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.
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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
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.
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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