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Accounting and Finance

Financial management is one of the major concerns for a business. Usually businesses have their own financial managers who are in charge of finance. Financial manager is a member of the top-management team and an active participant in planning, controlling, and decision-making processes. He deals with reporting and interpreting of data needed in decision-making. He negotiates terms of financial transactions, compares rates among, competing financial institutions. Financial management begins with the creation of financial plan. The plan includes timing and amount of funds and the inflow and outflow of money. It is financial manager who develops and controls the financial plan. He forecasts the economic conditions, his company's revenues, expenses and profits. The financial manager plans a strategy to make the ending cash positive.

Every business and organization needs systematic and up-to-date records of accounts and business transactions. Bookkeepers and accountants enter these records into journals and ledgers or in the memory of a computer and provide accounting services. Accountants design and install accounting information system for organizations, they help financial managers in budgeting, measuring and controlling costs, preparing taxes. So, to be a good accountant you must know accounting information systems, how to record and analyze financial transactions, to compute taxes and help Management and other interested parties to make correct financial decisions. Accountants analyze the financial strength of the firm right from the first days, prepare financial statements, show all money received and paid out. This information in the form of Balance Sheet and Income Statement is needed to State Administration, Tax Authorities, banks, Management itself, creditors, suppliers, customers, etc. So their task is to follow accounting principles and rules, to check up correctness of accounting records as well as to advise the interested parties on financial matters.

Like accountants auditors do a lot of the same things: they prepare, analyze, and verify financial reports, and furnish (доставляти, постачати) information to managers in different businesses, industrial and government organizations, maintain a continuous internal control against errors and possible misappropriations. They advise management on financial matters and report to

them on current state of the company's fiscal affairs. Finally, they check the accounting records in regard to completeness and accuracy, making sure that all irregularities are corrected. The independent auditors are always highly qualified and certified accountants. They do much of the same things as internal auditors do in order to determine the accuracy, authenticity, and completeness of the records.

In Ukraine employment of accountants and auditors as well as financiers is expected to grow much faster than the average for all other occupations in the near future due to the role these specialists play in the management of all types of business.

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