Asset Accounting

What awaits you in Asset Accounting?

Especially larger companies often do not just own financial assets – money. Often there are also items such as machines, products and goods or gold owned by a company. Real estate is very popular. These objects are called assets and are part of the fixed assets. The fixed assets are part of the budget of a company, which is not spent – so accordingly differently ‘stored’ – just in assets. Asset Accounting thus takes care of the administration of the assets.

What awaits you in accounts receivable / payable?
Short version: processing of claims to customers / processing of obligations to suppliers

Since corporate customers pay almost exclusively for services or products on account, they must be managed and controlled. In the same way goods or raw materials are often paid in advance and compliance with the goods deliveries must be secured accordingly – this is the responsibility of the accounts receivable department.

As you can probably imagine, accounts payable accounting is pretty much the opposite: Here, it is checked that all invoices are paid on time and the services (ie product deliveries, services, etc.) are provided on a contractual basis.

What awaits you in energy bookkeeping?
Abstract: Recording and analysis of the energy values ​​for their optimization

As is known, larger companies and corporations consume extremely much energy, which certainly causes costs. Accordingly, energy accounting ensures that as little energy as possible is consumed and the costs of electricity and gas are kept as low as possible.

What awaits you in financial accounting?
Short version: Accounting for the accounting and profit and loss account

All pay-based processes in the company must be recorded in accounts and posted, as well as chronologically and objectively documented. In Germany, this is required by law, which is why financial accounting is essential in any company. However, a balance sheet must be drawn regularly to have an overview of the income statement.

What awaits you in payroll accounting?
Abstract: Responsible for salary and payroll accounting

This is probably not a more complex explanation necessary, the name says it all: The payroll accounting ensures that all salaries are paid on time and properly registered.

The larger a company, the more complex the subdivision of the individual areas of accounting. In smaller companies, the totality of accounting can still be handled by one person, but in larger companies and groups, it is already worthwhile to organize the bookkeeping into different departments.

Study Bachelor / Master or a commercial education?
In USA there is no direct training as a bookkeeper or as an accountant. As a rule, accountants first complete a business education to complete training after graduation (and usually 2 to 5 years of practical experience). The spectrum for this is then relatively wide – are offered training courses (which usually then still the name “training” carry) to the audited accountant, certified accountant, financial accountant or business economist. In addition there are further training courses, which would rather be assigned to the area of ​​the Controllings, with which one can find however also in the bookkeeping a employment. For example, educational programs for auditors are popular,IFRS accountant (International Financial Reporting Standards) or tax consultant.

Mostly these training courses are completed by distance learning, since only very few professionals are able to take a few months holiday for this certification or even to quit the profession. These distance learning courses usually take between 3 and 21 months – depending on which accounting career you are aiming for, at which university you complete the distance learning course and what degree of intensity you choose.

November 2019