accounting and finance personal statement

Sample Personal Statement Accounting and Finance

by Talha Omer, M.Eng., Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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Dr Fatimah Zainudin from the University of Southampton’s management school is looking for 'the "chemistry" that makes an applicant shine out,’ so try and demonstrate your enthusiasm about the course and the buzz you'll get from studying it.

'What we love to see is a passion for the subject itself. If you fall in love with the subject, that’s what will lead to success on the course; it will give you the right chemistry,' she says.

Demonstrate your enthusiasm

If you can demonstrate what's sparked your interest in finance and accounting, that's a good start – but it’s no good just saying you’ve got a passion for it, you have to show it.

If you’re not the kind of person who gets very passionate about things, don’t worry. But do still try to explain what it is that attracts you to studying it. Then back it up with evidence of your relevant skills, knowledge or experiences and show that you understand something about what’s involved. That should solve it.

See our in-depth guides to studying finance or accounting at university, from typical modules to career paths, for some inspiration.

Finance and accounting personal statement must-haves

• Get the basics right: good communication skills are essential to anyone working in the finance sector, so make sure your statement is well-written. Nobody is asking for a literary masterpiece here, just a well-structured and waffle- and error-free statement.
• Interest in the subject: Sheffield Hallam University is looking for you to demonstrate 'an interest in and awareness of accounting and finance, or some level of practical experience.' Similarly, Bristol is looking for 'interest and commitment to the subject.' This means conveying enthusiasm for studying it and showing that you understand something about it, whether that comes from reading, work experience, or studying relevant topics in your A level, BTEC, or Higher course.
• Business awareness: University of Bath selectors are expecting students to have an interest and aptitude for 'quantitative analysis of business issues.' Demonstrate this with evidence that shows your abilities for applying mathematical skills to the analysis of business problems.
• Beyond the classroom: The University of Bristol is looking for 'intellectual curiosity – reading or research beyond the A level (or equivalent) syllabus.’ This is always good practice in personal statements, provided you then reflect on what you learned from your wider reading or research – they don’t just want a list.
• Relevant outside interests: if you choose to include extra-curricular activities, make sure they are relevant or showcase appropriate personal characteristics, skills, or achievements. Apply the 'so what?' test: if you play the flute or basketball, can you make that relevant to your future success at university, or should other factors take priority in your 47 lines?

Make the most of any experience

If you’ve had some work experience , that’s great. It doesn’t matter whether it’s a couple of weeks spent shadowing an accountant, a couple of hours just talking to one, a part-time job in a financial, retail, or business environment, or a scheme like Young Enterprise. What does matter is that you write about something relevant that you have learned from it. But, as Sheffield Hallam and LSE say on their websites, experience is not essential, so don’t panic if you don’t have any.

Your commitment to studying accounting or finance as an academic subject is usually the key requirement. However, if you can also show that extra ingredient of passion and a glimpse of the ‘chemistry’ that exists between you and the subject, then your application really will stand out.

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Accounting and Finance Personal Statement Example

Sample statement.

No one who has watched the news or read the newspapers over the last few years can doubt the importance of finance in the modern world. Since the economic crash of 2008, the economies of Britain, Europe and the wider world have been headline news, and the affects have been keenly felt by each and every one of us. I want to study finance at university not only to allow me to understand what is happening, but also to influence these events for the better.

With my parents running a long-standing family business, accounts and finance have been a large part of my life for as long as I can remember. My father has always involved us in the running of the business, explaining his decisions so that we could support him and know what was going on. However, it has been really difficult to watch as events way beyond his area of business, have caused his company to struggle, despite the hard work and dedication of him and his staff.

I have steered my studies towards the ecomomic subjects so that I can gain a better understanding of the wider picture and how this has affected my family business. I have studied maths and business studies, along with geography to give me a worldwide context for these events. As I have got older, I have also become more involved in the details of the company’s finances, gaining an in depth understanding of the mechanics of running a small business.

While I will ultimately inherit the family business from my father, I aim to spend the intervening time gaining as much experience in the wider world of finance and accounting as I can, in order to bring fresh perspectives to the way things are done. I believe the best first step on this road is to study finance and accounting at university, so that I can apply the very best practice to the business.

