A Financial Accountant will prepare financial statements where they can evaluate a company’s financial performance to improve in decision making. They will need to have knowledge on Financial Statements, such as the income statement, balance sheet, cash flow statement and statement of retained earnings.
What are Financial Accountants role?
Manage financial systems and budgets
undertake financial audits (an independent check of an organisation's financial position)
provide financial advice
advise clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers
maintain accounting records and prepare accounts and management information for small businesses (accountancy)
counsel clients on areas of business improvement, or dealing with insolvency
produce reports and recommendations following internal audits or public-sector audits
prepare financial statements, including monthly and annual accounts
arrange financial management reports, including financial planning and forecasting
What skills are required for the role of Financial Accountant?
Understanding about the business industry and its own companies situation
Oral, Written Communication and interpersonal skills
Organisational and Time Management skills
Problem-solving & Analytical Skills
Teamwork & Leadership
How do you become a Financial Accountant?
AAT (Association of Accounting Technicians) accounting courses - made up of three qualifications across three levels, they combine industry knowledge and practical work skills.
ACCA (Association of Chartered Certified Accountants) qualifications - comprise of two levels; Fundamentals and Professionals. Modules cover a variety of topics from corporate and business law to audit and assurance.
ICAEW (Institute of Chartered Accountants in England and Wales) chartered accountant status - also referred to as the ACA, this qualification consists of three to five years of practical work experience and the completion of 13 modules.
Work Experience, placement or part time role is required when trying to applying for jobs in financial accounting.
What is the Salary of Financial Accountant?
Salaries depend on the size of the business, location and type of company. The starting salary for newly graduated students will be £28,000. If employees have completed the ACCA course, the starting salary will be from £40,000
After completing CIMA qualification (Chartered Institute of Management Accountants) your base salary will be £33,000. The more experienced you are, the higher your pay. Senior Management Accountants earn from £65,000.
How can Future Connect Training help?
Future Connect Training offers courses from Bookkeeping & VAT to Financial Accounting