Finance Accountant Salary & Career Facts
A finance accountant, also known as a Chartered Financial Accountant, is someone who has a number of roles in the financial industry. Some basic services they provide include:
• Summarizing transactions for either a private business, corporation, or individual
• Providing projections based on transactions as well as providing reports on their findings
• Giving an idea of how the companies perform overall
• Working with the finances of a company over a fiscal or other determined period
• Preparing and checking over statements such as balance sheets, cash flow statements, and income statements for employees, etc.
• Preparing all financial information in a law-abiding and specific way for government officials, tax agents, and potential investors
There are many other duties that a finance account performs on a regular basis, and they usually revolve around balancing financial journals, balance sheets, and trial balances.
Typically, they can liaison with the bookkeeper to get the semi-annual and and annual figures, but often times, business owners can use bookkeeping software to obtain such records.
What Type of Duties are Carried Out by a Finance Accountant?
Most finance accountants are concerned with the finances of a company, so they ensure that each year (or on a semi-annual basis) that they classify all records accurately. Some duties of a finance accountant include:
• Looking at profits and losses (income statements) to oversee the overall performance of a business within the year (capital coming in versus going out)
• Looking at liabilities and assets to see present the valuation of the business
• Understanding all accounts and making legal notes regarding each closed or opened account for compliance with tax law
• Depending on the company, they may produce a Director’s report to give a snap-shot of the company for the director and shareholders
• Preparing tax statements for audits
• Ensuring bankroll and benefits are balanced
Overall, a financial accountant’s role includes responsibility for maintaining a flawless track record of company finances for the year in order to maintain compliance with tax law regulations. As well, they provide background for potential investors and third-party mergers as to the likelihood that their investment in a company is a financially rewarding choice.
What Types of Jobs in Financial Services are Available?
There is a large demand for financial accountant services due to the growing number of entrepreneur endeavors and a growing business market. Some options for a finance accountant may include:
• Jobs in financial services
• Careers in public services
• Financial accounting jobs within corporations, during tax season, and during audits
• Work within small businesses or private companies
• Careers in the service industry (hospitality, retail headquarters, etc.)
• Independent work (freelance services)
• Careers in government offices or with government officials
There are also job opportunities for international financial accountant roles, but largely, the most lucrative are within American corporations and private businesses.
What Type of Salary Does a Finance Accountant Earn?
The typical financial accountant salary is $ 50,000.00, but can fluctuate depending on the workplace or if the accountant has a side role within other companies.
A finance accountant job is one that can be quite flexible depending on the certification, level of achievement, and motivation the professional has to extend past their present position.
There are great opportunities for work as a freelance finance accountant with the right training, networking, and level of motivation!
If becoming a finance accountant seems like a career you would like to take on, talking to a college directly about specific credentials would be a great way to get started!