I am a subscriber to The Economist and regular reader of the Financial Times, which help by giving me different views and opinions on the key issues of the day. I am also a keen member of the school debating society, and enjoy being given a point of view to defend, especially if it is one that I do not personally agree with. I have even considered a career in law as a result of this, but I feel that finance and the economy are in my blood as part of my upbringing.

Of course, life is not all work, and I enjoy hill walking with my friends as well as playing for the school rugby and cricket teams. I was also part of a school project to build and race a go-cart, and was one of just a handful of people who stuck with the project to the end. This experience of working in a close-knit team was a valuable time for me and one that I will treasure, along with the second place trophy that we worked so hard for.

I believe that university life will be an education for me, not only academically, but also in a social and interpersonal way. The experience will prepare me for the working world and ultimately make me a worthy successor to my father as head of the family business. 

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How to Write a Personal Statement for Accounting (Best Tips)

It should signify your love for numbers and your passion for business and finance. It should also provide an in-depth look into your personality and evidence that you are qualified for this course. This article will show you how to write a captivating personal statement for accounting school in the simplest yet most substantial form.

What is a Personal Statement?

What to include in your personal statement.

A personal statement is not a lengthy essay to be filled with your life story and fancy goals. It must be a concise, realistic, and compelling justification of why you’re the most suitable candidate to be granted admission.

Include these in your personal statement:

According to James Seymour, Director of Marketing and Student Recruitment at the University of Gloucestershire , universities do not want a beautifully written essay with tens of achievements but a realistic picture of a candidate with all efforts, traits, goals, and hardships that shaped him for an accounting major.

How to Write a Personal Statement for Accounting (Step-by-Step Guide)

1. do your research.

This research will make you confident about your choice and your plans. Reflect the knowledge gained from this research into your statement. Tip: Do thorough research and make notes on the achievements of instructors, industry leaders, and related case studies. This will help you in compiling evidence-based personal statements.

2. Brainstorm and Write

3. filter it out.

Now you have a very long, unstructured, raw content, the next step is to read it and group your sentences into the following sections:

4. Arrange and Refine

5. analyze and improve sections, 6. set the flow, 7. proofread, 8. peer check.

After writing the final copy of your personal statement, get it reviewed by your friend, colleague, teacher, supervisor, and subject expert. Be open to critique. Listen to their reviews and comments, ask them what they thought while reading your statement, and then jot down the suggested improvements.

9. Don’t be Hasty in Submitting It

How to structure personal statement for accounting and finance, opening paragraph.

Begin your personal statement with an interesting opening paragraph. It is a very crucial part of your essay as it draws the reader in. Mention your interest in accounting and finance and explain what stokes your passion for choosing this course.

Middle Part

You can divide this part into academics and work experience as follows:.

This part is a personal touch. This is where you can mention the least significant part of your story. Mention your interests, hobbies, and other activities and elaborate on how they help you develop relevant soft skills. Mention books, events, programs, or people by name that you follow. Tip: Even the least significant information must significantly relate to your passion for accounting and finance. For example, you can mention reading books like ‘Rich Dad, and Poor Dad’, listening to TEDx talks, etc. Check out this guide to learn how to talk about hobbies in a personal statement.

Tips for Writing a Great Accounting Personal Statement

Here are a few very useful tips for writing an appealing personal statement for accounting school. We gathered these tips after a keen analysis of multiple successful personal statements. They are going to help you stand out from the crowd.

Common mistakes:

Amazing examples of personal statements.

Want more examples? Here is a list of the best accounting statements that have been shared by the UCAS admission officer.

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Accounting personal statements

On this page you'll find a collection of real personal statements written by students applying to study accounting and related courses at university.

These personal statements are written by real students - don't expect them all to be perfect! But by reading through a few of these samples, you'll be able to get some ideas and inspiration for your own personal statement. 

Accounting personal statement examples

More help with your personal statement.

You can find personal statement examples for other courses by using this subject list, or by returning to our personal statements by subject page.

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Lse - Accounting and Finance

Accounting and finance – 2013 ( lse ).

The fact that the 2013 Nobel Prize in Economics appeared to be the third Nobel Prize within the last twenty years awarded for research in the field of Asset Pricing ...

Please note UCAS will detect any form of plagiarism. PSE and its contributors do not take any responsibility for the way in which personal statements are used.

CollegeLAH is a website by the students for the students, featuring the honest story of applications and university life as told by Malaysians. It’s a non-profit social project to help Malaysian students to achieve their higher-education dreams and inspire them to reach their full potential. 

