In today's fast-paced world, we all face various financial challenges. Only the right knowledge of accounting can help us navigate these complexities. We deal with money every day-paying bills, saving for the future, running small businesses, or shopping at local markets. Many people think accounting is only relevant for business owners or financial professionals. But in reality, it is an essential skill that every citizen should possess.
Accounting is the language of money. With the rising cost of living, it has become more important than ever to manage finances wisely. Accounting knowledge helps individuals create a budget-planning monthly expenses accurately so that funds last until the end of the month. It not only teaches people to avoid wasteful spending but also encourages saving for emergencies.
In many developing countries, such as Bangladesh and India, a large segment of the population does not receive formal financial education. As a result, they often face issues such as high-interest loans, credit card debt, and poor savings habits. With a basic understanding of accounting, they could better manage such situations and avoid common financial pitfalls.
Moreover, accounting plays a major role in reducing corruption and fraud. When people know how to keep accurate records, it becomes harder for others to deceive them. This is especially important in joint families, local organizations, or group trips-any situation where money is pooled and shared.
Another area where accounting knowledge proves useful is in understanding government budgets and taxation. Each year, the government announces its budget and tax policies. Citizens with basic accounting knowledge can better understand how public money is being spent and assess whether those policies are fair.
So, accounting should not be viewed merely as a profession for a select few-it is a life skill for everyone. Just as we learn to read and write, we should also be taught basic accounting step by step. Financial education should be integrated into schools, colleges, and community programmes so that everyone-regardless of their background-can benefit. A country where every citizen understands financial matters is one that will progress with strength and stability.
Sourav Debnath
Student
Department of Accounting, National University
souravdebnathw200@gmail.com
