Financial Accountant Job Description, Skills, and Salary
Are you searching for a financial accountant job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a financial accountant. Feel free to use our financial accountant job description template to produce your own financial accountant job description. We also provide you with information about the salary you can earn as a financial accountant.
Who is a Financial Accountant?
Financial accounting is a particular discipline of accounting that deals with the process of documenting, compiling, and presenting the numerous transactions resulting from corporate operations throughout time. Financial statements, such as the balance sheet, income statement, and cash flow statement, which track the business’ operating performance over a given period, are prepared using a summary of these activities.
Therefore, a financial accountant is an accounting professional responsible for managing an organization’s accounting and financial operations. It is these professionals’ responsibility to provide financial reports on a company’s earnings, liabilities, cash flow, etc. so that customers like banks and investors may assess the company’s success. They assess the firm’s financial viability and give other departments financial data so they can plan their budgets and make investment decisions. A financial accountant provides information on expenses, margins, productivity, and costs. The financial transactions of a company or organization are tracked, reported on, and maintained by a financial accountant. For tax purposes, these accountants organize this data into financial statements like the cash flow and profit/loss statement. Preparing quarterly and annual statements while assuring compliance with state and federal taxes are among the main duties of a financial accountant.
Smaller businesses may allow financial accountants to physically make changes to the books and records. While the financial accountant checks these entries for accuracy and proper account posting, other personnel often record transactions. The accountant will evaluate the books and records to make sure they appropriately reflect the operating results of the company after looking at the actual transactions that were made over a certain period. Additionally, these accountants arrange the company’s books and get ready for the organization’s yearly external audit. Important duties for all financial accountants include reporting to the senior management team. These experts produce reports for everything financial related to the firm, beyond just financial statements. The majority of reports will also include the financial accountant’s assessment of the significance and patterns revealed by the materials. Financial accountants assess the effects of the accounting results on all areas of company operations, including HR, marketing, borrowing, investment, and strategies, using graphs and text narratives to supplement the provided figures.
Following a review and analysis of the company’s books and records, the accountant provides senior management with feedback and recommendations, especially about difficulties with asset quality, liability position, cash flow sufficiency, and revenue/expense issues. Experienced financial accountants also offer recommendations on the condition and use of the company’s resources, updates on the budget and the outcomes of projections in the business plan, and the most recent financial news that might have an impact on the operations of the organization.
Depending on their level of experience, accountants may also offer senior management advice on HR, strategic planning, better expense control, and/or business investments. Financial accountants are authorities on how local, state, and federal taxes related to businesses of all sizes. Their tax advice to management includes suggesting tax-saving strategies, tax-deferred or tax-free investments, non-taxable asset exchanges, and cash flow management to maintain liquidity at tax filing and payment deadlines, which are typically quarterly. Additionally, financial accountants either complete all tax forms and reports themselves or check the work of others to guarantee that all tax returns are submitted on time and accurately.
The minimum educational need to work as a financial accountant is often a bachelor’s degree in accounting, finance, or a closely related discipline. A good understanding of generally accepted accounting principles (GAAP) can be obtained by gaining industry experience through an internship or working as a junior accountant. A Certified Public Accountant (CPA) license requires completion of college coursework and passing a state exam, and is preferred by many businesses. You need to be an experienced accountant with an accounting degree to succeed as a financial accountant. Last but not least, a seasoned financial accountant should be proficient in financial concepts and make sure the company conforms to the law.
A good financial accountant possesses excellent mathematical, analytical, and organizational abilities as well as a sharp eye for detail for processing numerical data effectively. To adequately convey complicated accounting ideas to other staff members and the company’s decision-makers, you also need great communication skills. The profession also necessitates an in-depth understanding of tax regulations and corporate administration. To guarantee that your company is implementing the greatest tax methods available to benefit financially, you must keep up with all industry developments and news.
Financial Accountant Job Description
What is a financial accountant job description? A financial accountant job description is simply a list of duties and responsibilities of a financial accountant in an organization. Below are the financial accountant job description examples you can use to develop your resume or write a financial accountant job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
Below are some of the common duties and responsibilities of a financial accountant:
- Control all aspects of financial accounting for firm operations.
- Create financial statements for processing payroll, account reconciliations, account payables, account receivables, income, and expenses, among other things.
- Create quarterly, yearly, and monthly reports.
- Carry out internal audits.
- Watch over tax payments.
- Create the organization’s budget.
- Track and report accounting irregularities.
- Keep abreast of financial policies, procedures, and rules.