Accounting and Finance Personal Statement (Anonymous 1)

This personal statement was part of this student’s successful application to LSE, University of Bath, University of Warwick  and Loughborough University for Accounting and Finance.

Did fair value accounting trigger the financial crisis, as Steve Forbes suggests? Or was it merely a catalyst in the catastrophe, as some assert? Does a laissez-faire economic system instil trust in stakeholders, or does it make them overconfident about their companies? I have not found convincing answers to these questions, hence my ambition to study the intricacies and complexities of the world of Accounting and Finance at university. 

To develop a deeper understanding on the significance of accounting in the 2008 Financial Crisis, I read the National Bureau of Economic Research working paper series. I agree that we cannot pinpoint fair value as the cause of the crisis, though it is imperative to impose stricter regulations on it; Frequent and accurate financial reporting would leave less room for manipulation. If banks were compelled to write down the value of assets as losses occur, it would ultimately alleviate the severity of the crisis. Thus we could shrink the bubble before it pops. If the crisis has taught us anything, it is to be prudent with leverage. Liabilities must have a limit.

In hindsight, we were unable to recognise the warning signals. The financial reports had portrayed the financial health of the economy, but we did not scrutinise them and possibly mitigate the impact it had. The numbers on the accounts seemed clear and unequivocal, yet we struggled to fully understand them. I embrace the challenge to achieve better understanding. Accounting is the fundamental language of the financial world, thus my wish to master it through a professional ICAEW qualification. Achieving the best Accounting result in secondary school initiated my interest in this subject. Knowing that the knowledge I obtained could be applied to studying a company’s financial performance, I was inspired to study this subject more comprehensively. Luca Pacioli’s systematic approach in recording transactions has revolutionised the financial world, and I wish to be part of this movement.

As a result of the crisis, I am determined to understand why companies close down on a micro level. Hence, I interned at CRS Advisory, a financial advisory firm that focuses on liquidation cases and constructing recovery schemes for companies in diverse fields. I was privileged to witness the administration process, and I took part in reviewing the financial documents of these companies. From this experience, I have learnt that liabilities should not be abused, and I realised how this was essentially the root to the financial crisis. Together with my team, we constructed recovery schemes for our clients, hoping that we could turn the business around before it goes into liquidation. Working in a close-knit team gave me an insight into how important teamwork is in the corporate world.  

Alongside being an interactive team member, I have developed my leadership capabilities through my experience of captaining my school’s volleyball team. Growing up under a Chinese educational system, I was inculcated with its traditional assiduous work ethic. Having transferred into an international school later on, I employ this attitude in everything I do, striving to always achieve my best. Being the Treasurer of the Interact Club has given me invaluable experience in controlling the cash-flow of the club. At the same time, I have learnt to uphold the values of integrity, a trait that is sacrosanct in the financial world. Looking back at the root of the crisis, if people had adhered to this value, the catastrophe would have been averted. Because of our greed, we often forget that integrity is the fundamental building block of the corporate world.  

With the rise of Asia as an unprecedented economic powerhouse, the pursuit of financial literacy is more crucial than ever. Always ready to step out of my comfort zone and show my adaptability, I am eager to experience new cultures in the UK. I am grateful for the little I know, and for how much there is yet to learn. 

DISCLAIMER:  The personal statements on this site are strictly meant as a starting point to give an idea of how successful personal statements look like. There is no surefire formula to writing good personal statements.  COLLEGELAH IS STRICTLY AGAINST PLAGIARISM OF ANY KIND .  UCAS employs a plagiarism check system  that checks applicants’ work against other published writing so please  DO NOT PLAGIARISE.

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Accounting for Dummies: Your Step-by-Step Guide to Financial Brilliance

Master accounting for dummies with this friendly guide unlock financial brilliance with simple, step-by-step tips., getting the hang of accounting, why bother with accounting skills.

Nailing down accounting skills can make a huge difference in your financial life. It’s like having a superpower that helps you make smart money moves and hit your financial targets. When you get the basics of accounting, you can whip up a personal budget, keep tabs on your income and spending, make sense of financial statements, and set goals that are actually achievable ( Wafeq ). Here’s why having accounting skills rocks:

• Smart Budgeting : Helps you plan and control your money.
• Future-Proofing : Prepares you for upcoming expenses.
• Business Health Check : Gives you the data you need to make good decisions.

