What Does a Financial Accountant Do?
Financial Accountants are responsible for the preparation of financial reports that paints an accurate picture of an organizations performance for external users including shareholders, creditors and taxing agencies. Financial Accountants typically have at least a bachelor's degree in Accounting and have earned the Certified Public Accountant (CPA) designation. Schools offering Accounting degrees can also be found in these popular choices.
An Overview of the Financial Accountant Job Duties
A Financial Accountant categorizes, measures and documents the transactions of an organization. The accountant prepares a series of performance reports at the end of his or her organization's fiscal year, including a profit and loss statement, balance sheet and cash flow statement. These reports are prepared according to Generally Accepted Accounting Principles (GAAP), which are the widely accepted accounting standards in the industry. GAAP standards ensure that reports are true, fair and an accurate reflection of financial performance.
What a Financial Accountant's Reports Do
A Financial Accountant's reports provide fair and accurate information in the form of balance sheets, cash flow statements and profit and loss statements. These financial statements focus on an enterprise's financial performance and its financial adaptability to changes in the economic environment. This information explores any factors that alter the intrinsic risk of the investment of shareholders or creditors. The Financial Accountant determines whether a company performs within its stated goals and if its managers make efficient use of resources.
Becoming A Financial Accountant
Some people get started on the path to becoming Financial Accountants by completing a 2-year degree program in Accounting. Individuals who earn associate degrees from community colleges may qualify for entry-level bookkeeping jobs and pursue a bachelor degree part time. However, the most direct route consist of enrolling in one of the many bachelor degree programs, such as the Bachelor of Science in Accounting, that are offered at 4-year colleges and universities. Following are the courses typically found in Bachelor of Science in Accounting curriculums:
- Introduction to Accounting
- Managerial Accounting
- Financial Accounting
- Tax Accounting
- Organizational Behavior
- Accounting Information Systems
Career Outlook and Salary Information
The U.S. Bureau of Labor Statistics, BLS, (www.bls.gov), predicts faster than average job growth for accountants and auditors between 2010 and 2020. The BLS projects there will be a 16% job increase, which will account for approximately 190,700 new accountant and auditor jobs in the same decade. The BLS also reported that the median annual salary for accountants and auditors was $63,550 in 2012.
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