- Observe local, state, and federal tax laws.
- Identify discrepancies or inaccuracies in the accounting and recommend the required corrective action.
- Keep thorough accounting records for future use.
- Assist other departments with accounting and financial analytical work.
- Help with activities related to accounts payable and receivable.
- Answer staff members’ queries and accounting questions.
- Conduct internal audits and verify the accuracy of financial documents.
- Reconcile and record bank accounts and credit card transactions.
- Coordinate annual audits, examine financial data and assist as required.
- Examine and report on changes in income statements as well as the financial situation.
- Share financial results with upper management and important stakeholders.
- Enhance procedures and systems and launch corrective action.
- Make sure that the legal and tax frameworks are followed.
- Make sure that accounting standards and corporate regulations are followed by the financial records.
- Complete month-end closing tasks such as account reconciliation, revenue and expense accounting, etc.
- Create financial reports as needed for team meetings or upon management and client request.
- Prepare and submit financial reports quickly and accurately.
- Examine each financial report to make sure it is accurate and thorough.
- Examine each financial report to make sure it is accurate and thorough.
- Assist with the annual budget, forecast, and projection development.
- Help with the documentation prepared for the annual financial audits.
- Applicants must possess a degree in accounting, finance, business, economics, or any other related field.
- CPA or CA is an advantage.
- Previous working experience in an accounting or finance position.
- Experience in a Chartered Accounting firm is a plus.
- MS Excel and accounting software advanced level proficiency.
- Knowledge of bookkeeping competencies.
- Effective written and verbal communication skills.
- Excellent commercial and business acumen
- Outstanding mathematical skills.
- Time management skills.
- Ability to remain confidential when needed.
- Communication skills: Financial accountants frequently speak with both internal and external business partners about money-related issues. They can converse with individuals from a variety of backgrounds thanks to their communication skills. Those without a financial background, they can make complex financial concepts simpler. Those in the financial industry, use more technical language. They can provide concise financial reports because of their written communication abilities. A financial accountant must be able to tailor their communication to the needs of each stakeholder because they interact with a variety of stakeholders from different areas of the organization. This requires being aware of their requirements and how accounting choices could affect their department. Additionally, financial accountants must be able to communicate complex financial concepts in a way that non-accountants can comprehend. Organizations continue to place high importance on having employees who aren’t experts in accounting understand complex accounting procedures. Communication-skilled professionals continue to be very valuable to their businesses.
- Time management skills: Financial accountants are disciplined individuals who can effectively manage their time to complete tasks on schedule. They are aware of the most important jobs and give them top priority. By effectively managing their time, they can concentrate on each assignment and finish it to a high standard. An accountant’s success depends on their ability to manage their time effectively. Even seasoned accountants sometimes struggle with time management, making it one of the hardest skills to master.
- Accounting and mathematical skills: Accounting procedures like tax reporting and producing profit and loss statements are processes that financial accountants are accustomed to. Their technical expertise enables them to work quickly and precisely. They can also swiftly spot any problems to guarantee that the numbers in their financial reports remain accurate. Financial accountants that are proficient in mathematics can complete calculations more easily while creating financial reports. Mathematical knowledge can aid them in spotting mistakes that may result from inaccurately transcribing data. Financial accountants employ statistics, general algebra, and arithmetic with assurance.
- Analytical thinking skills: Financial accountants use analytical thinking to evaluate, understand, and interpret financial data and figures. To respond to inquiries and provide financial advice, they interpret the financial data they gather. They can accurately analyze data thanks to their strong analytical skills, which raises the likelihood that the business will succeed. This ability can be used in a variety of situations, including completing tax returns, auditing data, and spotting errors or fraud. Accountants must be exact, numerate, and analytical. One of the most crucial abilities for accounting professionals is still analytical thinking, particularly for those who work in fields like forensic accounting. Forensic accountants interview witnesses, examine financial records, and analyze company activities. They employ their analytical talents to put together reports that use data and graphs to describe a financial crime. These experts may occasionally be required to present their conclusions in court.