Want to know more about how accounting skills can boost your personal finance game? Check out our accounting basics guide .

Accounting Rules You Should Know

Accounting rules are the backbone of accurate and trustworthy financial reporting. They make sure financial statements are consistent and clear, which is super important for businesses, investors, and regulators.

What’s GAAP?

In the US, the Financial Accounting Standards Board (FASB) sets the rules known as Generally Accepted Accounting Principles (GAAP). These rules are a must for all publicly traded companies and help make financial info better ( Synder ). Under GAAP, businesses have to follow some key rules, like:

• Revenue Recognition : Record revenue when it’s earned, not when you get paid.
• Matching : Match expenses with the revenue they help bring in.
• Full Disclosure : Share all important financial info in the statements.

What’s IFRS?

Outside the US, lots of countries use the International Financial Reporting Standards (IFRS), especially in the European Union. These standards aim to make financial reporting consistent and comparable worldwide ( Synder ).

Knowing these rules is a must for anyone into accounting and finance. They give you a framework for making accurate and reliable financial statements, which are key for making business decisions.

For more on accounting rules, check out our resources on accounting principles and accounting policies .

Personal Finance Management

Getting a grip on your personal finances is key to feeling secure and growing your wealth. Here’s some straightforward advice on keeping tabs on your spending and building up your savings.

Expense Tracking Tips

Keeping track of where your money goes is a big deal. Whether you’re running a household or a small business, knowing your expenses helps you make smart choices and cut out waste. Here’s how to do it:

Use a Budgeting App : Budgeting apps make tracking your spending a breeze. They update in real-time and let you sort your expenses into categories.

Keep Receipts : Always hang onto your receipts. They help you double-check your spending at the end of the month and keep your records straight.

Categorise Your Expenses : Break down your spending into categories like groceries, entertainment, utilities, and travel. This makes it easier to spot where you might be overspending.

Set Spending Limits : Decide how much you’re willing to spend in each category and stick to it. This helps you avoid blowing your budget and saves you money.

Review Your Expenses Regularly : Make it a habit to go over your expenses every week or month. This helps you tweak your budget and stay on track with your financial goals.

Tracking your expenses helps you see how much you’ve got left in your budget and where you can save by switching providers or negotiating better deals ( Payhawk ).

Building Wealth Strategies

Growing your wealth takes some planning. Here are some tips to help you build up your savings over time:

Automate Savings : Set up automatic transfers to your savings and investment accounts. This way, you’re always putting money aside without having to think about it ( Wafeq ).

Invest Wisely : Spread your investments across different things like stocks, bonds, and real estate. This helps reduce risk and boost your returns.

Minimise Debt : Focus on paying off high-interest debts first. This saves you money on interest and improves your financial health.

Build an Emergency Fund : Save up enough to cover three to six months of living expenses. This gives you a safety net for unexpected costs.

Increase Income Streams : Look for ways to make more money, like starting a side hustle or investing in things that generate income.

Using these strategies can help you reach financial independence. For more tips on creating a personal balance sheet and paying off debt, check out our section on mastering financial independence .

By following these tips for tracking expenses and building wealth, you can take charge of your finances and set yourself up for a secure future.

Business Accounting Essentials

Why financial statements matter.

If you’re running a business, knowing your financial statements is like knowing the score in a game. They give you a clear picture of how your business is doing and help you catch problems before they get out of hand. Here are the big three you need to know:

• Income Statement : Think of this as your report card. It shows your revenue and expenses over a specific period, telling you if you’re making money or losing it.
• Balance Sheet : This is your business’s selfie. It captures your assets, liabilities, and equity at a specific moment.
• Cash Flow Statement : This one tracks the money coming in and going out, crucial for keeping your business afloat.

Want more on the basics? Check out our accounting basics section.

Making Smart Decisions with Financial Data

Financial data isn’t just numbers on a page; it’s your secret weapon for making smart business moves. Keeping your financial records accurate and up-to-date helps everyone in your company make better decisions. Here’s how:

• Budget Projections : Planning your budget helps you spend wisely and stay on track with your goals. It keeps everyone focused on what really matters.
• Performance Evaluation : Regular check-ups on your financial statements let you see how you’re doing and where you can do better.
• Risk Management : Spotting potential risks early means you can plan how to handle them before they become big problems.
• Compliance : Staying on top of your accounting helps you meet all your legal obligations, like taxes and other regulations.

