Definition of finance
Finance is an information science that is used to collect, classify and manipulate financial data belonging to an individual or an organization. It is instrumental in a firm or an organization as a means to determine the financial stability of the firm. Where there is no finance management, an organization will have no foundation upon which daily and long-term financial decisions could be made. The budget for profit reinvestment, marketing activities, development, and research, as well as the overall growth of the company all steam from the work of the finance department.
Different types of careers in finance
Auditing is the act of studying financial records and reports of an organization by an accounting services specialist. An auditor will ensure the efficiency of an organization by keeping the public records straight and confirming that the payment of taxes is done in a proper manner and on time. Apart from carrying out the fundamental role that their occupation demand, they also provide information on customers by analyzing, verifying and preparing financial documents.
This area of accounting requires the special practice of auditing, accounting, and investigative skills that are mostly used for legal matters in a court of law. Forensic accountants investigate white-collar crimes such as embezzlement, securities fraud, and bankruptcies.
Public accountants are more like freelance accountants who can offer accounting services in their private practice or an accounting firm. Their daily tasks are vast including financial and tax planning, auditing, consultant services and giving advice on benefits and pensions.
These are people who are specifically trained in the field of tax. Any department of the treasury should give the mandate of representation to tax professionals so that they can represent taxpayers at all administrative levels of appeals, audits, and collections.
These are individuals who offer advice to business owners on investments and financial planning. They usually consult with their clients so that they can offer the best advice based ion the financial situation of the client.
These are individuals who specialize in high subject matters such as dealing with financial reports, preparing proforma statements and interpreting financial reports for individuals and organizations. They also analyze and evaluate financial reports and statements for different statutory and regulatory authorities.