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By Tom Tessin
Accounting/Bookkeeping
Accounting/Bookkeeping are often referred to as the the language of business.
Basically, what the either an accountant or bookkeeper does is translate business transactions and organize them by using a special logistics system. They create different financial forms such as an income statement, balance sheet, statement of stockholder’s equity, and the statement of cash flows. All of these are key factors in translating how your business is performing not only internally but externally as well. Some people wonder what is the difference between an accountant and a bookkeeper and the answer is simple. A bookkeeper is trained to just copy the transactions and organize them in ledgers while an accountant is trained not only to do that but be able to explain and understand why these transactions are happening. As either of these you will have more of a fixed salary as oppose to our later areas.
Finance/Economics
Although these are not as similar to each other as accounting and bookkeeping, they do have enough similarities that they can be assessed together. They are a lot more broad and contain many different areas to work in. As a financier you can either consult individuals or firms on investments, calculate risk of a certain investment or project, or work with economists to determine how spread out your money for the future. As an economist you mainly predict how the economy will change within a certain period of time or how different additions to your company can improve marginal cost vs. marginal benefit. The main thing is the two can work together and use the translations by the accountants to formulate plans for the future in order to keep your firm ahead of the competition and healthy during economic struggles such as this one. Depending on which area work is how your salary works but overall, these occupation’s salaries rely mostly on how much money you make for the company therefor determining your salary. To put it in an easier way, the more you make, the more you get.
Marketing/Advertising
Marketing/Advertising are often referred to as the senses of business. You have to use all your senses in order to determine how to communicate your business to everyone. This is another field where people make an error and confuse the two to be the same thing. Advertising is more narrow and refers to all of the information derived from the marketing research you do. Advertising are the usual things such as billboards, newspaper ads, pop-ups, etc. while marketing goes much further in depth. When marketing, you are advertising but you are using information based on surveys, statistics, demographics, etc. If you are a fleece apparel company you are not going to open up many, if any stores in Florida. You could try selling your merchandise to a retailer and see how sales go and act accordingly gathering all of the data and transforming it into advertising is marketing. You can even go further in depth and analyze human psychology and how people react when they see your product and what perception they have of it. The methods are endless to determine how you really want to communicate your business.”
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