opportunities and services for their customers; this is why to get the necessary profits and benefits, people should know enough about capital markets, their peculiarities, and money making. They should also be ready to make decisions and deposit and invest properly, analyzing possible consequences of their activities. So, it turns out to be preferable to study accounting and finance. The last point that has to be mention is people’s passion to money.
It goes without saying that people like money and cannot imagine their lives without spending and earning money. However, to be able to spend money properly, people have to learn to make it. With the help of finance and accounting studies, it is possible to lend money in business successfully; these studies offer numerous credit facilities; and finally, managers get possibilities to enter contracts and buy services.
The importance of finance and accounting in today’s society is also closely connected to cooperation of these spheres with other spheres of life. Even such institution as family may be improved by proper understanding of finance and accounting. Husbands earn money, wives offer the ways to save or spend it, and children always ask it to satisfy personal desires.
If families do not aware of the general issues of such studies like accounting and finance, the financial situation of such families will hardly become successful. Business, personal relations, and even education in modern society is closely connected to money, this is why awareness of how money is made is crucial.
Education, in general, plays a very important life in any sphere of life. When a person is educated, it becomes a bit easier to use offered possibilities, to improve personal positions, to get good jobs, and earn enough money to enjoy this life. The studies connected to finance and accounting are significant indeed for today’s society, as people always want to know more how to develop their business, how get more benefits, how to make decisions with less harm to own incomes.
This is why the importance of these studies becomes obvious, the only thing that has to be evaluated right now is how to pick out the best ways to study finance and accounting at a proper level, to gather necessary financial and accounting information, and to be ready to evaluate critically the roles of finance and accounting and find out their strengths and weaknesses.
Atrill, Peter and McLaney, E. J. Accounting and Finance for Non-Specialists. England: Pearson Education, 2006.