How to Become a Financial Accountant
Step 1. Gain Education
The required education for a position as a financial accountant is at least a bachelor’s degree in accounting. A bachelor’s degree in accounting, mathematics, management, business administration, economics, finance, or a closely related field is required for the majority of financial accountants. Typically, four years of committed full-time study are required to earn a bachelor’s degree. A master’s degree may be preferred by many organizations since it demonstrates a higher level of knowledge and skill. A bachelor’s degree in accounting teaches you the fundamentals of accounting as well as useful skills like tax auditing and bookkeeping. A master’s degree often requires an additional one to two years of study and can aid in your efforts to negotiate a better salary or more enticing benefits. This academic requirement may vary from one employment to the next due to the range of accounting positions available. You could also be in classes related to accounting ideas, business communications, accounting technology, and business law. An international Certified Public Accountant (CPA) credential is normally necessary for any accountant, while it is not always required.
Step 2. Acquire computer/technical expertise and knowledge
Most financial accountants need to be computer literate, which could mean having a combination of system, keyboard, and program knowledge. Financial accountants must be proficient with computers because part of their job involves typing and utilizing programs that help them do their work efficiently. Depending on their area of specialization, the required accounting skills may vary, but common abilities typically involve a combination of outstanding logical, quantitative, and analytical aptitude. Because establishing and reviewing financial accounts and paperwork make up the majority of financial accountants’ work, they must have strong accounting skills. These papers are often understood by financial accountants in-depth enough for them to be recognized. Through formal schooling, on-the-job training, online courses, and workshops, you can hone your technical abilities.
Step 3. Obtain Training and Experience
Submit your application for entry-level positions in the finance sector once you graduate. Financial accountants usually start their relevant training through programs they complete within their degree program. You can apply the information from your degree to real-world accounting tasks by working as a graduate accountant, accounting intern, or bookkeeping intern. Financial accountants frequently get additional on-the-job training that is specific to their role and organization, in addition to the experience and training they get from internship programs. Financial accountants typically receive this additional training as part of their new job’s onboarding process, and they may anticipate working with extremely qualified subject-matter experts. Depending on the employer, on-the-job training could last a few days or several months. Graduate accountants and interns pursuing higher education are supported by many businesses. They might provide flexible work schedules so that you can study and take tests. You might rise to a conventional accountant or accounting responsibilities after a few years as a graduate accountant or intern.
Step 4. Acquire Certifications
There are several different certification programs available for financial accountants to choose from. A Graduate Diploma in Chartered Accounting (GradDip CA) or a Certified Practising Accountant (CPA) program is a good place to start. Financial accountants can choose to enroll in the GradDip CA and CPA programs, which can help them land a senior position. Some employers strongly favour applicants who meet one of these requirements. Auditing and tax are the main topics of the GradDip CA program. It is the best option for those who want to work as chief financial officers or financial controllers in the future. With coursework in marketing, financial planning, and costing, the CPA curriculum has a broader focus. The CPA certification can be a better choice if you wish to broaden your skill set. Through certifications, you can be able to show potential employers and current employers your skills and talents. Additionally, certifications can help accountants better understand their responsibilities, boost their earning potential, and advance their professions.
Where to Work as a Financial Accountant
Nearly every industry, including education, non-profit, government, and business, employs financial accountants. These financial accountants have employment options in both the public and private sectors. Most often, they are engaged by CPA firms with numerous clients who use them to outsource their accounting job. Financial accountants may be employed on a full- or part-time basis by independent contractors or small enterprises, especially those that are significant. In specialized roles for the government, certain financial accountants look for tax and corporate fraud. They are also known as forensic accountants in this situation. The majority of their time is spent on computers, and financial accountants typically work in offices. Some financial accountants have the option of working from home or remotely. They typically work a full-time schedule, but they occasionally put in extra effort on the weekends, holidays, and evenings to meet deadlines. Although most accountants work for businesses, they can also work for themselves or launch their accounting firm.
Financial Accountant Salary Scale
The average Financial Accountant’s salary in the US is $58,950, with the range typically falling between the sum of $53,620 and $64,890 per year. In the UK, the average Financial Accountant’s salary is £32,529 but the range typically falls between £25,485 and £39,186. In Canada, the estimated total annual pay for a Financial Accountant is 70,371CAD. The average salary is 64,609 CAD while the additional pay is approximately 5,763 CAD per year.
Financial Accountants’ salary in India ranges from the sum of ₹ 1.0 Lakhs to ₹ 12.0 Lakhs, but the average annual salary of ₹ 3.3 Lakhs. In Australia, the average salary for a Financial Accountant is $95,850 per year. The salary range is between $85,000 and $10,5000. In Germany, the average salary for a Financial Accountant is €42,366 per year. In Nigeria, a person working as a financial accountant typically earns around 4,188,000 NGN per year. The salary range from the lowest average of 1,692,000 NGN to the highest average of 8,412,000 NGN.