The financial accountant work is critical to
making a business work, including the purchase and sales ledger,
balance sheets, reconciliations, cash flow, credit control, and
stautory reporting. In larger companies there would be a separate
financial accountant and a separate management accountant. The
management accountant looks at profit and loss, monthly accounts and
analyse these to advise the board or owner of the business in make key
business decisions.
A Group Financial Accountant would be responsible
for the financial accounting in a group of companies, share reporting
obligations,consolidating the financial accounts, plus also doing the
European or International statutory reporting, for example US Gaap
reporting in a US owned company.
A Financial Accountant can also be responsible for the control of the
financial management of a business as well as advising and being
involved in the strategic direction and administration of that
business. Accountants extract and interpret information from the
financial records for a wide range of interested parties throughout
that organisation – shareholders, potential investors, bankers,
employees, trade creditors and government departments.
A financial Accountant could therefore be ACCA, ACA or CIMA qualified,
quite often a typical first time move for someone first time move out
of practice, would be for someone who is ACA or ACCA qualified with a
hogh level of statutory accounting or reporting knowledge.
The Work
The Financial Accountant is responsible for controlling the working
capital of a business, ensuring debtors, creditors and stocks are
maintained at an acceptable level, taking day to day decisions, giving
advice to the Board of Directors (very often the Financial Accountant
is a Director of the company) and advising on capital investment.
The Financial Accountant may also responsible for the preparation of:
- Regular management accounts (where there is no management accountant)
- Budgets (where there is no management accountant)
- Reports on variance between actual performance and budget
performance. The Financial Accountant has to recommend any remedial
action.
- Interpretation of Financial Information – advising on trends.
-For Group roles the provision of group financial reporting, group
consolidation, reconciliations, statutory accounts. Provision of
monthly financial accounts with commentary and analysis and assist with
the year end audit.
The Work Environment
Financial Accountants tend to be employed in companies more than £10
million turnover, with a european or international marketplace. They
may also work in a smaller company where they will be involved in all
aspects of business management, where they may be called a Finance
Manager or bookkeeper, if the Financial Controller is doing the
management accounts.
Personal Characteristics
Accountants must enjoy working in a numerate environment and have a
good working knowledge of accounting information. They should have an
inquiring, analytical mind and be able to work logically, consistently
and accurately even when under pressure. They need to be self-motivated
individuals with the ability to manage their time efficiently.
Accountants need management skills as well as knowledge of the general
economic environment in which they operate. They need to keep
themselves up-to-date with the regular changes in financial rules and
regulations and have the ability to quickly recognise the implications
of such changes on their employers' or clients' affairs.
Accountants work with people from all walks of life and therefore
effective interpersonal skills are essential. They should be confident
individuals with the ability to put people at their ease and inspire
confidence. They should have excellent written and spoken communication
skills and be able to discuss and explain financial issues with both
fellow professionals and those with little or no financial background.
There are recruitment agencies who specialise in Accountancy
opportunities.
Pay and Conditions
Salaries for Financial Accountants vary greatly. The size of a company
and its location affect salaries at all levels. Part-qualified ACCA,
ACA or CIMA accountants' salaries range from £15,000 to £30, 000, Once
qualified they can earn £34,000 to £65,000, as a Group Financial
Accountant.
Other benefits may include: 4 weeks Annual holiday Company car, Pension
scheme, Private medical care scheme
Article Source:
http://www.articlesbase.com/career-management-articles/finance-
jobs-financial-accountant-job-career-profile-2284708.html About the Author
Emma Donnison is the Accounts Director at
www.JustAccountancyJobs.com with over severn years exposure to the UK
recruitment marketplace.
For further information about on a
career profile including contact details look at finance jobs career
library at www.JustAccountancyJobs.com |
