Financial accounting analysts perform professional accounting duties such as company compliance, preparation, and analysis of various records on finances. They are overseeing the creation, development, and execution of Financial Standard, procedures and financial systems to strive for accuracy and fulfilment of established policies and laws. Financial accountants are required in all organizations and business in the world, there is a sudden rise and demand in experienced accountants and this is rising with the passing years. A choice of career in the field of financial accounting is increasing and therefore applicants should acquire management skills in math, specific training, and working experience to function effectively as part of an accounting team.
The major job of financial accountant is controlling a business’ system of financial management. A financial accountant does many duties, like extraction and interpretation of information from various financial records, giving advice and being strategic in all kinds of different directions. Financial accountant also provides advice to managers, especially regarding financial decisions on a daily basis of a particular company. Providing advice to the board of directors is also given by the financial accountant. Controlling the business capital, ensuring the creditors, debtors, stocks, etc and the maintenance of it is done by financial accountants.
A financial accountant can opt for internal auditing, government accounting, and public accounting. Irrespective of the area and the specialization, the key responsibility is to provide the clients with all the basic guidance and advices financially. In fact to provide assistance in the developing and budgeting of various financial plans, inclusive of monitoring the taxes and budgets of the clients.
Most of the financial accountants require at least 2 years of experience in auditing with a certification. Also 2 years of guidelines and various working hours experience is required. Years of experience vary with the states and so do the qualifications. A financial accountant must have both basic and advanced qualifications, like an Association of Chartered Certified Accountant (ACCA) and Certified Public Accountant (CPA). A handed down job experience is always an added advantage in getting good opportunity in this field of financial accountancy.
Persons planning a career in accounting should have an aptitude for mathematics and able to analyze, compare, and interpret facts and figures quickly. They must be able to clearly communicate the results of their work to client and managers. Financial accounts must be good working with people as well as with business systems and computers on their services.
A financial accountant should possess various key skills like having an analytical and inquiring mind, the work ability through logical thinking, consistent and accurate guidelines. Financial accountant must have skills with number and good knowledge of working with the various information of accounting, along the regulations and rules of finances. A financial accountant must have self motivation, skill in time management, strong skills in interpersonal aspect, and also the ability to make financial discussion on issues with the other professionals. There are various training courses available based on distance learning, self studying, and various courses offered by colleges for higher education. There are variations in the salary structure of a financial accountant.
There is a steadiness in this field because of the rise in businesses, laws, regulations, and also in the increase of the finances of a company. Then the government has also increased the number in the applicants of financial accountancy. With the growth in the economy, organization, and businesses, there has occurred an expansion in the requirement of financial accountants, for setting up books, preparation of taxes, etc. This business and growth in it would increase the positions in job in the field of financial accountancy further, especially for experienced professionals. But with the globalization and development in various businesses and organizations this has also given rise to job positions and opened not one but many job opportunities for future financial accountants
Job and Job Analysis of Financial Accounting
Analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization. Prepare, examine, and analyze accounting records, financial statements, and other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards. Compute taxes owed and prepare tax returns, ensuring compliance with payment, reporting, and other tax requirements. Analyze business operations, trends, costs, revenues, financial commitments, and obligations, to project future revenues and expenses or to provide advice. Develop, implement, modify, and document record keeping and accounting systems, making use of current computer technology.
As a Financial account the main responsible is to preparing of the full sets of account for the company, financial reporting with consolidated knowledge for the organization, and ensuring the financial integrity of the statutory accounts. Generally accepted accounting policies and procedures are developed and applied. To understand legislative and contract terminology so they can supervises contract negotiations.
In addition to supervising financial accounting operations including Account Receivable, Account Payable, General Ledger, Cash flow Management and specific accounting areas such as Cost allocation, revenue and expenditure accounting, financial analysts also examine the organizational structure of the department. They analyze established policies and procedures, using computer technology to guide work flow, and enforce adherence to accepted principles of accounting. Analysts research within their own area of assignment, identifying and resolving complex accounting errors. They also supervise the work of others by evaluating the work of professional accountants, technical and clerical staff in other departments. By handling discrepancies among reports, analysts ensure accurate accounting and fulfillment of regulations and laws.
As part of this financial accountant also need to review of the quarterly GST filing and GST matters. A Financial accountant must be able to multi-task, prioritize, and delegate responsibilities to other members of the accounting team. They should be capable of utilizing time-saving strategies and exercising sound judgment when encountering sensitive situations. In dealing with employees from other departments, analysts should be able to establish and maintain positive working relationships based on cooperation, whether dealing with subordinates or executives. They should know how to analyze complex data, discover logical conclusions and suggest strategies for improvement. Written and oral communication skills are also essential considering the amount of reporting required.
One of the jobs that a financial accounting analyst has to do is figure out what went wrong when numbers do not match up in accounting records, which can be incredibly challenging. A financial account analyst is often required to oversee the activity of other professional accountants within a business. (Appendix)
Minimum Qualifications:
‘ Candidates must possess at least an Association of Chartered Certified Accountants certificate (ACCA), Bachelor’s Degree, Post Graduate Diploma, Professional Degree in Finance/Accounting/Banking or equivalent with at least 5 years of working experience in the related field.
‘ Preferably Senior Executives specializing in Finance for General/Cost accounting
‘ Candidates must have skill in Microsoft Office and Advanced Excel as well as Accounting Software ACCPAC will be an advantage.
‘ Candidates must have analytical skills to visualize and solve complicated problem and make an accurate informed decision as well as work independent and meticulous.
‘ Candidates required travel to overseas for the subsidiary company audit purpose.
‘ This is a full time position.
