Summary: As the fashion industry is going global with procurement and shipping, financial officers, tax specialists and financial analysts are in high demand. Every country has its own tax laws, and suppliers bring their own invoicing to the table. This is where online accounting courses can be of great help.
Whether you are looking for an entry-level job at a clothing and apparel business or a working manager with a fashion brand, knowing your finances will make you stand out of the crowd. Basic knowledge of accounting is a skill set that is not just essential for applicants and serving employees from a commerce background. Employees in the supply chain, logistics and management of a fashion label, irrespective of their academic background should have knowledge of accounting.
Accounting courses are very useful in understanding the fluid dynamics of global businesses and working your way up the corporate ladder. And, if you are already employed in managing any of the profiles requiring knowledge of business finance and taxation, you can do so without quitting your job.
Most universities in the US, such as Harvard Business School, offer online accounting courses. Accounting courses can be segregated based on their duration and online certification. For example, once you have cleared an online course with a Level 3 certificate, you can apply for advanced studies.
There are three basic courses in accounting, which you can pursue online. The first is financial accounting, or ledger maintenance, which is the mainstay of any business, including all fashion brands. The second is business or managerial accounting which deals with funds flows and working capital in the business. The third one is tax accounting which deals with domestic and export taxation and auditing.
The duration of an online course in accounting depends on the subject and the certification you opt for. Entry-level courses can get wrapped up in 6 to 8 weeks. You can then opt for senior programs or diploma and certificate courses. These courses usually have a semester system which can have a duration of 6-12 months.
The openings in financial occupations are set to grow by 5 percent by 2029. This report by the Bureau of Labor Statistics places the growth curve in accounting jobs faster than any other job! Here is how you can get cracking on your career path in the fashion industry with online accounting courses.
The auditing department, it is said, is the watchdog of any business organization. With fashion industries going global, an audit team can bring financial discipline to an organization. Online courses in auditing teach you how to keep your books in order. This is specifically beneficial for those dealing with taxation laws.
Fashion brands with global procurements often hire expert services from privately managed tax firms to comply with the tax laws of different countries. An applicant with an online diploma or certificate course in taxation can get a good break with either the company itself or any of these private and publicly listed auditing firms.
You can make an entry into the Chief Financial Officer’s team with your advanced skills in making predictive business models for determining supplier resilience and cost-benefit analysis of a business decision for a fashion brand.
With data mining and data analytics getting integrated into the supply chain management of major fashion brands, getting enrolled in information technology accounts courses online can help you land a job on the procurement side of the business. These skill sets are also required for another branch of forensic accounting, which deals with finding out fraudulent transactions and loopholes in an accounting system.
As a business manager for a fashion brand, using financial statements to make profitable deductions helps your business grow. Making informed decisions requires evidence-based analysis. An online course in business accounting can give you that edge over others while applying for a managerial position.
Applicants applying for a practical online accounting course can further their university-level degree or make their employee portfolio more diverse. In fashion industries, the role of financial, tax and business accounts cannot be discounted in getting a competitive advantage in the market and complying with the local taxation laws. Whether you are engaged in an accounting job or you are looking for a break in any of the departments that require financial understanding and budgeting skill sets, opting for an online accounting program makes sense.
Fashinza can help you make judicious use of your financial resources and get you connected with global suppliers who are well aware of local taxation laws.
If you need assistance in running a worry-free supply chain and AI-monitored logistics for your fashion brand, connect with us at Fashinza.