Career focus on the role of a financial accountant
Financial Accountant (CA)
A financial accountant is responsible for the preparation and submission of financial documents and accounts for their clients or his or her employer. Accounts completed would be either be reviewed externally, or for internal use by the client.
Accountancy has high importance in all industries, covering both the public and private sectors because accounts give an overview of the organisation’s current financial status, which is essential for forward planning. The accountant also has a important role to show how well an organisation is being run which can huge implications to the employee’s, shareholders and creditors.
Financial Accountant (CA) are also known as...
- CPA Accountant
- Private Practice Accountant
- Chartered Accountant
Accountancy is a varied field with niche knowledge and specialist skills required, the needs of one client compared with another can vary enormously. Because of this many accountants specialise in a one interest area. Some work for accountancy firms, offering a range of services to clients, which could include any of the following
» External auditing
» Corporate finance,
» Corporate recovery
» Forensic accounting
» Advisory
Accountants are normally based in their employer’s offices, however those specialising in external auditing can spend a large proportion of day to day work on site with a client which in some cases, this could mean travelling all over New Zealand or even overseas.
Working hours are normally from Monday to Friday, but these can increase dramatically in the finish of the financial year or for BAS accountants that help clients with exit. Overall there is a great work life balance for a financial accountant.
Salary
Salaries for accountants vary greatly depending on the location they are based and the level or niche they work in. Typically a trainee, or junior could expect to earn around $30,000 and an intermediate between 37,000 to 55,000, senior accountants or partners earn in excess of 100,000 dependent on location and skills. These are guidelines of course, and the employer does weight salary with the amount of commercial experience the financial accountant can bring.
Responsibilities
The responsibilities just like the salary of a financial accountant depend specifically on the role they are performing and the individual needs of their client or employer. Generally they include:
» Reporting and tracking company income and expenditure
» Running payroll systems
» Calculating tax owed and filing tax returns
» Preparing weekly or monthly and year-end accounts
» Conducting audits on site, off site
» Identifying financial risks and irregularities
» Conducting investigations into losses or suspected fraud
» Giving advice on budgeting and increasing profits
» Helping insolvent businesses
» Providing support for acquisition(s)
Skills
The skills and abilities needed to become a good financial accountant include:
» An excellent understanding of accounting principles
» Good analytical skills and an eye for detail
» Excellent organisation skills, being able to explain processes.
» Commitment to clients and your employer
» The ability to work alone or as part of a team
» Financial and business acumen
» High standards of both professionalism and ethics
» Good communication and interpersonal skills
» Good IT skills
Employers
There are a small number of organisations that offer employment to qualified financial accountants in large numbers. Within the private sector, the largest employers of accountants are accountancy firms, and offer graduate training schemes for prospective accountants. These include the ‘big four’:
» PricewaterhouseCoopers
» Deloitte
» Ernst & Young
» KPMG
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