How to become A Financial Accountant

Financial Accountants are math whizzes who interpret the language of business to the rest of the world. Their analysis of the economic stability of the company enables other departments to make budgeting and investment decisions.

• Double Entry Bookkeeper

What do Financial Accountants do?

A Financial Accountant would typically need to:

• Prepare the monthly profit and loss, balance sheet reports, conduct tax reporting and process inventory
• Collect and analyze data used to prepare weekly and monthly estimates as a basis for project funding, investment practices, and strategies
• Prepare weekly cash flow statements as a means to control expenditure and cash flow
• Assist with the preparation of year-end accounts and statutory accounts
• Respond to financial inquiries by gathering, examining, and interpreting financial data and records
• Conduct internal audits such as wage reviews
• Manage and train staff when necessary
• Gather, interpret, compile account trends and data to create specialized financial reports
• Ensure client confidentiality by keeping financial information secure

Most Financial Accountants work in offices, but some work from home. They usually work in teams. They may need to travel to their clients’ place of business.

Most Financial Accountants work full time, more than 40 hours per week. Overtime hours are typical at certain times of the year, such as at the end of the budget year or during tax season. The dress code would be formal unless otherwise specified.

Financial Accountants work in a wide range of industries, from corporate to nonprofit. Corporate Firms that are dedicated to Financial Accounting are PricewaterhouseCoopers, Deloitte, and Grant Thornton.

Financial Accountants are generally employed by:

• Corporate Firms
• Government Agencies
• Healthcare Providers
• Hospitality Businesses
• Retail Stores
• Colleges
• Universities

Professional associations and organizations are crucial for Financial Accountants interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more looks excellent on your resume to bolster your credentials and qualifications.

• Staying on top of tax changes
• Being alert to crackdowns on work-related expenses
• Delivering to the deadline without taxing yourself in an unhealthy manner
• Getting clients on board with new technology
• Growing or sustaining your Accounting practice
• Thinking of small changes you can make
• Working on your communication skills
• Keeping an eye on the future

More than two years of relevant experience with financial Accounting systems, extraction of economic data, and data analysis is preferred by most employers.

A Master of Business Administration (MBA) degree may give you a professional edge. However, most employers require a candidate to have a bachelor’s degree in accountancy, finance, economics, mathematics, business studies, management, statistics.

Certification within a specific field of accounting improves job prospects. Certified Public Accountant, Certified Practising Accountant, Certified Management Accountant, Accreditation in Business Valuation credentials add value to your resume.

Proficiency in Microsoft Office Suite, financial reporting software, Hyperion, or Mapics accounting software will prove advantageous.

Once you begin gaining experience and industry know-how to advance up the corporate ladder, you will progress from the position of Staff Accountant or Junior Accountant to the more supervisory role of a Senior Accountant or Financial Manager.

After working and proving yourself as an Accountant for nine or more years, your expertise in management and leadership could put you in contention for some of the most coveted positions in the industry.

For many public Accountants, becoming a Partner in a public accounting firm is one of the ultimate destinations. For Private Accountants, becoming a Chief Financial Officer (CFO) is often the top of the corporate ladder.

Individuals with a strong aptitude for and a strong inclination to work with numbers would have the best job prospects.

As a Financial Accountant, you will have to continually update job knowledge by keeping current with financial regulations and accepted practices, participating in educational opportunities, reading professional publications, maintaining personal networks, participating in professional events.

Private Accounting or Public Accounting

Earning your degree is just the first step to becoming a Financial Accountant. Within Financial Accounting, you will also have to choose between public or private accounting. Public accountants work with a variety of clients to prepare financial documents that an individual or corporation must disclose to the public. Meanwhile, private accountants work internally within a company to manage its financial documents.

Both types have pros and cons. Public Financial Accounting jobs come with annual busy seasons that require long hours, while private Financial Accounting may have fewer opportunities to advance or specialize. Deciding between public versus private accounting is a tough choice, so be sure to do your research.

On-the-Job

Financial Accountants do not need to work directly with the other employees; if they discover discrepancies with posted reports, they inform management. Financial Accountants must be willing to examine financial figures regularly. In-depth knowledge of statistics, arithmetic, and algebra is an absolute requirement. Different employers will use different Accounting software, so it is best for Financial Accountants to be able to adapt quickly to new programs.

Al Capone was brought down by accountants: although he was accused of various other crimes, he was arrested and convicted on tax evasion charges.

As members of an Accounting or financial team within an organization, they help managers track current trends and forecast future needs. They do not go to sleep at night until their debits and credits are equal. They are Financial Accountants.

Being a good accountant comprises 3 percent talent, 97 percent not being distracted by the Internet.