Financial accounting professionals are responsible for the
public reporting of a company or organization's financial status. This work
involves collecting and maintaining data, detecting trends, and forecasting
future needs. In addition, financial accountants prepare detailed statements
and communicate financial information to company leaders and audiences that do
not have an extensive accounting background.
Auditing and managerial accounting are related to financial
accounting but differ in several ways. Auditors usually work with companies to
review the reports created by financial accounting offices. Management
accountants are primarily focused on providing the accounting services, and
communication within a company, such as accounts payable, accounts receivable
and payroll.
Anyone interested in a financial accounting career will
want to gain a solid understanding of several industry standards. The Generally
Accepted Accounting Principles are a widely-accepted set of guidelines that
assist with reporting procedures. The International Financial Reporting
Standards (IFRS) help accountants create consistent and comparable financial
statements for businesses across the globe. Skills with multiple types of
financial reports are also required, including the ability to create accurate
balance sheets, profit and loss statements, and cash flow forecasts.
- CAREER WITH
FINANCIAL ACCOUNTING- Financial accountants work in a wide range of
industries, from corporate to nonprofits, and their responsibilities vary based
on the type and size of the organization. Primary duties include preparing
financial statements and reports, advising company leaders on investment
practices and strategies, communicating a company's financial status with
external audiences, and staying current on the latest economic trends affecting
financial decisions. The following career profiles provide examples of
financial accounting roles at all levels of employment.
- Financial Analyst-
- Financial analysts evaluate how bonds and stocks perform
and use that information to provide investment advice to businesses and
individuals. This position typically reports to a senior accountant or
financial manager. Similar job titles include investment analyst, securities
analyst, risk analyst, and portfolio manager.
- •Responsibilities
- •Job Stats
- •Education and Experience
Requirements
- •Additional Qualifications
Recommended
- Responsibilities
- • Assess the performance of
investments
- • Advise senior managers and
clients on investment decisions
- • Maintain awareness of economic,
social and political factors affecting financial decisions in the company or
client's industry
- • Provide detailed data analysis and reports that track financial trends and forecast future needs.
- Financial Accountant-
- Through detailed record-keeping and data analysis,
financial accountants assist organizations with investing and improving overall
financial practices. Working as a member of an accounting or financial team
within an organization, financial accountants help managers track current
trends and forecast future needs. They often report to a senior accountant or
financial manager.
- •Responsibilities
- •Job Stats
- •Education and Experience
Requirements
- •Additional Qualifications
Recommended
- Responsibilities
- •Maintain financial records
- •Assist with tax filings in
accordance with related laws and regulations
- •Prepare monthly, quarterly and
annual financial statements
- •Collect, analyze and report
financial data
- •Assist with budgeting and
auditing tasks
- Controller-Controller
positions are found in businesses, nonprofits, and government agencies; they
usually report to the chief financial officer or another senior executive. The
range of a controller's responsibilities varies widely based on the size of the
company and its accounting office. The duties and expectations are similar to
those with job titles such as finance manager, director of accounting,
financial controller, and comptroller.
- •Responsibilities
- •Job Stats
- •Education and Experience
Requirements
- •Additional Qualifications
Recommended
- Responsibilities
- •Oversee all accounting
functions, such as accounts payable and accounts receivable
- •Maintain and monitor financial
data related to investments
- •Establish internal accounting
policies and procedures
- •Create financial reports and
statements
- •Ensure compliance with tax
requirements
- •Manage a team that may include
accountants and assistants
- Financial Manager-
- Financial managers are tasked with coordinating a variety
of accounting functions within an organization, most importantly maintaining the
general ledger of profits, losses, assets, and liabilities. Financial managers
often report financing directors, chief financial officers, and other senior
executive positions. The responsibilities of accounting managers, financial
analysis managers, and financial planning managers are similar to those found
in financial management roles.
- •Responsibilities
- •Job Stats
- •Education
and Experience Requirements
- •Additional
Qualifications Recommended
- Responsibilities
- •Advise
senior company leaders and clients on financial goals and decisions
- •Create
financial reports, statements, and projections
- •Ensure
compliance with financial laws and regulations
- •Manage
projects and functions of a team of accountants and assistants
- •Communicate complex financial analyses to company leaders and external audiences