For more on how financial data can help you make better decisions, check out our accounting 101 article.

Understanding and using financial statements and data is key to running a successful business. Whether you’re planning your budget or checking your performance, having the right financial info helps you make decisions that drive success. For more on accounting tools and trends, visit our sections on accounting systems and future trends in accounting .

Best Accounting Software Picks

Handling your finances doesn’t have to be a headache. For small businesses and SMEs, picking the right accounting software can make a world of difference. Let’s check out two top contenders: FreshBooks and QuickBooks Online.

FreshBooks for Small Businesses

FreshBooks is a go-to for tiny businesses, especially those with just one or two folks ( PCMag ). It’s super user-friendly and packed with features that freelancers and sole proprietors will love.

Why FreshBooks Rocks:

• Invoicing: Whip up professional invoices in no time. Custom templates and auto-reminders mean you get paid on time.
• Expense Tracking: Link your bank accounts or manually enter expenses. Keep your spending organized and categorized.
• Time Tracking: Perfect for service-based businesses. Track billable hours and link them directly to invoices.
• Reporting: Generate reports to get a clear picture of your financial health.

Want more details on FreshBooks? Check out our accounting solutions section.

QuickBooks Online for SMEs

QuickBooks Online is a favorite among small to medium businesses. It offers a full suite of features that cater to growing companies ( PCMag ).

Why QuickBooks Online is a Winner:

• Expense Management: Track expenses, categorize transactions, and link bank accounts for automatic updates.
• Invoicing: Customizable invoices, automated reminders, and payment acceptance capabilities.
• Payroll Integration: Seamlessly integrate payroll services, ensuring accurate payment to employees and compliance with tax regulations.
• Inventory Management: Track inventory, manage stock levels, and generate reports to understand your inventory needs.
• Multi-User Access: Collaborate with your accountant or team members by providing access to your financial data.

For more info on QuickBooks Online, visit our accounting systems section.

Using the right accounting software can simplify your financial processes and give you valuable insights into your business’s performance. Whether you’re a freelancer or running a small to medium business, tools like FreshBooks and QuickBooks Online can help you shine financially. Curious about accounting basics? Head over to our accounting basics section.

Future Trends in Accounting

Boom in accounting software.

The accounting software market is on fire, thanks to tech advancements and the growing need for automated solutions. According to Research.com , the global market for accounting software is set to jump from $13.94 billion in 2021 to $15.71 billion in 2024, with a yearly growth rate of 12.65%. By 2026, it’s expected to hit $24.13 billion, growing at 11.34% annually.

Why the surge? Simple. Accounting software makes financial tasks easier, more accurate, and less time-consuming. From mom-and-pop shops to big corporations, everyone’s hopping on the software bandwagon to get their finances in order. Check out the table below for the projected growth:

Want more info on accounting solutions? Head over to our accounting systems section.

Automation’s Big Impact

Automation is shaking up the accounting world, changing how things are done and who does them. The World Economic Forum says that by 2025, jobs that are now redundant will drop from 15.4% to 9%, with 85 million jobs being split between humans and machines ( Research.com ). Jobs like bookkeeping, payroll clerks, and auditors are seeing a dip because of tech.

But it’s not all doom and gloom. Automation brings loads of perks: it boosts efficiency, cuts down on mistakes, and handles huge amounts of data. Tasks like data entry, invoice processing, and financial reporting are now automated, freeing up accountants to tackle more strategic stuff. This shift means businesses can make smarter decisions based on spot-on financial data.

The rise of automation is also pushing the online accounting software market. The Online Accounting Software Market Report (2022) predicts a yearly growth rate of 11.05%, hitting $6,056.28 million by 2027. Plus, the Global Business Accounting Software Market 2022-2026 report says the industry will grow by $2.33 billion at a yearly rate of 7.14% by 2026 ( Research.com ).

Curious about how automation is changing accounting? Check out our articles on accounting roles and accounting practice .

Stay in the loop with these trends to keep up with the changing accounting scene and make the most of automation and advanced software.

Mastering Financial Independence

Getting a grip on your finances means knowing where you stand and making smart moves to boost your net worth. This guide will help you set up a personal balance sheet and tackle debt repayment, setting you on the path to financial freedom.