Skills and Capabilities of Financial Accounting
Financial accountant is to support the CFO and Senior Accountant in carrying out the responsibilities of the Finance or Accounting Department to relieve the CFO and Senior Accountant of certain responsibilities that will allow them to spend a greater portion of their time on Financial Statement preparation and analysis, Budget and Variance issues, and Forecasting. Therefore, financial accountant required preparing and routine jobs and find promotion difficult in the book.
Most of the accountant requires at least a Bachelor Degree in accountancy, related field or an equivalent combination of education and experience. Some employers prefer applicants with Master Degree in accounting or master’s degree in business administration with a concentration in accounting. Therefore, previous experience in accounting I have can help me to get the better opportunity in the market. Many colleges offer students an opportunity to gain experience through part-time internship programs conducted by public accounting or business firm. In addition, practical knowledge of computers and their applications in accounting is a great asset for jobseekers in accounting field.
The ‘Situation, Task, Action, and Result’ (STAR) methodology will enable tough work related in a subtly, compelling such as below:
Action
Successful business owners should possess a basic level of technical skills needed in accounting. Technical accounting knowledge includes knowing how to classify and record transactions, and how accounting entries will affect the company’s financial statements. Even more important than general knowledge of technical accounting is the ability to be able to conduct accounting research and find solutions to accounting issues. Accounting standards change frequently of changes, being aware of how a change will affect your business will decrease your reliance on an accountant.
Task
Accounting transactions can be complex. Accordingly, successful business owners are able to pay attention to small differences in accounting details, and to determine the details change the classification of a transaction. It is also important to be able to argue from analogy. In many situations, there are not specific sections of guidance in the generally accepted accounting principles that relate to the accounting issue. In these situations, business owners must be able to make a judgment regarding whether an accounting treatment or tax position is appropriate. When this happens, business experience and the ability to think about how similar situations were approached can help determine whether the decision made was reasonable, and can help to suggest a new path if it was not.
Result
While generally regarded as a subject for those who are good at numbers, in reality, communicating accounting information verbally and in writing to recording of numeric transactions. Skill in writing and communicating financial information is necessary for business owners for multiple reasons. External users of the financial statements, such as bank lenders, creditors, or potential investors, will expect that the owner can explain how the financial statements reflect the economic reality of the company. Further, business managers may wish to use financial information when coaching and training employees, especially sales staff and company management.
Situation
Managerial accounting is help to understand of financial information collected from the company. Managerial accounting is used to evaluate data for making internal business decisions and it’s able to evaluate this information effectively can make more data-driven decisions.
All such basic skill would assist financial accountant to achieve client/employer/manager focus. It may also have an incidental advantage of retaining competent people and focus in all areas in accountancy. Therefore, this can involve:
‘ Performs specific tasks related to rate development, including identifying cost centers and their related expenses, and calculating recovery rates (e.g., recharge, indirect cost); prepares related reports.
‘ Provides technical assistance in the design of cost accounting or reporting systems and related forms and documents
‘ Assists with the provision of advisory services to departments with respect to updating billing rates and interpreting cost accounting data; recommends alternative solutions to cost accounting problems.
‘ Performs specialized financial or cost analyses (e.g., cash-flow analysis, “what-if” analysis); prepares related reports (e.g., pro-forma financial statements).
‘ Assists in reviews of financial and internal controls to determine whether such controls are adequate to meet management objectives and ensure the safeguarding of assets; recommends and implements security and system control procedures.
‘ Performs specific tasks related to reviews of management practices and policies; recommends changes to enhance operating efficiencies.
‘ Knowledge of cost and financial accounting principles, practices and procedures
‘ Knowledge of principles and techniques used in conducting management studies, system analyses, and financial analyses.
‘ Knowledge of internal control systems and procedures
‘ Skill in performing complex numerical calculations
‘ Skill in preparing complex management reports on a timely basis.
‘ Skill in the use of personal computers and related financial and statistical software products
‘ Skill in both verbal and written communication
Career Action Plan of Financial Accounting
Financial and accounting professional can find career opportunities in any business sector. Whether to be a Finance Manager, Chief Financial Officer or controller, financial analyst or financial planner, portfolio manager, or investment counselor for the resume are the same.
When developing in finance or accounting resume, focus on skills, areas of expertise, certifications and specific accomplishments. The resume must convey to the companies. Therefore, professional recognition through certificate or licensure provides a distinct advantage in the job market after graduated from accredited colleges and university who required to worked for 2 years in accountancy sector. For Financial accountant who required some skills on job without the formal education or public accounting work experience need to meet the Financial Standard required taking Certified Public Accountant (CPA) to fulfil their professional qualification in the market.
My career plan in financial and accounting should have aptitude for mathematics and able to analyze, compare, and interpret facts and figure quickly. They must able to clearly communicate to the results of their work to client and managers. As financial accountant must be good at working with people as well as with the business systems and computers including accounting software to records the entire figure to report accuracy to the management.
With the growth in the economy, organization, I have decided that I would like to follow through with a career in Finance Manager in the company. This career is responsibility of maintaining and managing the finance strategy, finance reports within the organization. Finance Manager has to work for accomplish mission, vision and goal of a company be serving as the member of the finance team. Hence, finance manager have an understanding of various types issues and business strategies.
The responsibility for the Finance Manager has to prepare the financial forecasting and share findings with senior management so that they can conduct the meeting over a period of time to discuss about challenge and risk which are facing the company in the long run or short run. Therefore, Finance Manager need to draws an outline key for financial measurement and models and charts as parts they have to maintain the finance software and build financial decision that influences the organization.
With this being true about my personality, these skills and characteristics will help in my career choice by giving me different views on other people’s situations and aspects on different subject. Every individual has personal strengths and weaknesses that shape his or her life in a positive or negative way. One has to fully understand and be able to use his strengths and weakness in a positive way to succeed in accountancy life.