Introduction
Financial and managerial accounting are essential aspects and practices in managing company resources. Although these practices differ, they have some underlying concepts that present areas of similarities. Both aspects of accounting review the economic and business information to generate reports. Additionally, both approaches derive information from the same financial database to develop their respective reports (Appelbaum, Kogan, Vasarhelyi, & Yan, 2017). Finally, both accounting approaches review and deal with financial reports. During my internship at 1 Peza Inc. Company, I gained numerous insights into the internal business administration processes and practical experience in accounting.
Discussion
When building a career in business accounting, it is important to understand and consider the direction of one’s career. In 1 Peza Inc, I was introduced to both kinds of accounting – financial and management. Financial accounting is important because it provides a company’s financial outlook and performance. Additionally, it is important for legal compliance. Management accounting is important for internal decision-making and identifying areas for efficiency improvement. I preferred to pursue financial accounting because it has a broad scope that offers wide exposure to diverse financial aspects. Hence, my first prior responsibility in the company was doing payrolls. I was introduced to modern software used for accounting, which is QuickBooks Accounting. Learning that was not easy, but I adapted quickly and was confident in using the software in my daily tasks.
Conclusion
The internship experience at 1 Peza Inc. expanded my knowledge of internal business processes. In addition, being responsible for payrolls in the company enhanced my confidence and deepened my knowledge of financial accounting. Learning and working in the QuickBooks Accounting software would be a significant addition to the skills on my resume. Yet, the key takeaway gained during the internship is the decision to pursue financial accounting over management accounting.
Reference
Appelbaum, D., Kogan, A., Vasarhelyi, M., & Yan, Z. (2017). Impact of business analytics and enterprise systems on managerial accounting. International Journal of Accounting Information Systems, 25, 29-44. Web.