Creating a Personal Balance Sheet

Think of a personal balance sheet as a snapshot of your money situation. It lists what you own (assets) and what you owe (liabilities), giving you a clear picture of your net worth. Your net worth shows your financial health and how well you can handle expenses without needing more income ( Family Budget Expert ).

Here’s how to make your own balance sheet:

• List Your Assets : Include everything valuable you own like cash, savings, investments, property, and personal items.
• List Your Liabilities : Note down all your debts like mortgages, loans, credit card balances, and other obligations.

Net Worth Calculation : Subtract your total liabilities from your total assets.

Knowing your net worth helps you make better financial choices. For more on accounting basics, check out our section on accounting basics .

Prioritizing Debt Repayment

Paying off debt is key to financial independence. Prioritizing debt helps you cut down liabilities and boost your net worth. Here’s how to start:

• List All Debts : Sort your debts by interest rates and balances.
• Focus on High-Interest Debts : Pay off debts with the highest interest rates first since they cost you the most over time.
• Create a Repayment Plan : Set aside part of your monthly income for debt repayment.

By tackling high-interest debts first, you save on interest and improve your financial health. For more tips on managing your money, check out our guide on accounting solutions .

Mastering financial independence means staying on top of your finances and making smart decisions to grow your assets and reduce liabilities. For more on creating a personal balance sheet and prioritizing debt repayment, explore our resources on accounting 101 and accounting calculators .

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Accounting and finance personal statement example 14.

All 5.7 million firms in the UK know the huge value of accounting and finance. It is the backbone of all firms and organisations cannot function without it. Accounting is the key to maintaining success and assessing incomes, by using current and past incomes and expenditures to predict future cash flows.

I’ve been a keen mathematician from an early age and taking my Maths GCSE, aged 14, made me realise that I had a talent with numbers and assessing data.

I have enjoyed deriving equations, finding derivatives and using algebra. To demonstrate my passion for Maths, I have attended an advanced maths course, hosted at Kings College, which covered probabilities, programming and trigonometry. I can apply all my algebraic knowledge and statistical analysis towards accountancy problem solving skills.

Economics is the study of how society uses its limited resources while managing its unlimited wants. This notion of specialisation is vital in any country and in any business. I have witnessed the true effect of conflict and lack of government intervention during a holiday trip to Sri Lanka to visit some of my relatives.

Economics has given me the ability to identify that government intervention could be implemented to improve Sri Lanka’s and other lesser developed countries’ standard of living.

I believe certain policies to increase spending could be introduced but it is important in recognising such an objective must be regulated to prevent rapidly increasing inflation, lowering real wages and making the economy uncompetitive. I personally recognise such a concept about looking at things from a wider perspective can be applied to a goal of a business.

For instance, maintaining strong economic growth of a country as well as keeping inflation at a steady rate is comparable to raising profits of a business while maintaining their market share and vice versa. [I want to say more about my economic application to Accounting and Finance.

Physics has aided my problem-solving abilities while simultaneously analysing data and deducing relationships and patterns between several variables, particularly useful skills in the course when using financial functions or models.

While studying, I was enthused by Special Relativity a phenomenon about how the speed of light is the same through a vacuum no matter in what direction or how fast the observer is travelling. This topic has improved my theoretical understanding of such phenomena and since changed my way of thinking.

Recently, I was able to secure work experience at a financial company called Legerity Limited, currently tackling one of the International Financial Reporting Standards (IFRS 17) offering a SaaS (Software as a Service) model. While I was working there, I sat in on some of the meetings, learned how ledgers and sub-ledgers function and learned about the idea of risk in the insurance industry.

Last year I participated in the Young Enterprise programme that helps pupils to set up their own companies, compete and fully understand the difficulties of start-up firms like rising capital, requiring initiative ideas for fundraising.

From this I developed and improved my communication and teamwork skills as well as being a key member in managing cash flows of the company; managing setting up costs and sales revenue from market held in central London as well as venues e.g. Kingston and Chiswick.

From this involvement I know what it is like to produce and sell a product, the reason behind the existence of all organisations.

I have a strong passion for music having played both the violin and piano, starting in early primary school. I also enjoy sport particularly playing football and basketball, great examples of teamwork and communication activities.

For me, a degree in Accounting and Finance would not only allow me to develop my analytical and problem-solving abilities but also provide me with the opportunity to enter any enterprise with the skills to enable them to prosper.

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