Every business activity involves recording of business transactions on a daily basis. The nature of business transactions requires that a financial accountant is retained to help with analysis and reporting of financial information. The information and documentation prepared by a financial accountant is essential in informing business owners and other stakeholders including shareholders about the financial position of the business.
A Calgary financial accountant performs a variety of functions and does more than what a public accountant does. Most financial accounting professional are concerned with handling financial related matters of an entity. While CPA’s are professionals who offer public services for accounting firms, a financial accountant is retained by an organization to handle key financial duties. In other words, financial accountants are ideally W-2 staff employed to work during regular hours for a single entity. They perform a number of duties, including preparation of financial statements, financial analysis, management duties and are part of the key management teams of organizations. They also are concerned with financial budgeting of the firm they work for.
The role of financial accountants may vary depending on the nature, size of a firm. For instance, in small firm’s financial accountants may record transactions in books, a role that is not typical of a financial accountant. In fact, a financial accountant reviews accounting information and entries to ascertain their accuracy and correctness of posting. Therefore, they review the information provided by junior accountants to ensure that the records reflect the true position of the organization.
The other crucial aspect of accounting is classification of accounting information. Financial accountants are charged with the responsibility of ensuring that the records are properly classified. In addition, they have the duty of handling all matters relating to tax reporting and processing of inventory.
To qualify as a financial accountant, you need to acquire a bachelor’s degree in accounting. However, advanced qualifications such as a master’s degree in accounting may be needed for senior positions in an organization. A financial accountant may also advance his or her career by electing to become Certified Public Accountants (CPA). People who have such additional qualifications have an edge when it comes to finding a lucrative job in some of the leading firms across the world.
It is ordinary for employers to insist on hiring professionals who hold both a bachelor’s degree plus a CPA or a masters in the field. You can check the state requirements for qualification to become a CPA. What’s clear is that a license CPA can perform duties of an auditor both as an internal auditor or may be hired as an external auditor to offer auditing services as may be required by the state.
Other duties of a financial accountant include:
They also perform the following:
supervising tax payments
Use computers to compute, maintain and classify a firm’s accounting records
Reconciling billing vouchers
Publishing financial records where applicable
Remember that financial accounting can be tedious and this should the last thing that owners of businesses should be laboring about. Therefore, it is advisable to outsource the services of a Calgary financial accountant to allow yourself handle the core focus of your business.