Finance and accounting courses, a key area for business
Functions of the finance department
The administrative/financial or accounting departments of companies are one of the most important areas for any business. In uncertain and unstable contexts, it is essential to understand the economic situation in which the business finds itself, and analyse financial markets to draw conclusions and make decisions that favour the economic activity of the organisation.
It is important for a financial department to regularly update accounting records. Companies must make decisions taking into account their financial status and the market situation in which they find themselves. It is essential to keep analysing internal and external factors that may affect the organisation, in order to minimise risks in strategic decision-making.
Advantages of studying Finance and Accounting
The financial department requires a great deal of economic knowledge and a significant capacity for analysis and interpretation of values. Studying finance and accounting can help you build these skills and learn new techniques and resources to avoid common accounting errors.
In uncertain and unstable times, rapid, flexible decision-making is important, and this can only be done with the right information at the right time.
With training in finance and accounting you can acquire the comprehensive vision applicable to financial markets, as well as to economic activity in public and/or personal finance.
The world of accounting operates with financial instruments that must be known and mastered. It is only on the basis of analysis and interpretation of financial information that long, medium and short-term objectives can be planned. It also helps to understand how to plan, analyse and control budgets, as well as how sales, administrative, financial and production costs can be defined.
If you would like to aspire to one of the posts most in demand today, we present our options for training in finance and accounting with which you can improve your financial knowledge:
Bachelor's Degree in Marketing and Digital Communication (MKT)
Global Executive MBA in Barcelona
Why study Finance and Accounting?
The finance and accounting department has to ensure, above all, the economic viability of the business. To do this, it controls, manages and optimises revenues and expenses in order to grow the value of the company. Having good administration and control of finances allows for more efficient management of resources.
Planning and budgeting helps to properly manage the company’s resources in order to maximise the profits associated with the business in question. Accounting is a fundamental element that is part of finance and helps us manage the expenses and income of an organisation, in order to create a real economic/financial image for where the company is located.
The importance of finance and accounting in a company
Good control of financial resources is based on evaluating the best proposals for making investment and financing decisions at the lowest cost.
In addition, the financial department develops the financial organisation model, that is, the economic model that will be applied to the activity of the business. It is important that accounting processes be properly defined. Transparency of accounts is one of the most important factors and, for this purpose, an accounting record and a financial analysis should be scheduled to ensure the year-end targets.
Internal control is another task that must be carried out by any financial department. It is crucially important to be able to detect deviations as soon as possible in order to avoid losses; the automation of accounting processes can be of great help.
Another purpose of this functional area is the choice of the person who will be responsible financially, that is, the highest authority. The person in this position will be responsible for deciding economic management within the department, so their actions will have a direct impact on the company.
Finally, knowing the market in depth is another activity that the finance department should carry out. Being aware of exchange rates, interest rates and inflation, as well as all other relevant economic and financial information, can help the development of the company’s financial and economic activity.
Today’s management of organisations makes financial management take on a different meaning. Constant changes, their speed, new trends and, above all, the globalisation of financial markets, all demand essential planning and financial analysis in organisations.
Therefore, given the market environment in which we find ourselves, there is a real need to acquire the practical knowledge which will allow us to make efficient decisions.